Tag Archive for: business plan

 

Businesses, like buildings, require a blueprint or a design plan. Could you just start building and putting up walls? Sure, you can start enthusiastically and creatively, but there will come a point where parts aren't coming together as they should and your efforts begin to feel unproductive, confused or even wasted.

Entrepreneurs begin businesses in many ways based on their personalities and belief systems. Some need detailed, well researched plans. Others jump in, get clients and are rolling before they've even decided what business they choose to be in. Then there is everyone in between.

For some, planning dampens their enthusiasm, for others, it's an absolute necessity. Regardless, the planning process itself is a great exercise, pushing the business owner to develop clarity and goals in key areas.

Where it gets interesting in my opinion, is after the plan is finished. How is it used? Is it used at all? Does it prove to be a guiding light or a rigid limiter?

For one to adhere to very detailed plans, the business owner, the organization and the plan have to be well aligned. The plan should be reviewed and revised regularly, quarterly or monthly, so that congruency remains intact.

For the non-planner types, a business blueprint provides vision, structure and general form. It's a useful framework, providing structure, direction and purpose, while leaving plenty of room to shift and create over time.

Here are some key components of a business blueprint that can serve as the foundation for your developing business:

1. Your Vision - There is something you envision when you go into business. Capture that vision on paper. Why are you driven to be in business at all? Who do you serve and how? At its future best, what does it all look like as it plays out?

Specificity in your vision is key. This is the "down the road" snapshot that you hold in your mind as the prize. The plan is designed to help you reach this vision, so the clearer the vision, the more helpful the plan.

2. The Why - Document and regularly remind yourself of why this vision matters to you. Your "big why" is any reason you have that is meaningful enough to drive you through challenges and difficult times. Identify your most significant reasons for being in business and remind yourself of why you are willing to do what it takes to recommit each day.

3. Unique Brilliance - Your unique brilliance is that special life force that you bring to your business that makes it authentically you and gives it power. If you examine what you have always loved (from childhood), attach words or qualities to it, you have something truly special that brands and differentiates your business because of the qualities you bring.

Your brilliance isn't a technique or skill, it's a talent that emanates from you and permeates your work. For example, a unique brilliance statement might be: "I spark innovation." Keep it simple yet powerful. Think of Walt Disney. I believe his childlike imagination was his unique brilliance, and look how that played out.




4. A Stand - What is an overarching principle of your business? Are you taking a stand for something in your business that transcends the products and services? State what you stand for that is expressed through your business. For example, "I am a stand for people communicating effectively to make the world a more harmonious place."

5. Expertise - What are you an expert at? This is still aimed at the business owner, but is more related to the work he/she is doing. What expertise do you have (and should your team have) that will drive the business forward. An example might be, "I am an expert at making people beautiful." This expertise will be used in the business and in the branding.

6. Brand Values - Identify the brand promise you are making to the market you serve. This is the promise of an experience they can expect to have when working with you regardless of the product or service. What values are necessary to provide that consistent experience? As an example, consider Four Seasons Hotels and the experience you have there whether you stay in a suite or just have dinner in the bar.

7. Target Niche - Who specifically is your ideal customer? Choose as narrow a niche as you can so your marketing can be very targeted and specific. This is not intended to turn people away, but to give you as clear a picture as you can get of the client or customer who is best served by what you have to offer and your expertise. These are the people you need to speak to in your messaging as they will be most willing to engage.

8. Products/Services - Define and describe exactly what you are offering to your niche audience. What products or service does your business provide and why? What is the intention for each one? What results should customers expect from what you offer? What differentiates your products and services from similar ones on the market?

9. Marketing and Sales - Provide details of how you will market your products and services and what your sales process will look like. Regular attention should be paid to the optimal ways of reaching your audience and turning them into paying customers. Identify mechanisms for tracking what works and what doesn't. Great communication and consistent branding is key here.

Related: 

Is Your Business Ready For Mobile Marketing?

 

10. Delivery System - How will customers receive the products or services being offered? From beginning to end, there is benefit to designing and implementing good systems for efficient and high quality product/service delivery. Consider detailing this out for every category of service or product.

11. Operations - What are the front and back office activities that make the organization work seamlessly and efficiently? Who are the players? There is a flow of production, communication, information, transaction, and follow up that happens in every business. Design the best operational systems for each area of your business and document the desired flow and the team necessary to make it work.

12. Pricing - Identify pricing structures for your goods and services that cover costs and provide reasonable profit margins. This requires that you do your research into the cost structure of your business in all areas, as well as gaining an understanding of the range of comparable pricing in the marketplace.

13. Financial Goals/Tracking - Every business must have financial goals to strive for and ways of tracking key financial targets. Identify five to ten key revenue drivers and set up tracking and reporting mechanisms to see where you are headed and if your strategies are yielding results.

14. Personnel/Team - Whatever your current size, plan how your organizational chart will look when you reach your goals. In your future vision, how many people are working in the organization and in what capacities? Assign a value to your time as the business owner. If you can hire someone for less than the value of your time, you want to work to that end. Continue that analysis throughout the organization. Prioritize future hires, and plan how delegation can take the business to new levels of growth.




A plan, written in this manner, will automatically combine critical mindset pieces with more practical business strategies. This gives you a solid foundation from which to ramp up. It's your best shot at building a solid, sustainable business. At that point, you will be rewarded with the opportunity to add those creative details not shown on the blueprint.

Michelle Perkins is the CEO and founder of Limit Free Life®, a coaching and personal development company designed to help clients discover and transition into careers or business ventures that satisfy their souls. As a former CPA, business consultant and now a certified business coach, she combines a strong background in finance and transition management with an intuitive coaching style.

Visit http://limitfreelife.com/dailyworth/ to receive a free giveaway to get your transition started: 5 Days to Prepare for Your New Career.

 

Creating new things leads to growth.

Whenever I talk to business owners who want to grow their business, my question is "What are you creating to make that happen?"

Many times, they don't have an answer. Instead, they are just trying to do more of the same things. More meetings, more conversations, more sales, more customers. And if things are working well, then by all means keep doing them.

But in order to improve things in a bigger way, we have to innovate. And innovation means creating and trying new things.

Create New Things To Sell

Creating something new could mean a new product, or program, or package. Having something new to sell can open you up to customers who weren't buying your previous offer, but might be interested in something a little different.

This often happens with my clients who build online courses and training programs. They are able to sell the program to people who hadn't signed up for one-on-one services. It's a different approach, a different price point, and a different opportunity.

Having a new offer opens up conversations with people that had previously been at a dead end. It can create momentum in your business, and lead to growth in areas that didn't exist before!




Create Things To Reach More People

The best way to reach more people is to create things to help you get in front of them. This is where content comes in!

What can you create to provide value and give to people? Can you send them a blog article? Offer them a free PDF download? Invite them to an event? Engage with them through a video or audio series?

Content is a hot-button word in marketing these days because it works!

It's the best way to find and reach the people who are interested in what you do. With my clients, I recommend creating 1-4 Nurturing Content pieces each month, and one Catalyst Content piece every 12-18 weeks.

Creating content is what allows you to get in front of people on a regular basis in a positive way, rather than with the same annoying sales pitch.

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How To Know When To Invest In “That New Thing” For Your Business

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Creating Systems

Another thing you can create to grow your business are systems and processes. What is your process for following up with people? What is the sequence of communications? What do you provide to build a relationship and earn their trust?

Maybe you need to create a leveraged program, sales process, or customer service system. What are the pieces of the system? Once you create it, you can use it over and over again.

So it comes down to this...

If you want to be growing, then you also have to be creating. The fastest growing businesses and individuals have time built in to create things in these categories for their business.

How about you? What are you creating next to grow your business?

 

 

Sarah Schwab is the Founder and President of My Client Communications LLC. She helps service-based businesses to attract more clients online using state-of-the-art technology platforms and best practices for digital content and communications. She is from Milwaukee, Wisconsin where she is a mother to three beautiful children. She also enjoys singing, writing, and traveling.

 

True confession: I was a scientist.

I say that because that's what I did two degrees in, and my early career was spent in that realm. I wouldn't describe myself that way anymore, but there is one thing about science that suited me perfectly.

I'm very curious. And my curiosity is both eclectic and broad. My innate curiosity has served me very well in business. It can serve you too.

The basis of all science is curiosity. "I wonder what would happen if... " is behind every discovery and exploration.

Business is like the experiments scientists do: you don't know what's going to happen next. You may have evidence from previous experience, or see what someone else has done. But until you try it, you won't know if it will work in your business.

That level of uncertainty can be so uncomfortable!

So let's lighten things up by taking a different approach. An approach that is based in science.

No need to turn in your comfy togs or your business attire in favor of a lab coat. This kind of experimentation can be done without all the scientist trappings.

It's also not at all as grim as the serious scientist in the photo. In fact, experimenting can be fun!




REFRAME FOR A BETTER OUTCOME

Begin by reframing your choices. Ask, "I wonder what would happen if... ", instead of, "Will this succeed or fail?".

Feels lighter already, doesn't it?

You don't have the weight of failure on you. Rather, you're simply asking a question. The answer, either way, will tell you something important.

All you're doing is conducting an experiment!

DEFINE YOUR QUESTION

Now, ask your question: What would happen if [fill in the blank]?

What would happen if:

I reach out to this new potential customer group?

We add a pop-up on our website?

We create a process for how to handle customer complaints so that they are all addressed in the same way?

Visit the PIVOTAL resources on Creativity

Once you define your question, specify what you're going to observe and how long you'll observe.

Observations are the data that you collect that help you answer your question. These observations can be quantitative, monitoring numbers, like the response to your social media ads, or qualitative, like watching people's reactions when you talk about your core message.

You can have more than one way of collecting data. For example, you may want to track how many people lit up when you talked about a possible new offering, and how many remained neutral, as well as how many signed up.

Whatever you choose, be consistent about how you collect each kind of data.

Now start your experiment, and observe the outcomes.

ANALYZE YOUR DATA

Once you've conducted your experiment, it's time to analyze your observations, your data.

What are the data showing you? Look for trends. What do they mean? If you're not sure, that is the basis for your next experiment.

Don't be too quick to ignore outliers, those data that aren't what you expected and aren't aligned with the majority.

If you shared an offering idea with 10 of your customers and prospects, and 9 of them remained neutral but one responded with great enthusiasm, you may have identified a subgroup of people who would love that offering.

Your next experiments can involve learning more about this subgroup and whether they constitute a big enough group to make the investment of creating this new offering worthwhile.

Use the data you've gained to inform your decision-making or pose another question.




STICK TO THE METHOD

Here's one more thing about science that will help you in your business:

It's tempting, especially when things aren't working, to change 10 things at once. It's the scattershot approach, with the hope that something will work. Therefore, it's hard to know which one (or more) of the 10 things you changed made the difference.

One of the reasons marketing can be so frustrating is that it's often hard to project whether a marketing effort will work. That's because most marketing has many variables, things that are changeable in a way you can't control.

Instead, minimize the variables. Become more methodical. According to the scientific method, when you're conducting experiments, you only change one thing at a time. That way, when you get a different outcome, it's likely due to that one thing you changed. How clarifying that is!

It's the accumulation of data from multiple experiments that will start to fill in the story. For example, if you see a gradual increase in response over multiple social media ads as you show more videos of you talking, it suggests that people respond to seeing you and your energy.

SCIENCE STILL LETS YOU BE CREATIVE

Doing these experiments doesn't mean you can't be inspired and creative. Science is actually quite creative! Your creative ideas can be tested in one experiment at a time, to see if they have the effect you thought they would. Your creative ideas actually can achieve greater traction, because you know what's behind your success.

Keep experimenting and implementing to find out what works. As you conduct each new experiment, you move closer to clarity, which gives you an opportunity to increase your success.

Business is dynamic, ever changing. So, your experimentation will be ongoing. Using scientific principles can take some of the uncomfortable heat off of you as you experiment and explore.

Your curiosity will take you to some amazing places in your business, and you'll have more impact!

Ursula Jorch, MSc, MEd, mentors entrepreneurs starting their businesses and seasoned entrepreneurs in transition to create the business of their dreams. Her coaching programs provide knowledge, support, clarity, inspiration, and a community of like-minded entrepreneurs to empower you to reach your goals. Start with a free guide and other valuable info at http://www.WorkAlchemy.com  Photo by Lucas Vasques on Unsplash