Planning is bringing the future into the present so that you can do something about it now. ― Alan Lakein, Author
Are you doing something about your business’s success right now?
Thousands of people do what you do. But, what accounts for the magic you create?
Every tycoon and long-standing business in the world is successful because they leverage the what, why, who, when and how all at once.
What + Why + Who + When + How = A winning business.
But most business owners who do not have a business plan have trouble achieving their goals. Does this sound familiar to you?
In this blog, we are going to share with you what you need to do to create a business plan that has the power to guide you with every move.
5 key elements of a winning business plan for every business owner
DID YOU KNOW: 17% of small businesses fail because they lack a business model.
Don’t wait until your business is on the edge and then hastily start planning for success. Start doing it now.
We have been in your shoes and have seen this happen time and time again with our clients. Here’s how to take charge of your business to help clear your blocks, plan your vision and hit your targets.
Know your why
Do you know why you set foot into the business world to do what you do? When you know your purpose, you feel empowered and focused. Your purpose needs to state and communicate:
– Why your business exists.
– What you do for your customers
– How your business is different to your competitors
– What your goals, big picture and revenue forecast looks like?
A clear purpose statement, from both a customer’s point of view and the business’s point of view can help you deliver your overall marketing message, employ the right team members and keep them motivated.
Vision and core values for the next 12 months
Business owners are always asked “where do you see yourself in 5 years?”
Many small business owners are often caught off guard when it comes to long-term vision and a plan to sustain the company.
Back up your purpose with core values and a vision that defines your brand, the way you operate as a business, professional relationships and work ethics. This stage is when you should also create 90-day plans, 12-month plan and five-year plan, prepare for challenges and devise ways to promptly take action.
Budget, KPIs and the numbers
Budget and financial goals play a pivotal role in a business’s success. When you have a defined budget, you have more clarity, can determine the annual gross revenue and make informed and accurate financial decisions in your business.
When you have a budget, you can also create more realistic and achievable KPIs that support your business goals. If you want to track and measure the results, performance and success of your business – you need a business plan.
DID YOU KNOW: KPIs (key performance indicators) are like levers and when you pull them they can have a significant impact on your bottom line and results.
When you know the numbers you want to achieve, targets and performance goals, it opens the lid on your business’s financial secrets and allows you to turn on the sales tap to transform your business, so you feel more confident and less stressed.
Target your ideal client and create a value proposition
If you do not know your ideal client and what your business’s value is, you will end up going ‘round in circles – and it will be really hard to achieve financial growth.
Nothing will come from trying to attract and satisfy everyone. Instead, find out who you want to work with and how you can define those clients.
Without the right customers, business success will seem out of reach.
Today, your audience wants to know why you are different from your competitors, why they should be doing business with you and how your offerings stand out from the crowd to help them.
A value proposition that is in line with exactly what your customers expect from you, helps you supercharge your business in unimaginable ways.
HOT TIP: It’s all about them, so find out everything you need to know about your audience and ideal clients so you can create offerings and add value accordingly.
Identify your opportunities, vulnerabilities and your most critical challenges
It can be fairly easy to identify your business’s strengths and what you bring to the table that no one else does.
But it’s equally important to know your vulnerabilities, challenges and any critical issues that have the power to impact and influence your business – in both good and bad ways.
While no one could have predicted the coronavirus pandemic, it crippled millions of businesses around the world. It’s the reason so many businesses needed to pivot.
Have you thought about what could harm your business and do you have contingency measures in place?
Identifying the opportunities, vulnerabilities and your most critical challenges can help form the basis of your goals and actions to either overcome them or take advantage of them.
Knowing these can also lead you to understand the scope of improvement and how you can do better in business.
Take the first step to lead your business to massive growth and success
If you are a business owner and want to steer your business in the right direction towards your end goals, that is, or more time and money, our “Planning for Success” 8-week online course is the boost you need.
Inside it we cover:
- Your why
- Vision and core values for the next 12 months
- Budget, KPIs and the numbers
- Target market, ideal client and value proposition
- Identifying opportunities, vulnerabilities and your most critical challenges
- 12-month goals
- 90-day goals and action plan
Are you ready to seize the day?
Take your first step to business success and register for our 8 week online course here
Alternatively, if you have a burning question or wonder how this course will help you specifically, don’t keep it to yourself…book a call with us here and let’s talk.