With the festive rush behind
us, we can now take a deep breath and dive into 2019. January is a great time
to do some business planning! The age old saying, “If you fail to plan, you
plan to fail” is a good reminder of just how important it really is.
When you think of the year
ahead, are you filled with dread of the continued rat race, or with optimisms
about all the exciting opportunities the year will bring?
Planning most definitely will
help overcome any dread and fill even the most cynical business owner with
optimism. Trust us on this one.
What do you want to achieve
this year? Is your business where you want it to be? Are your staff aware of
the goals and where the business is heading? What are all the critical actions
on your “Should do” list, that you just haven’t got around to, and its holding
you back?
We asked our SBMS Business
Mentors to share their business-planning pearls of their wisdom with the trader
community.
"If
you are flying to Brisbane tomorrow, you'd like to think the pilot has a flight
plan.
Like a
flight plan that needs to be flexible to take care of any eventualities such as
bad weather or a storm, the business plan also needs to be flexible to take
care of unexpected situations that seem to happen from time to time in all
businesses large or small.”
“A business without a plan
is like a ship without a rudder. How do you know where you are heading if you
don’t decide on the destination first and ensure you have the right rudder to
get you there? Be definite and realistic, choose a goal or set of goals that is
achievable and you would be happy with, then plan what you need to do or obtain
to achieve that. Then decide how you will measure your progress on a regular
basis and try to create contingency plans to flatten those little bumps that
occur on the way.”
Alan Hay believes that:
“All business is basically
the same, from traders to corporations. They are all made the
same way Customers, Product and Price. It's just that corporates have more of
everything than traders. And never forget that these are the only three things
that you (the boss) can play with, if one is wrong adjust the others. It's that
simple and that difficult
And of course along the
way, Sell the Dream, Deliver the Goods, Grab the Cash and HAVE FUN.”See Alan’s Business
Triangle model below.
Keith Hinson suggests every business needs a sound Business Plan that helps to navigate the
ups and downs of business ownership. Once created, the plan should be used as
the guide to keep the business on track with clearly defined goals, timelines
and contingency plans.
“It is important though, to realise that the
Business Plan is a dynamic document – as the business changes, so the plan must
change accordingly.
The primary focus as always, needs to be;
- execution
of the overall strategy;
- attainment
of critical goals and;
- recognizing
of key milestones;
…. to keep the business moving forward” says Keith.
John Bostock suggests that traders work
out their Daily Cost Of Doing Business. It is a very simple exercise and makes
the business include a wage as well as the other fixed costs involved. Many
traders just live on what they get in each day without provision to pay running
costs from cash takings. Knowing your numbers means you can plan ahead for the
year regarding costs and then pricing.
Madalen Ross says that:
“The main purpose
of a business plan is to ensure all ideas and potential challenges are thought
through. The Business Plan does not need to be extensive
writing. It gives your business a direction, defines your
objectives, maps out strategies to achieve your goals and helps you manage
possible bumps in the road.”
Here are some
useful templates to help with your 2019 planning
Most helpful of
all is booking a session with one of the SBMS’ experienced business mentors for
a confidential one-on-one consultation to help you plan for success.
Business Mentors are available at the Trader Lounge (266 Victoria
Street), every Tue, Thur, and Fri 10am-2pm pop in anytime for a chat, or make
an appointment.
Click on the ‘I
want to book with a voucher’ button. Use voucher code QVM. View the mentors and
click on Book with Me to finalise your mentor booking.
