All You Need To Know About A Kids Savings Account

To facilitate this education among children, lenders have come out with special kids savings accounts which can be opened for minors.

What is a kids saving account?

A kids saving account is a zero bank account which can be opened for children to operate by themselves. The funds in this account will come from a parent or guardian and the account will have all the features of a regular savings account like an ATM cum debit card, cheque book facility etc.

A kids savings bank account comes with certain features that can help initiate the child into operating a bank account. It is possible to open fixed deposit accounts, withdraw cash, deposit cash, use a debit card at a merchant. This provides basic understanding of how a bank account works. Since this account is linked to either the parent or the guardian’s account, the funds in this account are restricted, thus providing important financial saving lessons to the child namely that spending must be within limits.

These accounts are zero balance accounts. This means that there is no minimum balance requirement set for these accounts by banks. If the balance in this account is zero, there is no problem and there are no penalties. The balance can be added by a transfer made from the linked bank account.

Apart from giving the child features similar to a regular savings bank account, these accounts also provide other benefits like:

Education insurance cover up to a particular limit
Sweep in facility to automatically convert funds into a fixed deposit to maximize earnings
Daily limits on fund transfers
Cheque book facility
Mobile banking
Internet banking
Tele banking
Online fund transfers
Bill payment
The child is allowed to access these features and use the bank account like a regular customer. It is also possible to start systematic investment plans and make other investments using this account. This provides financial learning on how to operate accounts and how savings and investments work.

A kids saving account can easily be opened online through the bank’s website or offline by visiting the bank branch. On submitting basic KYC documents and account details of the parent or guardian, this account will be processed and opened in the name of the child.

Why Hire Vat Consultancy in Dubai for VAT Accounting?

The value-added tax system is not complex to understand but difficult to manage. That’s why businesses eligible for VAT hire VAT consultancy in Dubai to manage VAT operations.

Implementing VAT involves VAT registration, VAT implementation, VAT accounting, VAT audit, VAT filing, and managing post-implementation operations. Unless you are an expert in it, you cannot manage it.
Hiring VAT consultancy to implement and ensure compliance of VAT has numerous benefits. Let’s have a look at some of them.

1. Implement VAT

Not all businesses require paying VAT. If your business is VAT eligible, you have to register your business for VAT with the tax authorities of Dubai. A VAT consultancy provides assistance to businesses for registration. Once your firm is VAT registered, your VAT consultancy helps you implement the VAT. Implementing VAT involves structuring transaction flows, creating an operating model for the entity, assisting in aligning business practices with VAT regulations, selection of accounting software, and assisting through the initial phase. Implementing VAT without the help of VAT consultancy could be a mammoth task.

2. Manage VAT accounting operations

The VAT system is a transaction-based taxation system that requires accurate recording of revenue, costs, output VAT, input VAT, etc. A good accounting system with proper controls helps to identify the impact of VAT on each transaction. A vat consultancy maintains accurate book account in compliance with VAT laws. Account keeping includes recording important information such as the rate and amount of VAT taxable on merchandise and the rate of the merchandise before adding VAT. Your consultancy maintains proper documentation and keeps the original copies of the invoices you receive from your traders to help you reclaim any extra tax you have paid during these transactions.

3. File VAT return and recover VAT

A vat consultancy calculates the amount of VAT return. The basic principle behind VAT return is VAT you pay on goods should roughly balance VAT you receive from customers. There are many legal ways that can help you recover VAT. A vat consultancy has years of experience and ability to find VAT recovery opportunities for its clients. They have the high-end expertise of recording, filing, and reporting the VAT for your business. By appropriate recording and filing, a vat consultancy in Dubai ensures that clients pay only the minimum amount of tax without violating any laws or triggering damage to its clients’ relationship with the UAE government.

4. Ensure VAT compliance

A VAT consultancy provides you a 360-degree solution. It offers you services ranging from VAT registration to VAT accounting, VAT implementation, VAT compliance, and post-implementation services. So you don’t have to worry about VAT compliance, which is the major concern for the businesses. Your VAT consultancy takes responsibility for VAT compliance.

4 Steps to easily start investing with little money

When one decides to invest even the small amount can reap big rewards.

Let’s take a ride through this article for you to understand 5 steps to easily start investing with little money.

It is never easy or simple to save a lot of money every month – if you want your savings to have a outcome and grow into a nest egg, you need to invest and invest.

There are many people out there that put off investing just because they think to invest you need a lot of money – like a good bank balance is a requirement.

But, No! That’s not true – You can start investing for as little as you have, for example $50 per month.

The success key to wealth is developing in good habits. Try to make investing a regular habit, it will help you in the long run down the road.

Don’t really believe in what I am saying? You think I am just saying it for the sake of my article?

Then let’s just have a look through and you will know what I am saying:

Cookie Jar Approach:
To save up money and to invest them are kind of the same thing to do it is slightly connected in a way. When you are planning to invest some money, you need to save up some for it. It can be less time consuming – you can manage to do it in few easy steps.

If you’ve never been able to save up money, you can start doing it little by little – like $10 per week for example. That won’t feel like a huge burden, but when over the year you come to see it will be $500. Which is a good achievement in simple words for a person who was never able to save up?

You can save this amount in an envelope, a small box, a small safe, or also in the legendary bank of yours, the cookie jar. It might sound stupid or silly to you, but trust me it is a necessary first step. Make a habit of living on a little bit less than you earn and stash out the savings away in a safe place for a better tomorrow.

Consider a good bank for yourself that can cover a good annual percentage for the online savings account.

Try starting with small amounts start increasing it with time.

For example: it can be not having a good expensive meal for now or passing on your movies you like, and save up that amount into the cookie jar instead.

Real Estate Market – Your First Step:
Real Estate might look something you’ve be scared off or nervous about but it can be an intriguing investment for you. It does not have to be very rich. There are many options for real estate crowd funding.

Now with Fundrise its really easy to use online platform, for the start up all you will need is a minimum investment of $500. If you are an unaccredited investor, you can easily buy properties without even paying those large amount of fees that can be a deal breaker of you are planning to start dabbling in real estate. You can manage your own portfolio, the fee will only come up to %1 and Fundrise is always offering a 90 days satisfaction guarantee.

Employer’s Retirement Plan – Enroll In
If you are under a tight budget, simple step of enrolling or other employer retirement plan might seem out of your reach. There is always a way out remember.

You can easily begin investing in an employer – sponsored retirement plan without any amount that is small and you won’t even notice it.

For Example: Just try to plan 1% of your salary into the employer plan. It won’t be missed as it is such a small contribution. But it will be easy for the tax deduction will make it even smaller. You can increase it gradually each year.

For Example: Maybe in 2 years you might be able to increase your contribution to 2% of your pay. In 3 years, into 3% and so on.

The increases with your annual pay raise, you’ll notice the increased contribution even less. if you get a 2 percent increase in pay, it will effectively be splitting the increase between your retirement plan and your checking account Just if your employer provides a matching contribution, that will make the arrangement even better.

Mutual Funds – Low Initial Investment
Mutual funds are investment securities that allow you to invest in a portfolio of stocks and bonds with a single transaction, making them perfect for new investors.

The trouble might be regarding the many fund companies initial minimum investments of between $500 and $5,000. Some of the mutual fund companies might waive the account minimums if you are ready to agree to the automatic monthly investments of between $500 and $100.

It is a common feature for automatic investing with mutual fund and ETF IRA accounts. Less common it is with taxable accounts. There are a lot of Mutual Fund Companies that are known to do this and the following are some names Dreyfus and Transamerica.

Automatic investing arrangement is convenient if you can do it with payroll savings. Set up an automatic deposit situation through the payroll, in almost the same way you do with an employer- sponsored retirement plan. Just consider it with your HR department on how to set it up for you.

This will be helpful. Get help with your finance and accounting services via Black Ink.

Is Your Consulting Firm Your ISO Business Partner?

ISO Makes a Strong Business Case

Whether you manufacture a product or are in the service sector – a private organization or a government agency – ISO is a fundamental business model. It is the foundation from which to build an enterprise. It focuses attention on organizational processes, your customers (internal and external), competency-based training, and continual improvement. That translates to improved business results.

ISO-based standards rely on eight quality management principles that can be used to lead and improve any organization. A pragmatic approach, however, is essential. It should ensure needed checks and balances, and a framework for operating efficiently and effectively. When your ISO initiative is integrated into your strategic business plan, it links strategy to execution. Attention is focused on doing the right job – right the first time.

ISO Benefits Abound

ISO helps an organization see itself from the customer’s perspective. And it makes a strong business case. It provides the framework for discipline and a formal, strategic approach to continual improvement. “So what,” you say. Consider this. Surveys have conclusively proven that organizations that adopt a formal and strategic approach to quality management:

Outperform their industry sectors in profitability
Outperform their industry sectors in shareholder value
Enjoy higher levels of customer satisfaction & loyalty
Experience reduced operating costs
Enjoy lower rates of staff turnover
A recent five-year study conducted by UCLA, University of Maryland and Universidad Carlos III in Madrid concluded: US publicly held companies, traded on the NYSE that received ISO 9000 registration, show significant improvement in financial performance, compared to those companies that have not pursued the Standard. Not only did the ISO registered firms improve their performance, but the Study further concluded that the firms which failed to seek registration experienced substantial deterioration in return on assets, productivity and sales. Registered companies avoided such declines.

This presents an interesting paradox. There are typically three primary drivers for ISO 9000 registration. The first is customer and regulatory demand (about 45% of survey respondents). The second is the resultant quality benefit (about 30% of survey respondents). And the last significant driver is securing a competitive advantage – increased sales and market share (about 15%). Other categories account for the difference. Draw your own conclusions.

Marketing Overview

Although you may have embarked upon an ISO initiative because of external pressure, or simply to improve quality, leverage the certificate to improve business results. Since the “competitive advantage” driver is a distant third behind “quality benefits,” any organization that earns this registration should market it aggressively to accelerate growth of sales.

The key is to gain market visibility. Broadcast it to the world and they will come. The more clients and prospects who are aware of your achievement, and what it conveys in terms of product or service quality, the better your odds of capturing new business. And by its very nature, ISO registration is like the “Good Housekeeping Seal,” but better, since it is recognized around the world.

Respect ISO Guidelines

Be careful to follow ISO guidelines for promoting your registration. The ISO logo itself cannot be directly used in marketing promotions. Ask your Registrar if they have a logo you can use, or create one yourself. Be sure it includes the full ISO designation, such as “ISO 9001:2000 Certified.” And remember, only your quality management system (QMS) or environmental management system (EMS) is certified, not your entire organization – or your products/services.

Marketing Activities to Promote your Registration

Here are some proven ways you can get marketing mileage from your ISO registration:

Display your ISO certificate in your lobby. Also, hang a banner inside your building, or fly an ISO flag. Your Registrar can also provide you with multiple copies of the certificate.
Promote your ISO registration in all communications, such as email signature blocks and stationery. And let your customers and prospects know of your ISO registration via direct mail or email campaigns.
Modify your organization’s logo to include reference to your ISO registration, and create a graphic promoting your ISO QMS or EMS registration.
Write a press release about achieving your ISO registration. Send this to local and industry publications. Distribute it online, too, for maximum visibility, and don’t forget to include a link back to your Website.
Publish an article about how ISO registration is expected to benefit your organization, and your concerted effort to gain customer loyalty. Later, prepare a case study about how ISO registration has benefited your organization or helped you grow your customer base.
Promote your ISO registration in newsletters and on your Website. Likewise, promote your ISO registration in print, or online pay-per-click advertising. Make sure your marketing collateral materials contain the proper ISO designation.
Use banners to promote your ISO registration at tradeshows, and include your ISO graphic in handouts.
Train your sales people about how to leverage ISO registration to win more business in competitive situations.
If you think about it, you can probably identify other opportunities to let your marketplace know that your organization takes quality and/or the environment seriously. Also, clarify how this translates to direct benefits for those choosing to do business with you.
Marketing Assistance is Available

A few customer-centric ISO Registrars now offer marketing assistance and guidelines to help customers promote their registration. Some management consulting companies take marketing assistance even further. Change Management Consulting (CMC), for example, develops a free press release for each customer who earns ISO registration. Strategy sessions, to leverage the ISO certificate, are always part of the ISO implementation process. Additionally, CMC offers exclusive access to discounted marketing services through an affiliate company.

Be Proactive

One thing is clear – you must be proactive in promoting your ISO registration. Unless you develop and implement a marketing plan, your organization will not gain the full advantage of this strategic initiative. So, incorporate ISO registration into your brand identity and broadcast it to the world. Make ISO part of your organizational culture.

Once you begin to promote your ISO registration to the marketplace, you will be surprised how quickly the word spreads. Organizations just feel more comfortable working with a company whose QMS or EMS meets rigorous ISO standards. And satisfied customers give the best referrals. In short, ISO registration gives you a unique value proposition.

Choose a management consulting firm that not only has practical implementation experience, but also, an established firm that has a proven track record in helping organizations leverage their certificates. The hand that guides must be steady and sure. Change Management Consulting has helped hundreds of organizations accelerate short and long-term growth of sales, and build a sustainable competitive advantage. That’s the CMC difference.

The good news is that leveraging your ISO registration for competitive differentiation doesn’t cost a lot of money. All it takes is your imagination and staying within ISO guidelines. With the right consulting partner, and a little creative work, your organization can enjoy improved earnings, enhanced customer loyalty, and a sustainable competitive advantage.

Stanley Cherkasky is the Managing Partner of Change Management Consulting, Inc. (CMC). Founder of the firm, Stan is the principal architect of the Performance Improvement Breakthrough methodology, and the Six Sigma Lean Advantage – innovative and proven strategies that accelerate ROI and net income improvement, build customer loyalty, and create world-class recognition.

Stan has more than three decades of business and consulting experience, in both the private and public sectors, in the United States and abroad. Stan specializes in building high-performance teams, and working closely with senior leaders to achieve breakthrough financial, organizational, and operating improvement. He has been quoted in many business publications, including Fortune, Business Week and the Wall Street Journal.

The Benefits of Human Resource Consultancy

Human Resources is a term used to describe the employees of a company and the management of those employees. A human resources department usually handles the day to day management of employees such as pay cheques, contracts, resolving internal disputes and the hiring and firing of employees as well as other administrative duties. Human resources departments are there to insure that an employer gets the most out of his employees by keeping them happy and supplying them with what they need and to reduce the risk of financial loss through disgruntled employees.

So why the need for human resource consultants?

Human resource consultants are often used by organisations or businesses to help improve internal processes and to provide training seminars. This is usually done by analysing the entire organisation from the top down by interviewing all of the employees. This enables the consultant to find out what the boss thinks is going wrong within the company and then compare it to the employees opinions. Often what the boss perceives to be the problem differs greatly to what the employees perceive as being the problem. The consultant can then analyse the results from all employees in order to work out the strengths and weaknesses with in the organisation and by looking at the organisation from the employees view can go about producing a report detailing where things are going wrong and provide recommendations. The recommendations are for where change is necessary, these can be changes to things such as communication systems, assessment methods, retention strategies and staff scheduling.

Human resource consultants will also analyse the skills of the work force and look at where skills need to be developed amongst employees as well as providing associated performance reviews that allow improvements in operational efficiency. Employee surveys are set up so employees can regularly express their feelings about work. These are useful as they help to produce recommendations to improve employee motivation, performance and reward strategies.

Human resource documentation such as new employee induction packs, staff handbooks and manuals, company policies and appraisal forms can all be provided by human resource consultants to aid efficiency within an organisation.

IT Consulting Companies – Services For Businesses Of Today

IT consulting companies, known for recruiting young people and professionals, are in increase due to the boom in the IT sector. With a huge growth in software development and ecommerce development, there is a huge demand for young talents and experienced in these fields. Few IT consulting companies place ads for professionals or trainee levels in different medium to fill the vacant positions. These companies not only arrange interviews, but also would conduct first and second rounds of written tests to check the communication and software skills before finalizing the list of engineers that has to be sent to the actual software development company. Few IT consulting companies not only offer normal services but also expertise in strategy management, change management etc, though the number of people working in it would be less than the lowest double-digit, in most cases. Most of the IT consulting companies help in steadying the growth of small businesses also. They concentrate more on services selling than product selling, which helps in gaining more business and good profits.

These IT consulting companies help in bringing two unrelated fields together. For example, an ordinary consumer products selling concept has no relationship with computers or Information Technology. However, with the advent of ecommerce solution for businesses, even a small scale businessman is able to setup a website using the web page design and ecommerce software given by the software development companies offering custom software development services. If an individual or companies selling consumer products are interested, a software development company can help in creating a professional webpage with shopping cart software embedded in the website.

With more customers preferring the online virtual market, Internet is bombarded with websites offering ecommerce solution. These websites save money, time and energy of the customer. They also help an individual with limited knowledge of computers in navigating the website with ease. Also, since most of the customers using these websites are not techies, they are amazed at the working of these ecommerce packages. New models of businesses are catching the Internet and various ecommerce packages fit in those models to make them a big success.

If the businessman is interested in creating a wonderful ecommerce web site design, he should not only display the products list or catalog but also display the pictures of the products, the customer wants to buy along with the price tag, so that the customer is not unhappy about the product or pricing later. Most of the ecommerce packages are used in order to help the customers in tracking the product they have ordered for. They can easily know the place the package is in at that particular point of time.

It is important for a small business entrepreneur to choose an IT consulting company after deciding the services he wants for his business. One has to decide the temporary goal, apart from looking at the niche market, and type of services expected from an IT consulting company to achieve the goal. One should understand at least what is happening with his business after choosing an IT consulting company.

Online Consulting – What Are Proving Ground Projects? Part I

Proven ground projects are absolutely necessary before contemplating signing any kind of long term agreements for computer online consulting. This project is the very first project that any computer online consulting professionals must complete with their new upcoming clients, that have not yet became a client. At this point is where the online consultants are proving themselves to their possible clients, showing them that they are not just talking the talk, they can indeed, walk the walk. They want you to trust that they are completely capable of providing you with the services that you would expect.

If in the end, everything goes good between the online consultant and their hopeful client, then you will know that you are on the right track towards success. By successfully completing the proving ground projects,you can rest assured in knowing that you have yourself a new steady client. This is the point in time in which you know that you have became a professional computer online consultant. You have nothing to look forward to now, other than just getting better and better with your online consulting services that you can provide for your potential clients.

Many of the times a online consultant does not pay enough attention during the proving ground projects and ends up in a long term agreement with someone that sooner than later, turns out to become quite a nightmare of a client. Do not get so caught up with the fact that you are a computer online consultant,that you do not see the horrible potential client, sitting right in front of you.

Starting Out With Online Consulting, Part I

There are many great occupations available to you and online consulting is no doubt one of those. However, getting started in online consulting can be quite difficult but by doing the proper research available to you, you will be able to find many helpful ideas on helping you be a success with your online consulting career. The best way to get started with your online consulting is by simply asking other people about what they would expect from a online consultants services. Those people have the ability of giving you the very best advice and the most honest suggestions that would help benefit your online consulting business.

When you are talking to others about your online consulting business, always remember to be very specific when providing them with available services that you have to offer to them, for whatever purposes they may have. Noone is going to hire you as their online consultant if they do not know for sure what it is that you can do for them. For your businesses sake, please make sure that you are detailed with the information that you provide to the potential clients when speaking with them about your businesses services. In the beginning it would be a really good idea to offer some services for free, just to get the word of mouth out there to all of the potential clients.

You are basically attempting to sell your services to these potential clients, just as you would try to do with any other type of business or products.

What Is A Healthcare Marketing Plan?

When it comes to marketing a general practice in Australia, it is important to have a strategic plan in place. A healthcare marketing plan should include tactics to reach your target audience, goals for what you want to achieve, and strategies for how you will measure success. In short, it is one step towards successful general practice business development.

Without a plan in place,Guest Posting it can be difficult to know which marketing efforts are working and which ones need improvement. For many in the medical profession, marketing may not be their forte, hence getting the services of a practice management consultant from a professional and experienced medical practice consulting firm may be the best way forward.

What is a healthcare marketing plan and what does it include?

A healthcare marketing plan is a detailed strategy that outlines how a healthcare organization will reach its target audience and achieve its marketing goals. The plan should include specific tactics that will be used to engage potential patients, as well as strategies for measuring success.

Some of the key components that should be included in a healthcare marketing plan are outlined below.

A description of the target audience.
An analysis of the competition.
Strategies for building awareness and generating leads.
Tactics for engaging patients and promoting loyalty.
Methods for tracking results and assessing progress.

It is important to remember that a healthcare marketing plan should be tailored to the specific needs of the organization. Every healthcare organization is different, so each plan will be unique. However, the key components outlined above are essential for any successful marketing strategy.

Who creates a healthcare marketing plan, and why is it important?

A healthcare marketing plan is created by a team of marketing professionals, typically in conjunction with representatives from other departments within the organization such as clinical staff, IT, and operations. The marketing team is responsible for developing and executing the plan, while other departmental representatives provide critical input on what will and will not work within their areas of expertise.

The creation of a healthcare marketing plan is essential because it ensures that all aspects of the marketing effort are aligned towards achieving common goals. It also allows key stakeholders to have a clear understanding of how their efforts contribute to the overall success of the organization.

How does a healthcare marketing plan help to improve patient care and services?

There are many ways that you can improve patient care and services. These include such things as:

Improving communication and coordination between departments.
Improving the patient experience by providing a more coordinated and streamlined process.
Developing marketing materials that are accurate and informative.
Creating a branding strategy that will help to differentiate your organization from others.
Developing targeted marketing campaigns that will reach your target audience.

These are just some of the ways that a healthcare marketing plan can help to improve patient care and services. By developing a well thought out plan, you can ensure that all aspects of your marketing efforts are working together towards common goals. This will result in improved outcomes for both patients and the organization as a whole.

The better the service you provide to your patients and the better patient care you provide them with, the greater your chances of building a strong brand that will attract new customers. A good plan should take all aspects of this into consideration in order to develop an effective marketing strategy for healthcare. By taking a holistic approach to marketing, you can increase the number of individuals who come through the doors and reap rewards from their experience.

What are some common goals of a healthcare marketing plan, and how can they be achieved?

Some of the goals outlined in a healthcare marketing plan include:

Increasing the number of patients who visit your practice.
Promoting quality patient care and satisfaction with the services provided.
Gaining referrals from existing patients to new ones (and vice versa).
Improving visibility on search engines like Google, Bing or Yahoo.

These goals can be achieved through various marketing activities, such as online and offline advertising, public relations, website design and development, and content marketing.

When creating your marketing plan, it is important to consider who your target audience is. This will help you determine the most effective way to reach them with your message. For example, if you are targeting patients in their 20s or 30s, social media may be a good option for you, while if you are targeting seniors, traditional print media may work better for you.

Once you have determined your target audience, it is time to decide what channels you want to use for marketing; print media (print ads, billboards), social media platforms like Facebook and Twitter, or even radio spots if there is a local radio station in town that serves the demographic of patients you are trying to reach out to.

No matter what channels you choose to market your practice through, always make sure that your messaging is consistent across all platforms. This will help create a positive brand image for your practice and boost patient confidence.

What challenges must be considered when developing or implementing a marketing plan for your general practice?

Formulating a good marketing plan is not easy. Here are some of the challenges you may face when developing or implementing one:

You will need to identify your target audience first and foremost. To do this, consider who they are (age group, gender) as well as what their needs might be. For example, if your practice specializes in paediatrics then it makes sense that most patients will likely come from families with children under 18 years old.

If there is no time for research into demographics before starting out on planning an effective marketing campaign then start by looking at current trends like which social media platform is more popular amongst people within age groups? It could also mean doing simple things like keeping track of how many people ask about certain health issues during office hours, as well as keeping tabs on what patients read about in the waiting room.

A healthcare marketing plan is important because it sets the stage for all of your marketing efforts. It establishes what you want to achieve and how you will measure success. A good plan should be tailored to your specific organization and include:

A SWOT analysis
An overview of your target audience
Your messaging strategy
Your channels and tactics
Measuring progress and adjusting course as needed

Creating a marketing plan for your general practice can seem daunting, but with the right professionals helping you, you will surely success in creating an effective and accurate plan for the future.

Business Plan Guide – 7 Mistakes to Avoid When Writing a Business Plan

A business plan guide is a great place to start when you are getting ready to write your first business plan. Perhaps you have found a book about writing business plans,Guest Posting or are following a template, but chances are, these materials will only focus on the steps necessary to create your business plan and will fail to point out the critical mistakes that most new business owners make. So let’s ignore the step-by-step tutorial for a moment and focus on the real world mistakes you need to avoid.

1. Don’t Put it Off.Yes, writing a business plan can be a monumental chore. It’s easy to procrastinate while you focus on the more exciting processes of your business. Many new business owners will wait until the day before their scheduled meeting with the bank — and then frantically try to write a plan overnight. You can imagine the results.

Don’t wait until you have more time. There will never be more time. You need to clear your calendar for a week and make your business plan a top priority. Or if that isn’t feasible, schedule a certain period of time each day to work specifically on planning. No doubt you have heard the old saying: “If you fail to plan, you are planning to fail”.

2. Don’t Confuse Profit With Cash Flow.Unless you have an accounting background, you are very likely to define the success of your business in terms of profits. A simple definition of Profit would be Sales minus Expenses equals Profit. But in the business world, profits do not equate to cash. Your profit formula does not take into account the amount of cash you have tied up in production costs for products that have not yet sold, or the customers who still owe you money for sales that have already been made. Your business can look quite “profitable” while your bank account is over-drawn.

Make sure your business plan includes a table that addresses cash flow. Ideally, you should detail the monthly cash flow for the first two years of the business and annually thereafter.3. Don’t Fall in Love With Your Idea. Too many business plans blabber on for pages about the “newness” and “uniqueness” of the idea. But the truth is, investors want to invest in people, not ideas. It is only the people who can execute the systems necessary to bring the idea to life.

Instead of waxing poetically about your business idea, focus your energy, and your reader’s eyes, on the ways you plan to implement this great business idea.

4. Don’t Succumb to Fear and Dread. If you have never written a business plan, the process may loom like Mount Everest. But, like most new challenges, writing a business plan isn’t as hard as you have imagined it to be. You aren’t writing a doctoral thesis or the next great novel. If you have invested in a business plan guide, use it. You can easily find helpful resources such as books, software programs and templates. Remember, you eat an elephant one bite at a time, so start chewing.

5. Don’t Over Sell. Skip the vague and meaningless business phrases such as “best ever”, “highest quality” and “unsurpassed customer service”. You will lose your reader’s interest and respect if you engage in hyperbole that isn’t supported by measurable facts. Remember that the objective of a plan is its results, which require tracking and follow up. Focus your goals on specific dates, management responsibilities, budgets, and measurable milestones. Think fewer words and more numbers.

6. Don’t Engage in One-Size-Fits-AllBusiness plans can have many different purposes and they should be written to reflect the specific purpose at hand. You may be using your plan to start a business, or just run a business better. Your purpose may be simply to sell an idea for a new business to one particular business partner. Your plan may be intended to secure a small business loan, or it may be needed to secure millions of dollars of venture capital. Each of these purposes would require different information, presented in different ways to meet the needs of different readers. Keep a picture of your intended reader firmly in your mind and your business plan will stay focused as well.

7. Take Off the Rose Colored GlassesOptimism is a wonderful resource. Without it, a business owner would find it difficult to summon the energy necessary to launch a new venture. However, this is not the time to engage in unbridled projections. If your company’s growth chart is based on an “industry average” of 15% annual growth, you should certainly be prepared to prove that assumption. When in doubt, be less optimistic.