Take the time to answer this question: “What is the story of your business?”

If your mind drew a blank, the answer was “What story? I like making money”, you had no idea what I was asking, or something along those lines; you absolutely need to keep reading.

The story of your business should be the foundation that everything surrounding your business is built on. Packaging, customer service, logo, stationary, practices, standards, the list goes on and on. All of these things should reflect the story of the business. The story will carry through into everything that your business does and if you do not have a clear, defined, genuine, and visible story, you may find yourself lost more than not.

When consulting with businesses, especially in regards to marketing and startups, one of my first and most important questions is: “What is the story of your business?”. More often than not a blank stare ensues. It is surprising that many people are operating a business and do not know it’s story.

This story, the one of why you chose to do business and what value your business provides is the skeletal makeup and very essence of your business. The truth is, unless the story (or brand) of your business is both genuine and visible, customers do not have much to connect with and consumers are shopping more for connection than pure product.

The popularity of the internet and e-commerce has shifted consumer’s shopping trends and has directly affected the way that consumers choose to do business. In today’s internet connected world, consumers can go online, find a product or service that you specifically offer, perhaps of a better quality or a lower price, all without ever leaving their house.

The fact is your story and a consumer’s connection to it, is what draws customers to you, creates loyal customers, and prompts them to refer your business.

Take a moment to consider the stores and places that you shop. I am sure that you can easily identify the story of many businesses that you personally choose to do business with and can quickly make a distinct connection to their story.

I invite you to take a few moments to evaluate the story of your business. Is the story of your business:

• Defined?
• Genuine?
• Clear?
• Visible in the products or service that you offer?
• Visible in your employees?
• Visible in your marketing?
• Visible in your printed materials?
• Visible on your website?
• Prominent through your customer service practices?

If you answered no to any of the above, it is time to shift your focus on your story, evaluate it, and bring it to the forefront of your business.

Companies advertise and take pride in their core values. A business value is defined as a belief, mission, or philosophy that is truly meaningful to the business. Business values are a statement of the business’s intention and commitment to achieve and maintain a high level of performance.

Business values are often found on a business’s website and printed materials. Consumers who may have never utilized a particular business may easily become aware of the values that a business subscribes to from their advertisements boasting excellent customer service, unmatched pricing, unsurpassed quality, and many other promises, goals, and sometimes claims.

Business values are the talk. The more important question is, “Where is the walk?” The walk refers to the actual actions that a business takes. If a business boasts excellent customer service, but often falls short and offers mediocre customer service at best, that business is not walking the walk.

For example, if a business declares that they value the planet, and are “going green” by making a commitment to the environment, yet continue to ship their products packed with non-water soluble Styrofoam, ship products with too many wasteful shipping supplies, do not participate in a recycling program, or many other easily fixable environmental concerns: that business is not walking the walk. They are just talking.

Consumers and clients are generally disinterested in hearing the talk and not seeing the walk. If your business does not live up to achieving and maintaining the core business values that it has subscribed to, it is likely that your business will suffer. Even the most dedicated customers will start to notice and within time, will eventually act, usually opting to seek out another business or competitor who walks the walk.

Take this time to evaluate your business’ values. Are they clear and concise? Are they public knowledge and easy to find? Is your business truly living it’s values? Are you yourself setting the example?

Inspect your customer service habits, marketing efforts, shipping standards, website, printed materials, and every single department, process and protocol that is in place within your business. Discover areas where your business’s walk is not in line or not as strong as the talk.

If you own a small business or are a sole-proprietor, business values are just as important, if not more so, than in the corporate sector. Fortunately in these circumstances, there are not as many processes, people, and departments to sift through to find weaknesses.

If you find that your business’s walk is strong, for every item or process that is reviewed, determine one thing that can be done to keep your walk directly inline with your talk. Schedule a “talk and walk” review at least annually as it is easy to slip into old or bad habits inadvertently.

Business values can be detrimental if abandoned or unused. If your business has not defined it’s values then I invite you to do so immediately. Business values are vital and living up to them or “walking” is the foundation of what your business stands for and what your customers believe in.

We often work with new entrepreneurs and an alarming trend among them is that they do not have a business plan. These entrepreneurs usually fall in or around one of the following scenarios:

• they are working on a start-up while they continue working their full time job for funding
• they have decided to open a business that does not require a lot of upfront funding they are turning a hobby into a business/side business, such as a photographer
• they are a professional who decides to branch out on their own, such as an attorney
• they have the equipment and absolute basics to take their business off the ground

Generally the underlying theme seems to be that they typically own the business by themselves, they do not require a business loan, and consequently overlook a business plan. Business plans are not, under any circumstances, designed solely for acquiring funding. In fact, at the exact moment one makes the decision to create a business, the absolute very first thing they must do is: create a business plan.

Business plans are a map and a compass. They illustrate where one is coming from, where one is currently at, where one is headed, why, and how. They define the value that a business provides to consumers. They outline goals and provide a mini-map for achieving them. Often times they determine how the business is going to deal with competitors, marketing strategy, finances, financial plan, keys to success, competitive market analysis, defining and exploring niche possibilities, sales forecast and so much more.

Once the business plan is developed, most often a discovery is made about the business, rather it be a strategy, service, or marketing idea. A business plan is truly a path of discovery. Once you have this gem at your finger tips, you will still need it – so don’t be quick to toss it to the side. It needs to be updated – and update it often. If you decide to go in a different direction, take a different approach, or deviate from your original plan, change your plan accordingly. Put down the chisel, this bad boy needs to be on paper, preferably an editable computer file.

When you have a bad business day (everyone does and so will you) look to your old buddy to renew your faith in your dream, your business, and yourself. Your plan will remind you of how you got here and why you wanted to be here. When you are faced with tough opposition, decisions, or a competitor and you are not sure what the steps to take are, you can find the answer in your plan as well.

Still need convincing? Recent studies show that businesses with a completed business plan are twice as likely to succeed. Give it a shot – you have everything to gain.

A few words of advice…

Making a business plan can be intimidating. There are a lot of components, things that you may think does not apply to you. Think again. Even a small business owned by one person who provides one service should have a business plan that is around roughly 20 pages. Did you pass out? Don’t worry it should be double spaced and you can always throw in a few graphs and charts here and there.

It does not have to be created in one day, but it does have to be thorough, and believe it or not, once you get started you are going to find it hard to stop. You will find it more fun than you initially thought. If you have close to 10 pages, you aren’t doing it right. Be thorough and step up to the plate and work harder for yourself.

Many bigger businesses or well thought out start ups, usually with partners, have financial plans, data, and statements that are really in-depth. This is where a small business plan becomes slightly easier. You do not have employees to account for and a lot of outsourcing to account for, but you need to think about all of your real office costs, cell phone, insurance, marketing, salary, equipment etc. This budget is going to go into your business plan, and you will be visiting it often.

A few other things to keep in mind:

• DO prepare a complete business plan
• DO your research (google is excellent for this)
• DO spell out your strategies, weaknesses, and strengths
• DO be brutally honest and realistic – you are the only person who is going to see it (unless you apply for funding)
• DO leave room and plan for realistic growth
• DON’T be optimistic when estimating future sales
• DON’T “low ball” when estimating future expenses
• DON’T focus solely on long term goals; focus on the first year, and save a sentence here or there for the long term
• DON’T discount your weaknesses – this is the time to spell them out and plan for them

Below are links of some good examples of business plans (designed more for smaller businesses/sole-proprietors) that may help guide you in the right direction:

• Business Consulting Sample Business Plan
• Day Spa Sample Business Plan
• Template for Business Plan from the SBA

When in doubt you can always look to the SBA (US Small Business Administration) for free advice. They are there for you and have a wealth of knowledge and support for small businesses.

What are you still doing here? You have a plan to write. Best of luck!