We can’t tell you how refreshing it is when a business owner puts their hand up and admits that they need help writing a business plan. We see business plans every day, so we know an effective business plan from one that probably won’t help the business succeed. A business owner or manager who is new to business plan writing might not be able to see where improvements could be made, and therefore might miss opportunities to succeed.
To help you make a start on your 2016 business plan, this article takes you through the foundation step of building any successful business, called ‘Mastery’, and the four components to it. There is every chance that the implementation of at least some elements of Mastery will need to be in your plan for 2016.
Component one is Destination Mastery. Let’s start by thinking about your ideal destination, i.e. where you want the business to go. Some examples of ‘destinations’ could be ‘expand interstate’ or ‘employ a part time salesperson’. If you start at the end; everything within your business plan will flow toward that end goal. Remember to keep your goals up to date throughout the year, so that each quarter you ensure your goals are still steering you toward your ‘destination’.
Component two is a big one… it’s Money Mastery. A let’s face it, a business without money wouldn’t be worth doing! A business owner without their financials under control is as bad as a pilot without instruments. What are your financial goals? What do you need to do in the first 90 days of 2016 to sustain or grow your business in terms of profit or revenue? We can help you write this part of your business plan by looking at previous financial reports, to work out how to move your business to the next level. Reporting, KPI’s and Break Even are the other areas of Money Mastery that a business coach from ActionCOACH will be able to help you with.
Component three is Delivery Mastery. To help you with this part of your business plan, your coach will ask ‘How will you deliver your products or services to meet your financial goals?’ Identify any goals you need to achieve over the next quarter (90 days) regarding delivery of your products/services. Delivery includes quality, supply, ease of purchase and service. Can you recall any customer complaints that required you to fix something? As you will know, fixing customer complaints is costly, and a side-track from running your business. To build a great business, you need your customers saying “WOW”!
Component four is Time Mastery. Let’s begin by looking at your own time. Are your daily tasks important or urgent? Important tasks are ones that will make a substantial difference to the value of your business in the long term. Whereas urgent tasks need to be done straight away and were not part of your original time plan. If you plan well, 60% of your time should be spent working on tasks that are important but not urgent – these are the tasks that build a great business! To help factor time into your business plan, you need to be able to analyse which tasks are essential for the success of your business and who (if not you) is best to action it. You also need to be skilled at planning how and when you will get your tasks done. ActionCOACH can advise you on the best tools to help you track and plan time for tasks. Your time plan will rely on you being disciplined in completing the tasks in your time schedule, just like they were appointments.
If you need more help writing your business plan, just put your hand up and ActionCOACH will gladly take you through every step, so you can reach your destination, make money, deliver to customers and manage your time the way you want.