3 Ways Your Business Plan Can Help You Make More Money (Without Going Crazy)

Ricardo Ibarra of Trio Group discusses how a well-crafted business plan can take your small business to new heights.

[embedyt] https://www.youtube.com/watch?v=dlmu6sKgmzM[/embedyt]


· “Without an effective business plan, your business is like a ship leaving the harbor without a map. It’s easy to get thrown off course by the currents of busy work or distracted by islands in the sea and their promise of riches.”

· Ready to grow your business? In this video, learn why it’s important to use your business plan instead of forgetting it on a shelf.

· “‘Shiny object syndrome’ affects business owners more than most. The key is to evaluate those business opportunities through the lens of your business plan and the strategic direction it sets.”

· Start now to refresh or write your business plan so you have a strategic guide to growing and scaling your business.

· Watch the video to get the full training. · Not sure how to fix your business? Download the FREE Small & Minority Business Checkup for the 10 questions you must ask to help you get your business back on track and thriving.

Video Transcript 

Many small business owners think of their business plan as something they only need when applying for a bank loan. Those same business owners are missing out on an incredible opportunity for growth. That’s because your business plan is the roadmap for your business success.

Without an effective business plan, your business is like a ship leaving the harbor without a map. It’s easy to get thrown off course by the currents of busy work or distracted by islands in the sea and their promise of riches. What the most successful small business operators know is that by sticking to their well-crafted business plan and executing only the mission-critical activities, they can grow and scale without all the headache and overwhelm that comes from winging it. Plus, if you’re like me and are a business leader who didn’t go to business school, chances are you’re learning as you’re leading. Take a moment to congratulate yourself for all the success you’ve enjoyed up to this point. Let’s agree that operating a business is tough work and the fact that you’re here demonstrates your commitment to being a great business operator for your clients, your employees, and of course the people who depend on you.

Even for the folks who do have business degrees or formal training, operating a business is always a learning experience because the real world is a lot messier and has far more twists and turns than any textbook or course. No matter where you are on your business journey or what your level of expertise, your business plan is the first step in taking your business to the next level. Now that you understand how important it is to have and reference your business plan, let’s dive into the three ways your business plan can help you make more money without going crazy.

Number one. Your business plan eliminates the guesswork of day-to-day operations. That’s because at its core a business plan is a strategic document that outlines the direction of your company. The very act of writing a business plan forces you to say yes to some things and no to others.

When my principals at Trio Group and I made the decision to focus on serving only two core audiences, public agencies and disadvantaged small businesses, our business took off! That’s because before, we weren’t really known for anything. We were Jacks and Jills of all trades, but because we were trying to be helpful to everyone, we never stood out. Now that we’ve narrowed the focus of who we serve to just public agencies and small disadvantaged businesses, we’re known for that. People immediately understand how we can help them solve their problems.

Here’s how this looks in action. Take some time to review your business plan and create a “yes and no list.” Does your business plan clearly outline the people, opportunities, markets, and products or services you are saying “YES” to? Does it also outline who and what you are saying “NO” to?

For those of you who may not have a business plan right now, or your plan is too old to be helpful, don’t worry. I’ve created a free business checkup tool to help you evaluate the strength and effectiveness of your business. You can download it free by clicking the link below.

Number two. Your business plan helps you identify partnerships and supporters to boost your business growth. As your business grows and you meet new people, you’ll be presented with lots of opportunities. This can be a blessing or a curse. Have you ever said yes to an opportunity only to realize it wasn’t as lucrative as you had hoped? Or, did you chase the new opportunity at the expense of becoming masterful at your own core offering? “Shiny object syndrome” affects business owners more than most. The key is to evaluate those business opportunities through the lens of your business plan and the strategic direction it sets. I recently had the pleasure of working with a small business owner who was in the IT staffing space. His company’s expertise is in Microsoft Azure and related cloud computing. Because of his network and success, he was approached by another firm who asked if he could provide staffing services for administrative support. After careful consideration, this small business owner chose to turn down the opportunity because he wants his company to be known as the Pacific Northwest’s best IT staffing firm. Without the clarity of who his business serves, he would have said yes to the opportunity and simultaneously taken his attention away from his core value proposition.

On the other hand, well-formed partnerships can dramatically grow your business by exposing your offering to new customers, a new geographic area, or greatly reduce the costs of doing business. Here are three ways to evaluate potential partnership opportunities:

The first is internal alignment. Why are you pursuing this opportunity? What is the need or desire behind seeking the partnership? The second is strategic alignment. What are the goals, objectives, and ideal outcomes for the partnership? The final is the partnership structure. Who manages, what does each partner contribute, and how do the partners benefit? The third way your business plan can help you make more money is understanding your business finances and what to watch. I know that money isn’t most peoples’ favorite topic but it’s a key component of your business plan. By going through the exercise of identifying your financial goals and writing your budget, you’ll be better prepared to run a successful business than most other small business owners. That’s because many operators would rather avoid the sticky subject of money than approach it with a calm, rational plan. Plus, a business plan can help you prepare for your business growth and point out hidden areas where your business may be costing you.

So there you have it. Three ways your business plan can help your business grow without feeling overwhelmed. Your business plan should be a living, breathing document that guides your day to day operations, help you identify partnerships and supporters, and paint a clear and compelling financial future for your business. If you’ve recognized that you need to boost your business with a more effective plan, be sure to check out the free Small & Minority Business Checkup tool, available at the link.

About the TAS Program

The City of Seattle and Northwest Mountain Minority Supplier Development Council (Northwest Mountain MSDC) have partnered in the development and launch of the City of Seattle’s Technical Assistance Services program. This program is designed to support small businesses in the development of their capabilities thereby making them more competitive.

This program is sponsored by the City of Seattle and hosted by the Northwest Mountain MSDC. For more information, visit the TAS webpage.

About the Presenter

Ricardo Ibarra combines over 15 years of marketing and business experience to help small and minority-owned businesses thrive in today’s digital economy. Combining his signature energetic style with the latest marketing strategies, Ricardo has helped dozens of small and disadvantaged business enterprises reach new clients, launch new products, and gain a sense of confidence as they grow their business.

Small Business Flex Fund for Washington Businesses

On June 30th the Small Business Flex Fund was launched as a joint project between the Washington State Department of Commerce, Heritage Bank, and WaFd Bank. The Fund helps small businesses and nonprofits access the financial support they need to thrive by providing flexible working capital loans

Small businesses and nonprofits can borrow up to $150,000 and the money can be spent flexibly, including on payroll, utilities & rent, supplies, marketing & advertising, building improvements or repairs, and other business expenses. Interest rates are 3% – 4.5%, with no fees & interest-only payments for the first year. Loan terms of 60 month and 72 months available.

The qualifications to apply are:
  • Business headquartered in Washington
  • Fewer than 50 employees
  • Annual revenues of less than $3 million
  • Experienced direct economic hardship due to COVID-19
To learn more and apply today, visit smallbusinessflexfund.org and review the program brochure here.

Port of Seattle VendorConnect

The Port of Seattle has debuted a new online system called VendorConnect. VendorConnect is the Port of Seattle’s procurement and contract information database.

With VendorConnect you can:
• Access a one-stop resource for construction projects, consulting services, and goods and services
• Reach Port buyers and procurement specialists
• Receive emails about Port events and business opportunities
• Search vendors and view the event calendar
• Learn current and future purchasing strategies
• Market your business to Port staff and external businesses, including primes seeking
businesses to partner with on upcoming contracts

To begin, you must register yourself and then find or add your business. If you were in the old system, and this is your first time logging in you must recreate your login account.

Click here to view the VendorConnect dashboard

For instructions on how to log in or register for VendorConnect see this Port of Seattle guide.

American Home Builders RFP for KINECT @ Burien Project

American Home Builders invites you to submit a proposal for the KINECT @ Burien project located in Burien, WA. It is important that you review the bid documents carefully. The responses will be the criteria used for the selection of the successful project candidates.

Please see opportunity attached for more information:


Tuck Diversity Business Programs and National Minority Supplier Development Council Partner to Help Diverse Business Owners

March 30, 2021
Contact: Tammy Wilkins, Chief of Staff
Tammy.Wilkins@nmsdc.org | 212.944.2430

New York, NY, March 30, 2021 (GLOBE NEWSWIRE) — Tuck Diversity Business Programs and the National Minority Supplier Development Council (NMSDC) have formed a partnership to support the growth of Minority Business Enterprises (MBEs) across the country.

NMSDC will award numerous scholarships to MBEs to attend one of Tuck’s signature Diversity Business Programs, Building a Successful Diverse Business or Growing an Established Diverse Business.

Building a Successful Diverse Business focuses on the essential tools that owners need to successfully establish their businesses in the marketplace. It is designed for emerging entrepreneurs who are looking to build a strong foundation of business knowledge and learn how to be a better supplier to corporations.

Growing an Established Diverse Business enables participants in established businesses to accelerate their growth. This follow-up program to Building a Successful Diverse Business helps participants overcome the challenges that business owners often see after several years of successful growth and helps them assess the alternatives to organic growth—strategic alliances and acquisitions.

The Tuck Diversity Business Programs started in 1980 and are the country’s oldest programs designed to develop diverse business owners at a graduate business school. Since its inception, thousands of business owners have participated in the programs.

“The Tuck Diversity Business Programs team is very excited about our relationship with NMSDC. They are one of the premier certifying organizations in the country and we look forward to sharing our programs with their membership,” said Emmanuel Ajavon, associate director of Tuck Diversity Business Programs.

How to Apply

NMSDC scholarships are open to NMSDC-certified MBEs.  Applicants to Building a Successful Diverse Business should have a minimum of three years of experience running a business and at least $250,000 in annual sales. Applicants to Growing an Established Diverse Business should have already attended Building a Successful Diverse Business or be able to demonstrate comparable experience and education.

Applicants who are interested in being considered for an NMSDC scholarship must complete the online application at and enter “NMSDC Applicant” under “Sponsor Company (if applicable).”

For more information, please contact Emmanuel Ajavon at emmanuel.ajavon@tuck.dartmouth.edu.

About NMSDC | https://nmsdc.org

Chartered in 1972, The National Minority Supplier Development Council (NMSDC) was stood up because of the civil rights movement in the late 1960s and continues to be the leading minority business development organization in the United States. NMSDC supports the economic sustainability of more than 13,000 certified minority business enterprises (MBEs) and advances minority business development by facilitating procurement opportunities between its certified MBEs and its network of over 1,500 Corporate Members. NMSDC’s African American, Asian-Indian American, Asian-Pacific American, Hispanic American and Native American businesses provide products and services in many industries. The NMSDC network includes a National Office in New York, 23 regional affiliate councils, five international partner organizations and the Business Consortium Fund (BCF) as its funding arm.

Follow NMSDC on LinkedIn, Facebook, Instagram, Twitter

About Tuck Diversity Business Programs | https://dbp.tuck.dartmouth.edu

The Tuck School of Business at Dartmouth was the first U.S. institution of higher education to offer executive programs dedicated to advancing the capabilities of underserved entrepreneurs and executives. Since setting the standard in 1980, Tuck has continuously honed its program, expanding and refining what is covered to create the maximum impact on the businesses of its attendees.

Paycheck Protection Program Round 2

A second round of the Paycheck Protection Program reopened with revamped rules and guidelines. Below are key contacts to help you apply for the first or second time:

Bank of America 
Chris Fox
Small Business Regional Executive

Key Bank 
Jimmy Ng
Sr. Business Banking Relationship Manager

Seattle Credit Union 
Angelica Partida Doty
Small Business Development Manager

Sound Community Bank 
David Raney
EVP | Chief Banking Officer

Zions Bank
Robert Rendon

NWMMSDC MBE Product Catalog

Enjoy various NWMMSDC MBE products year round. Below is a roundup of regional suppliers for gift ideas and more this holiday season! Click on the logos to visit their websites.

Culinary Herbs, Spices and Seasonings




Premium Seafood Products 



African Coffee Roaster




Healthy Protein Cookies & Snacks



Natural Pressure Cooker Meals & Snacks




All-Natural Nut Brittles 



Hand-Decorated Shortbread Cookies and Fresh-Baked Pastries




Flavored Macarons & Ice-Cream



Sports Nutrition Supplements



Seafood Products



Shiitake Mushroom Jerky Snacks


WA State Patrol DEI Contract – Request for Proposal (RFP)

The RFP was released and posted Friday, November 6.  The RFP document is also available on the WSP website at this link under the tab “Current Requests for Proposals (RFPs)”:  https://www.wsp.wa.gov/budget-vendor-information/

The solicitation is an Open Competitive process.
The WSP has the lead in the procurement, but has worked very closely with the Department of Enterprise Services and the Office of Minority and Women Owned Business Enterprises.
The contract will give preference points to Small Businesses and to Veteran Owned businesses.
The contract will also give preference to vendors who comply with Governor’s Executive Order 18-03 (Worker’s Rights).

The general schedule is as follows:
November 6:  Release/post RFP
November 6-17:  Outreach to Minority, Women, and Veteran owned, and Small businesses
November 17:  Pre-Bid conference
November 25:  Issue addendum based on questions and Pre-Bid
November 30:  Letters of Intend Due (optional)
December 10:  Proposals Due
December 30:  Anticipated announcement of Apparent Successful Bidder
January 15, 2021:  Anticipated Contract Award
May 1:  Report/Recruiting Plan delivered