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Table of Contents

Lead Story

Will smart phones drive out plastic cards?

News

Industry Update

VeriFone expands mobile payment footprint

Is Cimbal's proximity payment network a game changer?

IDC's take on mobile payment schemes

Features

Eight payment companies listed on Inc. 500

Selling Prepaid

Prepaid in brief

Suit the gift card to the merchant

Thom Aldredge
World Gift Card

Views

Cash still standing its ground

Patti Murphy
The Takoma Group

Further fraud trends in 2010

Nicholas Cucci
Network Merchants Inc.

Education

Street SmartsSM:
Are mobile payments a threat to ISOs? - Part 1

Ken Musante
Eureka Payments LLC

The power of word of mouth

Nancy Drexler
Marketing Consultant

Who's your counterparty?

Barry Sloane
Newtek Business Services Inc.

Four things to know about security interests

Sarah Weston
Jaffe, Raitt, Heuer & Weiss PC

Command performance meetings

Dale S. Laszig
Castles Technology Co. Ltd.

Company Profile

Blackhawk Network

New Products

Easy inventory management

ePNInventory
eProcessing Network LLC

Inspiration

If you're in business, you need a plan

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

September 27, 2010  •  Issue 10:09:02

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Inspiration

If you're in business, you need a plan

Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.
- Sun Tzu

Do you have a business plan? Even if you are working for yourself and have no employees, a plan for your business is essential. It serves as a map created to guide your future performance. It sets forth where you'd like your business to be within a certain time (typically five years) and describes how you intend to get there.

After all, how can you turn your goals into action if you have only a vague notion of where you are going and how you will get there?

Plans address real needs

There are multiple reasons for creating a business plan. For example:

No one is exempt

You may feel that preparing a business plan is too daunting or you're too busy running your company to prepare a plan. Even if you've been in business for years without a written plan, it doesn't mean you don't need one. It means you're probably not as focused as you could be and thereby hindering your performance.

No matter where you are in your career, you need to know where you are heading. If you want your business to expand, how will you make that happen? If you plan to retire, how much money will you need to live in comfort, and how will you get it? These are just some of the issues a business plan can address.

Preparation is the key

Crafting a business plan isn't difficult, but it does require careful preparation. Many software packages and websites are available to help you create a business plan or improve the one you have. To get started, google "business plan," or ask other business owners for recommendations.

An effective business plan will contain the following:

Use your goals as the springboard for your mission statement. Then flesh out the other components of your business plan. Show the plan to colleagues you trust, and make adjustments as needed. Once you've created a plan that serves your needs, review and update the document at least every two years. And enjoy the results.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | USAePay | Super G Capital LLC | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems