The Entrepreneurial Report: Speed Networking Event-Business planning 2012 (07-11-11)

Hello, my name is Donna-Ray Campbell and I write the 'Event Update' column on behalf of Stimulus for the Entrepreneurial Report.

The November calender of events was opened with our monthly Speed Networking Event which was held at Picobello Restaurant. Stimulus Speed Networking Events occur on the first Monday of every month.These sessions have two main aims;

1. To introduce the theme for the month to come to allow us as a group to plan ahead

2. To provide an event where we can actively network, share ideas and find opportunities to do business together.

These sessions typically have one speaker who gives the group a taster of what we can expect to
learn as we continue to participate in networking events with Stimulus.

Our speaker Last night was our very own Miss Rudo Nyangulu, the CEO of The Stimulus Group. She began with an introduction to Strategic Planning for your business. Miss Nyangulu said, 'the foundation of any business planning strategy is the getting the business plan itself right'. She then posed the question Why plan? is it necessary or should we just go with the flow? She then gave us a quote, 'Failure to prepare is preparation to fail' which was the foundational principal for why we should plan; to eradicate failure as an option for your business.

We then looked at the components that are essential for a good Business Plan. A business plan is a road map to achieving your business vision. It provides direction, focus and a measure that allows the entrepreneur to plan for the future and helps the business avoid bumps in the road ahead. Miss Nyangulu then went on to explain that a business planning is key, as it helps entrepreneur determine where the business is going , how the business is going to get there, the costs involved in getting there and what will be done when problems arise in the course of achieving this goal. These are all essential elements in running a business and it's clear to see why they should be considered prior to their execution.

Miss Nyangulu also touched upon the importance of planning and the best ways to implement your plans successfully. She then discussed the types of business plans one can make; short term plans, medium term plans and a long term plans. Each of these are relevant to different phases in your business' development and your operational plan. Finally we looked at the role risk management plays in business planning. It is fundamental to have a risk management strategy that you develop alongside your plans. This is a list of risks affecting your plans and what you are going to do about them to ensure they do not derail your plans. After this we all felt very equipped to plan for 2012.