5Tips to Small Business Development

By: Tangalayer “Tan” Oates, CEO

The Entrepreneur Prerequisite Planning: 5 Tips to Small Business Development "Simple yet practical recommendations before creating a business”.

There is a plethora of Small Business Development training and resources to broaden an entrepreneur's role in creating or maintaining successful business ventures. I referred to "Prerequisite Planning" as the initial framework to build your passion or vision. Simply put, "this planning will decrease some stressors during small business start-up." Although research concluded there is no standard template for small business success other than required legal specifics, this article discusses "general lessons learned." Those five tips include:

Personal Support Team

I call this "the family, friends buy-in conversation." A must conversation. Determine who will be your most extensive support team and explain and discuss ideas,

dreams, and purposes. Quite frankly, your support team may ultimately be your initial investor, whether by time, money, or resources. By no means do I implying to "announce this to the world"; however, sharing with your support team may help them understand the other four lessons learned in this article.

A key point, you don't have a "rock-solid plan," but you have to have a "mini-plan." Ensure when you have the initial "buy-in conversation," include the who, what, when, why (problem or issue to solve), and how; the goal is to present your seriousness to move forward.

Personal Money Management

Successful management of your finances is an excellent indicator you will successfully manage your company's finances. I recommend creating a plan of action to eliminate or reduce as much debt as you can once you have finished reading this article.

The proof is your credit score, debt to credit ratio, or inquiries listed on your credit report. If you seek outside funding to support your business, a loan officer may request your finances for review. The best place to start is www.annualcreditreport.com to request your free annual credit report.

Generally, creating a budget is the next step; however, establishing SMART goals will include specific about when and how you will decrease any excessive debt. For example, pay close attention to your debts interest rate(s); rate debt highest to lowest based on your goals, and determined which action plan would be beneficial. There are several budgeting apps; consider your bank they may have a free budgeting class available. A key goal is to increase your investment for the development and sustainment of your business.

Personal Brand Management

Let's be reflective; quite often, views change over the years! If you have social media pages, it is imperative that you "review" what you have posted. Remember, once you clicked the "send" or "post" button, a deletion can occur; however, some crafty individuals may have a snapshot or photo of your response from years ago. My point is "be prepared to clarify or discuss a topic that is perceived controversial." Your personal and business brand will always begin and end with you.

My rule of thumb; "not everyone truly wants my opinion."

Represent With Integrity, Honest and Transparency

Regardless of the type of business, service, or product your company will provide, many organizations operate through shared spaces, collaborations, or coordinated actions. Essential resources or vendors often represent a community larger than you can imagine. Therefore be honest and reflective, build a transparent team, establish policies that encompass a culture of respect and dignity, keep individuals and outsourced companies accountable, including establishing and monitoring internal audits.

Simple reminders: “reduce your biases, maintain your integrity, have transparent actions even in difficult decisions, fair does not always look the same to everyone and remember you never know who knows who."

Family and Friends Wellness Planning

In my opinion, this topic is rarely addressed and can create to initial or maintain a harmonious balance between work and personal life. Several small business owners disclosed due to long hours, they have not been truly present in family function or had a family vacation in several years. To elaborate in my collection of notes, several owners admitted; "that they attend functions; however, depending on time, place or location they had to admit they were not fully present and engaged."

I suggest creating an integrated work-lifefamily/friends-life calendar with the assistance of those you love, admire or respect. Each quarter or yearly planning should include at least two main dates; one for family, friends, or self-vacation; you determine the length of time and don't forget your daily personal time.

Consider this as a goal; "create success that reduces or solve issues, is legal and accountable to communities and stakeholders, and will provide you with a peace of mind regardless of outcomes."

Disclaimer: This is information based on personal experience, workshop, and feedback received over the last three years. This article is for informational purposes only, and Transcending Borders Corporation does not necessarily reflect any specific organization's views, missions, or policies outside of our company. Reproduction of this article can be used for free based training or distribution; otherwise reproduction is illegal unless you request and are granted approval from Transcending Borders Corporation at toates@tborders.com.. If you would like to learn more about free and cost-based services, please go to www.tborders.com. Tangalayer “Tan” Oates, CEO www.tborders.com April 2021

The vision of Transcending Borders is to make global business consulting and training programs user-friendly, powerful, resultsdriven and affordable to federal agencies, for-profit and non-profit organizations and communities. We pledge to provide innovative training programs and precision-tooled consulting services that will yield remarkable organizational results. Our multi-facet programs are designed to increase organizational core competencies, develop and mentor business and community leaders, create responsive highperformance employees, supervisors, and managers with communication team building skills, promote cultural diversity collectively with the quality of work and life for all employees.