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Have you made up your mind yet?
By Nilooka Dissanayake
"I must have a prodigious quantity of mind; it takes me as much as a week sometimes to make it up." writes Mark Twain. He probably never tried to pick a business idea. As anyone that has no business background will agree, it cannot possibly be done in a week.I am curious as to why people pick on a particular idea. You could do me a favour and one to yourself by listing down why and how you chose one idea over others.

You may cheat - everyone else but yourself - by excluding "because I could not think of any others" and "seen others do well" from the list. If that is all you have, think again. Whatever the idea you pick, it needs to be suitable to you and your circumstances, have a reasonably big market to give you a profit and give you a competitive edge over others. All your reasons should or would aim towards justifying your choice. I look forward to your comments. Don't think of money at this point. If you start thinking of how much money is needed, your imagination will give up on you.

First get the idea going and then think of how to finance it. If you can come up with a reasonably good business proposition and have facts to back you up, you can find the money for it. Money is always a constraining factor, like the common cold or measles. So don't let it bother you.

Even if I write a thesis on this issue, there will be many that will remain preoccupied about financing. So, shall we go ahead to business planning and see how to solve the money matters? After all, a business plan is the foundation on which your banker or anyone else will give you money for your business idea. Does it mean you write the business plan to suit the bankers? Oh, no! The main objective is to convince you that your business idea is a good one. If yours is to be like any other small business, then a fancy business plan will be of no use if you cannot talk with confidence on your business idea.

Writing a thorough business plan, or attempting it will help you convince yourself. Work at this until you can feel passionate about it. The many time export award winner, Anslem Perera of Mlesna Tea speaks of walking the streets of Colombo in search of a banker to help him start his business. All he had was a good idea.

And the banking system in the eighties was not enlightened enough to see it. They have not changed that much since those days. But, despite all that, Anslem found a banker who believed in his business idea and found financing. I feel that it is the burning passion for your idea, and wanting to see it come true that drives success.

So, why not feed that fire by supporting it with facts and figures as well as enthusiasm? That is one role of your business plan. I specialise in using conventional tools in novel ways. So, I recommend that entrepreneurs use the business planning process to weed out weak business ideas.

After that, all the conventional uses can be made of your business plan.From the beginning of this series, we have discussed how to select a business idea and how to find out about the market potential for an idea. From next week, let us really get into writing the business plan. Since money seems to occupy many minds, and you would by now have a good grasp of the market potential for your idea we will start with the financial plan.

In the meanwhile, think and make notes of how much you can sell your product or service and how much it will cost you. If you find this difficult, there are publications and workshops, which can help you. Send your questions and comments to btimes@wijeya.lk or call us on 074-304100.

The writer is the Managing Editor of Athwela Vyaparika Sangarawa (Athwela Business Journal), the only Sinhala management monthly targeting the small and medium sized business operators.

SLFFA has grown in the past 21 years
The Sri Lanka Freight Forwarders Association (SLFFA), which has been in existence for the last 21 years, has grown into 68 members with 60 percent of Sri Lanka's export and imports by air and sea being channeled through its members, said Sunil Malawana, newly elected chairman of SLFFA at a press briefing held recently in Colombo.

For all SLFFA members all liability insurance cover, Central Bank registration and one million rupees minimum paid up capital is mandatory. Explaining major activities of the SLFFA, the new chairman highlighted the need for EDI links to major governmental organizations such as Sri Lanka Customs, Sri Lanka Ports Authority.

He said countries like Japan, Singapore, Hong Kong and Malaysia are examples that "we can look to as all these countries transmit all customs and port documents electronically and enjoy more or less paperless procedures."

SLFFA members also occupy the cargo village in Katunayake which is the gateway for all airfreight imports and exports. Due to various irregularities that have been taken place, SLFFA together with the Airport and Aviation Services have implemented a new security arrangement with CCTV equipments which will be installed in Katunayake within the next few months. These new measures and value added equipment have been a long dire need for the warehouses at the Katunayake Cargo Village.

Home away from home at the JAIC
The JAIC Hilton, which provides residential apartments in Colombo, is preparing for a possible heavy inflow of foreign investors looking for apartments in coming months if and when the peace talks succeed.

How well is JAIC Hilton positioned for the new wave of travellers? It has 175 apartments made up of three-bedroom and two-bedroom apartments, and penthouses, according to Peter Simson, JAIC's new general who believes the hotel is well positioned to meet new demands in case of an economic boom. JAIC Hilton has always been the "barometer of the economy" and will continue to be so in the future, he said in an interview, spelling out the property's plans for the future.

He spoke of a project to build the image of JAIC as a private and intimate place where guests are treated as friends and not just people apart from providing first-class luxury apartments and suites.

Simson says that the JAIC, as it is popularly called, while providing all the services of an upmarket, luxurious hotel is different as it provides apartments for long-staying guests.

Hilton is now promoting a new concept called the ' Hilton Wine experience', aimed at promoting the best of wines.

Simson sees his property as a 'home away from home' for long-staying guests. (Ishani).

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