Gift Basket Business Blog

Essentials for New Businesses

March 31st, 2006 at 01:27pm Lorie Obernauer

The April issue of Gourmet News magazine includes an interesting article: “Three Steps for Beginning Entrepreneurs”. The author, Adam Borden, suggests that there are 3 basic activities that will help you establish a successful new business:

• writing a comprehensive business plan.
• updating the business plan regularly once things are underway.
• creating a board of advisors.

I believe that the third point, having a board of advisors, is a critical factor for new and old businesses alike. As business owners, we can get caught up in day to day activities: talking with customers, dealing with employees, maintaining inventory, paying bills and more. There’s often too little time for creative thinking.

A board of advisors can help keep you on track. Your board can give you important advice on how to deal with particular problems you are experiencing. Moreover, they can help redirect you so that you can be always clarifying and moving toward your goals.

Read the full article for ideas on how to write a business plan and work with a board of advisors. Whether you are just starting up or already have an established business, Borden’s suggestions may help you out.

Entry Filed under: Business Tips