Plan to Thrive in 2020
2020 is looking like an exciting and successful year for so many businesses out there. However, for many, the challenge may not be in simply succeeding but in sustaining that success and thriving through 2020 and beyond.
Before we jump into sharing our tips with you on how to create a great plan, it’s important to remember that your business is there to serve you, not the other way around. In other words, don’t be a slave to your business.
How this plays out at this critical point in your business year is that you need to plan around what you want personally from the business. Let’s illustrate that with a couple of examples:
- If you need $100,000 per year to cover your living costs and that family holiday, and you know your overheads are currently $100,000, then you need a gross profit of $200,000; or
- If your current gross profit margin is 50%, then your annual sales need to be $400,000 (or $8,695 per week if you plan to work 46 weeks per year).
You can see from these calculations why you need to understand your current situation. If you can improve your margin by 2% to 52%, you only need to make $8,361 in sales per week. This based budget should form underpin your plan to thrive in 2020.
Make sure your plan is linked directly to how your business will deliver on your personal goals.
RULES FOR CREATING A GREAT PLAN
1. Keep it on one page. Two sides if you must.
2. Identify no more than four main goals for the year. If you have too many goals, you’ll struggle to achieve them effectively.
3. Cascade your annual goals into 90-day goals. Identify the actions you need to complete in order to achieve those goals.
4. Identify no more than five Key Performance Indicators. Any more and you’ll lose focus.
5. Share the plan with your team. Their personal career goals should be linked with your plan. Help them to define their own actions and KPIs. These should be recorded in their job description.
6. Keep the plan highly visible to your team. Track your progress against your plan and celebrate success along the way.
7. Review your plan at least quarterly. Have someone independent hold you accountable.
Remember, “a dream written down becomes a goal. A goal broken down into steps becomes a plan. And a plan backed by action makes it reality,” said Greg S Reid, motivational speaker, author, entrepreneur, and the CEO of several successful corporations.
Your Business Plan is your “How To” guide to achieve what you want in your life. It’s the most fundamental document in your entire business.
So give it a go and call us if you need help or would like some guidance in critiquing and finalising your Plan to Thrive in 2020.
Our ‘Planning for Success’ quarterly workshop series and complimentary Business Review meetings are also a great way to prepare for your 2020/21 Financial Year…
Planning for Success Quarterly Workshop Series
Our quarterly ‘Planning for Success’ sessions are the ideal
way to take a step out of the day-to-day and get some clear direction on
achieving long term success – whatever this looks like for you.
We help our business owners work smarter instead of harder. We want you to be more financially successful by doing less, gaining you more time, a better life-work balance and more enjoyment in your business.
By attending this quarterly workshop, you will:
*Identify the Top 5 things you need to do in the next 90 days to get the best results for your business;
*Create a specific, step-by-step action list on how to achieve these goals;
*Set a timeline for achieving your goals for each quarter; and
*Create a planning system to share with your team so that everyone is working together to achieve this lift in productivity.
The investment is half a day of your time each quarter plus $195+gst per month to attend these workshops. Limit 10 businesses.
Email email@example.com or PM us here to find out more or book your session!
1hr Complimentary Business Review Meetings
Get PROACTIVE with your business but taking advantage of our
awesome offer for a complimentary 1hr ‘Business Review’ meeting – available for
the month of September only, Monday to Friday, 9am to 4pm.
Get some valuable insights & guidance from CEO & Business Development guru, Mark Greer, including:
*Reviewing your business strategy
*Reviewing your organisational structure
*Reviewing your asset plan
*Assessing your drivers of cash & your cash pain points
Email firstname.lastname@example.org or PM us to find out more and book your 1hr complimentary session now!