#JTInTheRaw Show 25: Tips For A Cracking Business Plan
“This is such a confronting exercise.” The words uttered by Josh last week at the Victorian PT industry leaders Roundtable. This was followed by “I can see why this will benefit our business but there could be some pain!”
Welcome to show 25 of #JTInTheRaw and today I’m going to give you a sneak peak of my formula for business planning. You’ll get enough today to be as confronted as Josh!
I’ve also got to share 2 amazing customer service experiences we can all learn from.
Let’s tackle the business planning topic.
Whether you are a sole trader with no employees or the CEO of 10,000 employees it is critical for the business to know where it is going. Just as a plane has a flight plan, a sporting team has a game plan, or an orienteerer has a map … you need a plan.
The more specific your plan is, the more benefit to you, the business & indirectly your clients.
The format for the plan I use comes from Scaling Up by Verne Harnish. It’s a great book with some very powerful business insights. If you would like a book summary of Scaling Up email me now.
I think my business plan version is simpler to complete.
Step 1: Set a BHAG! Start the plan by establishing what is the 2 to 5 year goal for the business. This goal is designed to really stretch the business.
I like people to set a BHAG for the business – a Big Hairy Audacious Goal. This means every decision and action done in your business leads toward your BHAG. How good will it be when you achieve it!!!
Step 2: Develop a theme for your year ahead. What one word or phrase sums up:
- What you want to achieve?
- What is relevant for you, your business, your team, your customers?
- What will galvanise and unite your people?
- What can act as a filter for you to determine if you’ll follow through with opportunities?
And in today’s world, always add a hash tag!
Step 3: Determine your business’s core values. These are the values the business has and your team have. These are generally one word and could be summed up as the should’s and shouldn’ts of the business.
If you would like a core values assessment to help you establish your core values, email me now.
Step 4: Articulate your purpose. This is why you do what you do … if you haven’t read or watched any of Simon Sineks stuff .. do it. He explains that people will follow you, like you, engage with you & but from you because of why you do things not what you do!
Discovering the answer is an amazing journey of self reflection and critical for differentiating yourself from your competitors.
Step 5: Share your brand promise. If I become a client of yours what will I get? This will maybe easy to say. My challenge is to say it in unique terms, ie in words that no other business uses or can use.
Step 6: The most difficult and challenging … it’s living the actions!
What actions will you literally do to:
- Live those core values?
- Achieve your purpose?
- And deliver that brand promise.
These are the foundations you need to build a business. Without this you have a house built on sand not on a concrete slab!
I guarantee this template will help you get your #hustlemodeon in 2017!
Customer Service Learnings From The Last Week
Learning #1
Last week I emailed a personal trainer about training someone I know. By Tuesday, 4 days later, I hadn’t heard anything, so sent a text to book a time to chat. I got a response 8 hours later. In the modern world we live in, you simply cannot leave it this long to get back to prospects if you want convert them.
As a consumer, I expected an email within 12-24 hours. And if you can’t do that, then don’t put your email address on your business card. The text, I expected a response within 4 hours.
Learning #2
As many of you know we are having renovations at home. That is another story! But I want to share a common occurrence that happens every day in every business …
Our project manager apparently has some heavy shit going on in his personal life. The result is that he has dropped the ball on our project a number of times and he is a grumpy/negative sack of potatoes that I don’t want to be around, so I hate to know how his work mates feel working with him. Now the owner of the business is apologising profusely and explaining why things haven’t happened.
I’m sure you get the picture!
Here are the learnings:
- Your customers don’t employ the individual they employ or buy from the company. We don’t care who, we care we get our service and when we don’t get our service we blame the business not the individual. Every person who faces the public is representing your business. They will determine the success of your business, so choose wisely!
- Never come to work when you feel shitty about life. If you don’t have the ability to leave your personal crap at the front door when you arrive at work then don’t arrive at work! You will harm relationships with your customer, your work mates and if relevant your boss.
When you are not engaged at work it is not going to give you job satisfaction, it will impact your performance and relationships and to be honest could get you fired! Stay at home get your shit together and return to work focused!
Last week, we talked about culture and both these examples come from the culture you develop in your business! Watch show 24 now.
And that’s JTInTheRaw for another week! If you got value from the show as always please share it! If you want any of the links or giveaways email me!
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Quote of the Week . . .
“A business plan is your road map to success. Without one you’ll meander aimlessly!”
Check out all previous shows here: https://www.activemgmt.com.au/category/jt-in-the-raw/
Justin is the Managing Director of Active Management, which he began January 2004. He offers coaching to businesses worldwide in everything from start up and design to marketing and sales systems. Justin also facilitates four Australian and New Zealand ‘fitness industry roundtables’ events, which allows him to see a huge cross section of business models.