In the next podcast episodes we will be sharing with you a part by part Quarterly Business Improvement Sessions, a workshop audio clip which has been attended by more than 100 small business owners. In this podcast series we will make you a part of an enriching experience.
So here’s the second of the four part podcasts series of June 2015 Quarterly Business Improvement Session: Creating a Powerful Business Plan.
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TRANSCRIPT: Episode 48
Title: Creating a Powerful Business Plan (Part 2 of 4)
Date Published: Dec 3, 2016
Running Time: 13:46 minutes
Says “Your Success Starts Here”. Why doesn’t it “finish here?” Cause this is just the beginning. Thank you Frazer. Thank God enough too many people who actually stood on it. It’s wire bound so it’s nice and easy to get access. The first page you can fill out later. You can get really generous about it if you really want to and make sure you understand who you are abiding or writing your own business name on your own sheet, I don’t think you really need to. The interesting thing is, is where we start talking about what product and services are you in a business of? Now don’t just necessarily means what are the fractionization, what are the break downs of the individual things that you sell but what business are you in? Let’s spend two minutes and when I say two minutes we’ll run in nicely we’ll work on a timing system. You have 120 seconds, to start brainstorming at your table and come up with what you’re in business to do. What are your products and services, starting now..
How many of us, now let’s be honest here, let’s put a hand up, let’s not be shy with each other write down, I build beautiful homes or I design beautiful homes or I do figures or whatever it is that you do.
Nobody.. Excellent! One! Bill? What do you say? “I fix Computer Stuff”
“IT Services, Computer Fix Services and Technology Consultation Services” Interesting. Did everyone hear that? (No) Bill go and stand up, you knew it was coming buddy.. You knew it was coming, it wasn’t a big surprise. “I just put down, IT Services Computer, Fix Services and Technology Consultation Services”
And what are IT friends in the room here, are really here to do? Help us as a business owner ensure that I don’t have to think about my freakin’ IT. Yeah? Who here, who’s not in the IT game, loves it when they computer break down? Loves that disruption inside their business? So what do we really want? You’re in the business of providing peace of mind and security so that we can then focus on what we’re really good at. So that you can just take it happen, and you do that by fixing, upgrading, replacing that sort of thing. Have I challenge a little bit of the way that your think about what you do and why so far? Right, so lets get even further down. Let’s have another quick exercise I’m going to be a little bit longer. Because I want you to work together as a team and start brainstorming, and I want each table to nominate one person, who’s going to speak. And so at the next page at the very top, which is, Who is your target market? And for the person who writes down, someone with a heart beat in a checkbook.
I will run you over.
Right you have three minutes to brainstorm as a team, that’s 180 seconds, starting now..
(We’ll go first) Yeah, (Cause I’m not speaking that’s why) I like it, this is the art of delegation. One man says, “We’l go first, cause He’s speaking” I love it.
“We all work in a different industry, but in terms of a finance broker’s target market, basically it’s to assist people who don’t get the time or the inclination to source finance” So it’s the people of those two challenges. “Yes, due that specifics niches what data’s or whatever it might be
Okay thank you.. Go on Meagan, don’t you love it when your guest speaker can’t wait to get up and talk? C’mon.
“For me, my idea of niche is small business owners and professional service providers, like finance brokers, accountants, lawyers, real estate who work time for me to have a solution and can waste too much time trying to find that solution. And I come either implement it, I’m trying it and then I’m handing support. “
Beautiful, thank you. And you’ll hear a lot more from Meghan later In talking about technology solutions to help us overcome some of those problems. Next table, now I’m gonna start picking on tables. Now c’mon, this one.
“Business owners who won’t have to write conversation to increase their business outcomes and profitability through gaining knowledge and making the right relationships.”
Excellent, thank you. Now the trouble makers on the left hand corner.
“Our target market is, people living or working in an Australian Community, who has a sales fright of their current manager and wants the confidence of knowing that mention that other point is gonna be the very best and we accomplish that by service performance guarantee”
Nice plug Mark, I love it. I love it. The reality is, the book, I have this raise a little bit earlier today. The book is not done for you to complete sequentially that you can’t complete than expert before going any further. Do what you need to do because there’s parts in there that are going to talk about a marketing plan. And your marketing plan is important because now you know who you wanna talk to. And your marketing plans gonna help you to determine how you gonna talk to. And what mechanism you’re going to use, what messages you going to use. But I believe those things need to be underpinned by something just a little bit further down the page which is around your vision and mission.
Now unfortunately, many small-business owners their vision their long-term vision is, can I get home in time for tea tonight. Fairly short term vision? Yes.
My mission is try to make enough money today so that I can stay open tomorrow. Fairly short term mission? Yes. For those of you who’ve, who’ve done Gaining focus in your business which is a different session we talk about the difference between a vision and mission. Is there anybody here who’d like to share what the difference is and what is a vision and what is a mission in a business. And I don’t mean something stuck on a frame up on the wall that looks really cool that you paid someone tended playing ground right.
What’s a vision and mission? What’s a vision? Anybody who want to get a crack? Cary?
A vision is your, I guess “reach for the star” target. The thinnest thing you could possibly reach. And mission is how hey gonna get that doormat” Perfect, everyone give Cary a round of applause. And I reckon if I replay that session that we did together on that. That would’ve been almost word for word, what I would’ve said. Thank you so much. But that’s exactly what it is. A vision has to be bigger than you. It has to be something that’s almost unattainable. And that’s what we call a vision – a long term prospect. The mission is what are we going to do to ensure that we are on our pathway to achieve our vision.
Let’s do a quick exercise now and have everybody produce your own vision and think big is the key. Think big, who’s big to you but not be big to somebody else but it’s big for you do and your business plan is for you not somebody else. So let’s spend a few minutes on that and feel free to brainstorm these at the table as well. What is your vision for your business? Where you going to be in 5 10 15 20 years time? Or retired? Before you retire, Cel, put the business and management whatever your exit strategy might be. Leading up to the exit strategy what is your vision for the business? Because this will help you to determine when your business is finished for you. Again if we don’t know where we’re going we can’t work at how to get there. So let’s spend three minutes now, and produce a vision, your vision for your business, starting now.
Who has not spoken yet today?
Quick show of hands one per table. Who has not spoken today?
Excellent, keep your hands up. Just stand up that one person who stuck that hand up first, I saw you Mr. Jennings.
Has anybody heard about theory? Yep deals with comfort zone, it says that we grow more the further we move out of their comfort zone. Today is, welcome to an opportunity for growth, for some of you except for Bec whose very use to public speaking. And to those standing who would like to share their vision. Mischa, you had your hand up first then Daniel.
“We would like to be national fire and safety product services provider”.
Excellent. “We would like to”. We will!
“We will become the first choice, internationally to fire and safety products and services”
Excellent, don’t be wishy-washy, bring it “we will become” We will.
“For the business to be autonomous, and run without me.”
My business will be autonomous and will run without you… When?
Good question, thank you.. I’m really hoping that I am asking some good question. Right. So who else would like to give it a crack. One more.
“In the next 10 years I would’ve assisted 30 more people to gain an excess of 1 million dollars in property investment”
Beautiful, thank you Uwe. Sit down everybody. Part of what we’ve just covered then is an important aspect of a goal.
Who’s ever heard that the to the theory of SMART? Yeah? Who wants to be smart and give me the acronym for smart. Nice and loud. Specific Measurable Achievable or Attainable, Realistic or Results-driven, and time-bound if it doesn’t have those components in it. What have you just created a “wish list” Now I love wish lists when I’m sitting down working it was Santa might bring for my kids. But I don’t really like them so much in business because it ain’t intend to make much money. And business is about doing what? Making money.
Sorry let me ask a better question. Is there anybody here who’s in business, who’s determine that they’re not here to make money? Oh, thank goodness for that. Okay, so we’re on the same boat.
I believe that your mission must go little bit further because your business experience is going to shape
you as a person it’s going to your choices, your decisions, the people you associate with. The customer that you took on that you shouldn’t really taken on. Are going to have an impact on you as a person. It’s going to determine your culture. It’s going to change “it’s culture baby”. A little bit of Jackie Bolenskyism. It’s a new term, “I’ve just create it” But the reality is, are you going to be the person, that you wanted to be, when your journey is finished? Cause that’ the key component. When your business is done and dusted, it’s gonna be one day . Whether you die at the desk, you sell it, you put it in a management. Whatever you end up doing with it. It’s gonna be done for you sometime. Who you will like to be, to look inside the mirror.
Does anybody mind, if I share my quick vision? Or part of my vision cause it’s quite lengthy? I decided 5 years ago that I wanted to help 10,000 businesses in ten years. Did I mention that, that was 5 years ago? Half way there. Now, I love coaching. I love working with people one on one but what’s the chances of me, getting around and helping 10,000 people in 10 years? Slim to knew? Yeah. So part of my mission the pathway by which I’m going to take to get there was, “How else can I help people?’ and part of that was, “I’ll create a great program” I almost put that on video. Let’s sell that video on amazon, let’s put it on audio books. Let’s create books, let’s share the wisdom that way.