Business Planning in 2019
How to plan strategically to attain your business goals.
Do you have a business plan? Do you set goals in your business?
7 Reasons to Plan
Having no business background can be challenging when developing a floral design business. Here are 7 big reasons to have a clear plan for your business. This blog post will break down the following reasons!
Blueprint for your business. You wouldn’t build a house without a blueprint! By creating a business plan, you position your brand to be successful for years to come. A plan allows you to set goals + provide vision for future. You can start moving in a specific direction rather than just moving any way the wind blows. Being able to physically view your business plan will provide accountability. You can understand your competition + target market. Finally, you will be able to identify ideal customer and make better decisions.
Determine your WHY, purpose, mission. If you are in it just to make money, but then struggle to make money you could end up bitter. Why are you doing what you’re doing besides making money? Having a focus is vital to staying disciplined, even when you face difficulties. Create a course for efforts and take action. You will be able to work on your business in a more holistic way. Not just filling orders, but thinking of the big picture. Stay in your zone of genius!
Systems need to be in place, and with a plan you will know which ones you need. Honeybook is always a great bet for this industry. It will smooth out the daily processes and create consistency in the workflow. This will help you stay on track and save time! Win win.
When you think about everything you need to get done, you can determine needs. You might need to hire certain talent or buy software that can help you. Plan for investments and marketing costs. Will you need to buy advertisements to meet your goals? And don’t forget about overhead costs!
Having a plan will allow everyone you hire to be on the same page as you. By understanding your business you can share that vision. Systems and processes will run smoother. You will have a document that provides accountability. It comes in handy when building + inspiring a team. Use common language throughout your business to create a consistent and understandable message. Communicate your vision to the team and be on the same page.
Planning your business means planning your sales + revenue goals! You should definitely determine capital needed to get up and running, or reach your next business goal. With a plan you will be able to figure out what investments you should make as a company, and plan for both profit and taxes. This is attractive to investors and you can eventually qualify for a loan.
When you have a great plan to begin with, you can evaluate successes. In contrast, you can assess failures and make adjustments. Plan for growth. Plan for scalability.
Annual Planning & Implementation
Strengths + Weakness
things that you have some control over and can change.(your team, location, etc.)
Opportunities + Threats
things that are going on outside your company, in the larger market. (competitors, trends, etc.)
Write down everything you want to experience or accomplish over next 12 months. Put all FEAR aside!
Self: What do you want to accomplish personally?
Fitness, health, finances, mindset, projects, etc.
Relationships: Who are the most important people in your life?
Vacations, adventures, improvements, etc.
Business: What are some major projects or goals?
Raise your prices, build a team, teach workshops, etc.
Write down the things that non-negotiables for you.
What will you no longer allow to get in the way?
FEAR, money, mindset, etc.
Working late, business hours, etc.
Budget clients, taking on too much, doing it all alone, etc.
Eliminate the things that are not critical (NOW)
What do you want your life to be about this year?
Where do you want to spend your time?
Which will allow you to grow the most?
Look at each item critically + ask yourself:
What’s the payoff/impact?
How will this project benefit others?
Who will you have to become to make this a reality?
Schedule each item in your calendar.
If it’s not on the calendar, it’s NOT real!
Schedule check in points
Hold yourself accountable
Progress not perfection
Revise when needed
Plan with your team
Write it down first!
Revise and refine