On the 12th day of Business Planning my true love gave to me… a CELEBRATION! Who knew this would be a necessary step to articulate in the Business Planning process? We readily celebrate others, and yet we neglect to do the same for ourselves. When we take the time to recognize that we’ve accomplished something – finished a project ahead of schedule, exceeded a sales goal, or discovered a way to save the company money – inside we experience a positive vibration that raises our confidence, establishes us at a higher level of productivity, and sets us up for additional successes. Instead … [Read more...]
12 Days of Business Planning – Day 11: OFFICE
On the 11th day of Business Planning my true love gave to me… a great OFFICE environment! How do you feel when you walk into your office – happy and productive or anxious because of the clutter and disorganization? Your office is your environment for productivity and profitability. Everything in this space impacts your performance. STOP NOW and write down what’s working and not working with your office. Here are step-by-step instructions on evaluating: Tour your space. What do you see, and how do you feel, in the space? Evaluate the size and location. Do you feel cramped, or … [Read more...]
12 Days of Business Planning – Day 10: TECHNOLOGY & EQUIPMENT
On the 10th day of Business Planning my true love gave to me… TECHNOLOGY and EQUIPMENT! Here’s a facet full of things we tend to take for granted. If your business is to run smoothly, it’s important that your technology and equipment are efficient, so that they truly leverage your time and resources. Consider the following questions: Is any of your hardware outdated and restricting speed and efficiency, and hence profitability? Are you missing a key piece of hardware or a software application that could make someone on the team’s job easier? Does an application exist today that … [Read more...]
12 Days of Business Planning – Day 9: CUSTOMER RETENTION
On the 9th day of Business Planning my true love gave to me… CUSTOMER RETENTION! Sales Expert Jeffrey Gitomer states, “Customer satisfaction is worthless. Customer loyalty is priceless.” So often, once we’ve successfully helped our customers navigate their way to the closing table, we send them on their merry way and we neglect to stay in touch. It’s easier, and typically far less expensive, to retain a customer than it is to generate a new one. So it’s well worth taking the time to map out a plan for staying in contact with all your customers post-sale. STOP NOW and determine your … [Read more...]
12 Days of Business Planning – Day 8: SALES SYSTEMS
On the 8th day of Business Planning my true love gave to me… SALES SYSTEMS! Let’s face it, nothing happens in business unless a sale is made. And yet, most people spend precious little time evaluating this area of their business. A successful sales facet requires purposefully and thoroughly looking at your sales system from start to finish and understanding the best ways to manage all your sales activities. Have you determined what your sales funnel looks like? By this, we mean everything involved in the acquisition of leads all the way through to closing the sale. What are the … [Read more...]
12 Days of Business Planning – Day 7: TEAM GROWTH & DEVELOPMENT
On the 7th day of Business Planning my true love gave to me… TEAM GROWTH and DEVELOPMENT! With the growth you’re planning for the coming year, is your existing team capable of meeting the needs of your business? This can be a very challenging area for many business owners. Maybe you’re under-staffed and the growth will stall if you don’t get more help. Or perhaps you hired someone because you liked them, but their skillset doesn’t measure up to the needs of the job. STOP NOW, take out your team’s individual job descriptions and evaluate their contribution to the business by way of … [Read more...]
12 Days of Business Planning – Day 6: MARKETING
On the 6th day of Business Planning my true love gave to me… MARKETING! Marketing is so much more than shiny business cards and a flashy website. In fact, Marketing is truly grounded in Financials. You need to know these very important aspects: What are all the marketing avenues you’ve invested in? How much are you spending in each of those areas? What return have you been able to track to each of those areas? What revenue was generated as a result? STOP NOW and write down every marketing item you’re doing. Have you been tracking where your business is coming from? If so, … [Read more...]
12 Days of Business Planning – Day 5: PRODUCTS & SERVICES
On the 5th Day of Business Planning my true love game to me… PRODUCTS and SERVICES! Yesterday we discussed the Financials facet. Products & Services are what generate the revenue. Each of your products and services should be individually evaluated. How much revenue did each bring in? What were the expenses associated? If the return was positive, what improvements can you do to make it more profitable? If the return was negative, should you keep offering it with modifications to make it more profitable, or stop selling it altogether? There might be new products or … [Read more...]
12 Days of Business Planning – DAY 4: FINANCIALS
On the 4th day of Business Planning my true love gave to me… FINANCIALS! Of the 8 facets of a business, we always lead with financials – why? Frankly, when the financial needs of your business are met, everything else falls into place. Your money is your launch to freedom; it gives you the flexibility to make key decisions. Financials are way more than production goals – units sold and gross revenue generated. This facet includes consideration of where your revenue is coming from, how expenses are being handled, the tracking systems you’re using, and more. How regularly do you … [Read more...]
12 Days of Business Planning – DAY 3: MISSION
On the 3rd day of Business Planning, my true love gave to me… a MISSION! What’s your MISSION? Your business foundation is like a three-legged stool: in this case, Vision was the first leg, and Values were the second; Mission is the third. Your Mission Statement is your declaration to the world of three things: WHAT you do; WHO you do it for; and HOW you do it. This statement should be short, concise, and memorable. Short, as in a sentence or two at most. Concise, as in to the point – simple enough for your customers to be able to wrap their arms around. And memorable, … [Read more...]
