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 first of the four part podcasts series of June 2015 Quarterly Business Improvement Session: Creating a Powerful Business Plan.
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TRANSCRIPT: Episode 47
Title: Creating a Powerful Business Plan (Part 1 of 4)
Date Published: May 4, 2016
Running Time: 12:47 minutes
The idea of today’s course is to assist you to start to work through how we produce a business plan. Business plans are vital to the success of your business. It’s something that we have tried an awful lot, before we met John. We have focus and range at what we are gonna do, how are we gonna do it, and why it is important, whatever reasons was, where we are going and that kind of dust, you know draw somewhere, what happen?—And we tend to speak to any things in a way we wanted to do them because it was easier than changing or easier than doing it properly. It was even easier than to go to our business coach ‘cause this doesn’t work. Only start listening to what John said, we started applying what John said, suddenly our profits, our engagement, our returns, all started to go through the roof. It’s my absolute pleasure now to introduce, with an overwhelming round of applause, John Millar
I love it, thank you thank you. I’ll make sure I’m not gonna use the microphone today cause I know I’ve got a very soft voice that tends to carry into the end of the room. Jarrod, can you hear me ok? (yeah) excellent, more importantly, Robert! Everyone just turn into the camera and just give a little wave, into the camera, and to the back, good you’re all movie starts well done.
Frazer’s introduction is, really a hopefully of giving you a the setting of a what we are trying to cover today and that is the opportunity for you to be able to walk out of here with the beginning of your next 12 months, business plan. Who’ve thought you’ll be coming here today to walk out after just a couple of hours with a fully fledge business plan for their business over the next 12months? (Laughs you are good on your own) Good! So your expectations are what? C’mon throw back at me, what are do you want to get out of today’s session? (Ideas) Ideas, what else? (Lots of ideas) Lots of ideas. Okay, now, if anybody who doesn’t know me, if I ask you a question, having 6 children I expect you one thing, and that is uh, (sorry?) Okay let’s have a little exercise, everyone just stand up please.
Clearly, being winter, we’ve all become little bit sluggish – now I’m gonna have to stand up here for this. Now Mel, Jack this is not how you run a booth camp, okay? But to just so to give you a quick one, Want I want you to do is to stick your left hand out. (To the right in front of you) No, left hand. Anybody unsure their left. Now stick your right hand down, yeah? Got it? And when I say so I want you to do this. I want you to go.. woooossshh!! And kick your foot and slap your hand. You’re ready? 1 2 3 woooossshh!!! (clap) Beautiful, now you’re all awake sit down.
Now let me go to a couple of misconceptions. There’s a huge difference between a strategic and an operational business plan. Now normally 3 quarters of the year, for those of you who are regulars or sort – how many regulars are here? We do what’s called an operational business plan. Who is going to do what, by when over the next 13 weeks to just keep you one step closer to you and your goal? Simple? Not. That’s why we do it every 3 months. Today though, we’ll be looking at it to more strategic sense. Why, why are we gonna be looking at 12 months down the track? (Claire: That’s how many is financial year though) Awesome timing, thank you Claire. What else? Why else do we actually work out where we wanna be in 12 months’ time? (Answers: Goal Setting) Goal setting – sorry what’s that? So you know when you actually get there. If you’ve got no idea where you’re going, 12 months time that you may end up somewhere that’s not quite where you wanna be. True or true? Do we have to stand up again? True or true? (Answers: true) excellent!
Now, is it expected that as business owners you are all automatically gurus at doing a business plan? I heard yes, no.. Absolutely, I love the confidence in the room today, that’s good. After that, you’re gonna have a much better understanding. But one of the important things you need to do in your business, I believe is to surround yourself with people who are expert at what they do. Each one of you are experts at what you do. You’ve spend years howling the skills, the knowledge and capabilities to do what you do well. True or True? (Answers:True) Does that mean you have to know everything? (answer’s : No) No. So let me highlight this is without notice on – actually I’m not gonna apologise , Can all of the accountants in the room please stand up. I’m hoping there’s a couple. (Ah, lets’ get up) Good. See this people here? They’re not just to minimize tax. These are your business advisers. If your accountant is not offering those services. Find a new accountant. Thank you, gentlemen. Where’s all the ladies, what’s going on here. Ah,one of here, Allison, so the beauty amongst the beast. Have we got bookkeepers in the room? Oh my.. I think I’m gonna sit down for about half an hour. Cause that’s gonna be our first. Financial planners? The man with two hats. Financial planners. Reason why I raise the financial planning is that the good news is. The truth is, is that most people believe that their businesses are gonna make them wealthy, reality? It’s not. Most businesses are not going to make you wealthy. What your business is there to do is to produce profits and cash flow to invest on the things that will make you wealthy. Okay? And that’s gotta be part of your plan. We always look at, we’ll go through some of the most functional parts of the plan but you need to do silly things like, planning for profit, not just for turnover. Who here has ever done a business plan? Yep? Who here refers to it at least monthly? Keep your hands up? Right, the number significantly doing a little bit about, what Frazer was talking about before, we spent all this time and effort creating a business plan we do nothing with. What a waste of time. What a waste of time. What a complete, loss of something that you’ll never gonna get back. You’re most precious resource. Who would rather spent that time, doing something that was truly important that we’re gonna do something with. So why didn’t you do it with your business plan? If you don’t know where you’re going you can’t work out how to get there, you can’t determine when you’re actually there. It doesn’t become a plan then, it becomes a wish list. Oh, how’s that for profound, some are going “oh, my God this is amazing, I wish I have ever heard this before.” This uh, right.
Part of today, is we’re gonna do some work shopping. Not means spending money necessarily, but you’re going to be filling some of this workbook out. This workbook has been designed, for you to take away and use as your guide moving forward. And I hope that after today, you take this guide away, and you take it to your accountant, to your bookkeeper and your financial planner and your business coach, and all important people that are gonna be there to support you and your business, because I’ve got all valuable information to put in there. And you’ll find more. Who here has a strong relationship with a finance broker. Can I uh-, actually is there any finance brokers in the room? Stand up Ron, say hello to everybody. So when is the best time to go to the bank? When you need money, or when you don’t need money? When you don’t need money. Cause funny enough, when you desperately need money, what does bank’s do? I was gonna say they’ll be a little less gentle than they might not knowing it could be the other way. So it’s all about being prepared, who else need to be in your team to make it happen? To have your business run the way it needs to. A challenge.
So let’s go into an exercise together shall we? Let’s actually do something with this book, and let’s actually use it as a foundation moving away. By the way, before I go any further, you will receive over the next few days, a digital copy of this. Why? Because this book is actually made of two parts, it has a guide at the front and has got template at the back, well it’s very hard to be able massage paper to be able to add tables in another bits and pieces, so you’ll be send a soft copy in the next few days as well. And that’ll hopefully help you. So if everyone do me a huge favor. Oh no hang on, I forgot a really really important person I was speaking to yesterday. Have we got any, business lawyers in the room? Yeah, go on Sarina, stand up that was a loaded question because I know that my business lawyer is in the room. Why did I ask for a business lawyer rather than a divorce lawyer? (Laughs) . If you don’t deal properly with one, you probably gonna end up with the other. But that’s the reality, too many risks at advice for the wrong people. So why go to a lawyer who doesn’t understand business. Why? They have nice little title at the front. Find the right people, work nicely with them, and build the business.
Now, let’s get into some fun shall we? Who has not got a book? Good. So there’s no excuse. Does everybody got a moreprofitelesstime pen. One of these? Eh? Put your other pens away, I’d like you to write with our pens. Cause I’d like to remind you who you’re dealing with today, a way kinda nice. Is there anybody who is incapable of writing? Excellent! So, we now determined that you’ve got the capacity of something to write on, you’ve got something to write with, and you’ve got the ability to actually write. Amazing. So, let’s go at the beginning of the book. It’s called a template over you, there’s a bunch of things in here, we’re not even gonna touch, because there’s things you just got to look up later, or just not really appropriate to do on a group setting. Does that make sense or is there anybody here, who’s really comfortable about talking about their financials in detail, to the people at their table. No, actually before we go any further let’s do one little exercise. Can everyone turn to the person on other side then give them a quick high five. Good, why did you give them a high five? (Their awesome) Cause we’re awesome, the reality is, there are bunch of businesses out there, bitching then moaning their business are changing, they wanna improve their cash flow, their teams not quite right, they’re working too many hours, they’re too busy to turn up how to actually learn do business better and they do nothing about it.
High five for each one of you, because you got off your backside and you turned up and you’re here, step one. Step two, is to do something why you’re here. And step 3 the most important thing, is to do something with it when you walk out those doors. The new mat that I have produce. Do you ever notice that beautiful door mat as you walk into the door this morning? (Yeah) To the team from Marble Print just stick your hand up. Good thank you guys. Oh, there you go, everyone just turn around, Frazer is gonna show you, it says, “Your Success Starts Here” . Why does it not finish here? Cause this is just the beginning. Thank you Frazer.