ARTICLE TITLE: Is it possible to sell property in a trust as an entity to save transfer duties?
09/06/10, 7:43 PM
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Author: Manus Moolman for My eBroker
Put your business on a winning road with a business plan
Our goal is to help you create wealth by earning more and spending less.
Having no plan is like sailing the seven seas without a compass, digging a ditch without a shovel, or hunting for pirate's treasure without an 'x' marks the spot. A plan helps keep you on schedule, makes it easier to recognize success and failure, helps pump you up when things aren't going so well, and most importantly, provides an essential focus - a beacon of light in an ocean full of treachery. Peter J. Patsula
Reader, few people become super rich earning normal salaries. The question arises why not all of us become businessmen? The reality is that is not so easy to develop an successful business. Proof of this statement is the large number of businesses that do not last longer than two years.
Luckily, much can be done to improve your chances of success. One of the most important fundamentals.
We asked Mr. Hansie Britz for his advice on the necessity of a business plan. Mr. Britz has 30 years experience in the banking sector and business world. At the moment, he practice as Small Business Consultant.
What is a Business Plan?
A Business Plan is an instrument used to document the intent and plans of the owner regarding every aspect of the business. The document itself can be used to communicate plans, strategies, and tactics to your managers, partners, and investors. It is also used when you’re applying for business credit. The Business Plan contains both strategic and tactical objectives, and it can be either informal or formal. A plan can be on a napkin or in your head, or it can be simple to-do list. If you asked average business owners or entrepreneurs if they have a “plan”, they would say, “Of Course”. Ask them to explain their plan, and you will most likely end up with an overview of their major goals.
Business Plans as a Communication Tool.
A Business Plan is used to communicate how your strategy will increase your chance for success in a new venture or improve the performance of an existing business. Plus, it can be used to facilitate a discussion among business partners who need to agree upon and document their plans. It can also be used to communicate with government officials, who may need to approve aspects of the plan, and, of course, with potential investors, banks, or private individuals who may decide to fund the business or its expansion.
Does Every Business Need a Plan?
Absolutely. Every Business needs a plan. Developing a detailed business plan will provide you with an opportunity to shape a powerful business development strategy, whether your goal is to:
1.Get financing to start a business.
2.Get financing to expand your business.
3.Be more organized and increase your odds of success.
4.Identify the value of your business and prepare a plan for selling your business.
5.Create a plan to buy a business.
6. Create a management succession plan to facilitate your retirement.
7.Revitalize your business and identify new markets and business opportunities.
8.Reorganize to allow you more free time away from the business.
9.Build a financial plan to improve profitability.
10.Decrease your margin for error and increase profitability through rigorous management of staff and resources, as well as leveraging market conditions.
11.Clarify goals, objective, and strategies in a partnership or corporation with multiple directors.
12.Improve effectiveness and management of operations.
