Northern Credit Union provides vital support to Northern Ontario entrepreneurs
We all know that a solid business plan is the key to building a growing business.
But what sets some entrepreneurs apart? Jesse Teresinski, business relationship manager at Northern Credit Union, and Kevin Rasnell, president of Peace Restaurant in Sault Ste. Marie explains how her unique business plan can help your business succeed even through the ups and downs of the market.
Characteristics of a strong business plan
Understanding what makes a business plan unique and powerful is one of the cornerstones of a successful business.
As Teresinki explains, a unique business plan includes everything from standard items like local market information, price range, and target audience to more thoughtful aspects that make your business stand out. Masu.
“Where we see more value in the information is the administrative part that is included. What experience do you have and what training have you had to prepare for the opportunity? What impact do these have on business outcomes? This line of thinking provides additional information to explain the context behind the plan and the expected numbers, and is the basis for the entire plan. “It helps us map out how we're going to get to that end point,” he says.
For Peace Restaurant's Rusnell, the uniqueness of his business plan lies in the specific goal of his effort: to provide an upscale, Toronto-like atmosphere with a unique menu in Sault Ste. Marie.
Marie has many great restaurants offering a variety of cuisines. Some of my favorites include George’s Shawarma, Ernie’s, Burger Don, and even traditional Italian places that are staples in our community,” says Rasnell. “Given the plethora of restaurants in Sault Ste. Marie offers great food and service, what really sets us apart is our focus on creating upscale craft cocktails and shareable dishes. Our menu, as well as our tapas-style dishes, encourages Piece patrons to order several dishes and share them together, creating a communal dining experience. , allowing guests to try several different flavors instead of filling up on just one entrée.”
Apply your business plan to your daily work
One aspect that distinguishes Peace Restaurant from other successful businesses is that they go beyond the basics when creating and executing a business plan. A good plan is essential for securing funding and support, but it's also a useful tool that successful entrepreneurs often refer to.
“Members who are well-prepared with a business plan that includes more than just projections based on market factors are better set up for future success. There is never a straight line to success on paper, and There are twists and turns in the process,” Tereshinsky says.
He added, “Business owners who think ahead about contingency plans, marketing, training, onboarding employees, and effectively scaling their businesses are planning for more than just a successful venture; Understanding who is making what decisions, what the vision for success is, and how to overcome the inevitable difficulties can be helpful when considering a new business. A great asset for business owners who are developing or improving their existing business.
Forming strong partnerships
Working closely with a trusted partner like Northern Credit Union's Business Relationship Managers can be extremely helpful in strengthening your business at every stage. The collaboration between Teresinki and Razner is a perfect example of this.
“It's great to work with Kevin and the entrepreneurs around him. They first identify opportunities and then figure out how they can use their diverse skill sets to make an impact. The opportunities presented include financial planning, contingency planning, and a breakdown of the experience that will lead to the desired outcome for Peace Restaurant. It's a picture of what success looks like for him and how he's going to get there,'' Teresinki says.
From Lasnell's perspective, the partnership with Northern Credit Union has been invaluable.
“Northern continues to be a great partner in an industry where proper financing is very difficult. We are working hard and dealing with transactions in a logical sense.” My business manager has met with me personally and continues to work with me to launch more businesses,” says Lasnell.
“Currently, we are working with Northern to launch another business (Outspoken Brewing). We are excited to have them work with us to continue to make downtown a better place. Masu.”
“No” is not necessarily the end
The partnership between Northern Credit Union and Peace Restaurants may seem like a smooth sail, but not all businesses are successful from the start. Tereshinki reminds us that learning from rejections along the way can be the path to success.
he says: “There are many factors that go into being successful as an entrepreneur. For every success story we see, there are many more attempts and opportunities that didn’t work out for a variety of reasons. Investors, lending institutions, You'll often hear “no” from many different people involved in the process, including your employees and the market, but use that as an opportunity to adjust your plans, become more focused, and follow through. It will be a great asset in the long run. The path to success is never a straight line and is often the opposite of what you expect. ”
To learn more about how Northern Credit Union can support your entrepreneurial goals, visit Northern Credit Union online, find a branch near you, or call 1-866-413-7071 Please call us.
