Working On Your Business E-Book Overview

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Overview of seasoned business practitioner Neil Tuckwell's FREE E-Book Working On Your Business - 7 simple steps to building a roadmap for long term success and prosperity.

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Working On Your Business E-Book Overview

  1. 1. 7 simple steps to building a roadmap for long term success and prosperity WORKING ON YOUR BUSINESS
  2. 2. If so, you are working in the business, not on the business. You may be generating an income but you are unlikely to be creating wealth One of the best ways of working on your business is to have a written business plan Are you spending your time doing the day-to-day work of the business, rather than managing and growing it?
  3. 3. Standard business plans are complex and intended for a one-off rather than an operational purpose Most business plans are designed for banks or investors rather than for managing the business Many business owners do not have the management skills necessary to develop a written business plan Many business owners favour doing over planning Why most owners of a small business do not have a written business plan
  4. 4. An operational business plan for managing the business A planning process just like any other business process A planning process that is simple and can be done by the business owner A planning process that will enhance the management and leadership skills of the business owner What most small business owners want from a written business plan
  5. 5. The business planning process set out in the 7 simple steps results in an operational business plan The 3 key components in this process are: The Now The Where The How The business planning process
  6. 6. Begins with The Now and is for a specific planning period (90 days recommended) Focuses on goals ( The Where ) and actions to achieve those goals ( The How ) Has a scoreboard to measure progress Your roadmap for managing and growing the business An operational business plan
  7. 7. Format of the business plan   Me and My Business Our Customers Our Processes Our Staff Our Financials THE GOAL Where do I want the business to go?           THE STRATEGY How will we get there?           THE ACTION What steps do we need to take?           THE SCOREBOARD How will we know we are getting there?          
  8. 8. 1. Description of the business 2. Honest assessment of where you are now 3. Setting goals 4. Strategies to achieve the goals 5. The business plan 6. Action plans to implement the business plan 7. Monitoring and review 7 simple steps
  9. 9. <ul><li>The operation of the business (your elevator speech) </li></ul><ul><li>Your vision for the business (the way you want the business to look in the future) </li></ul><ul><li>The business model (how the business creates, delivers and captures value) </li></ul><ul><li>Your unique selling proposition (how the business is differentiated in the eyes of customers) </li></ul><ul><li>Your sustainable competitive advantage (over your competitors) </li></ul>Step 1: Description of the business
  10. 10. <ul><li>The Now </li></ul><ul><li>The economy and the industry </li></ul><ul><li>The 5 broad pillars of the business: </li></ul><ul><li>Me and My Business </li></ul><ul><li>Our Customers </li></ul><ul><li>Our Processes </li></ul><ul><li>Our Staff </li></ul><ul><li>Our Financials </li></ul>Step 2: Honest Assessment
  11. 11. The Where All the important planning issues come from Step 2 They can be categorised as S trengths, W eaknesses, O pportunities or T hreats This forms the basis for a SWOT analysis Each SWOT entry has an Implication, an Indicated Action, Resources required to carry out the Indicated Action and an Opportunity Cost From this extended SWOT derive a set of goals for the business Step 3: Setting Goals
  12. 12. <ul><li>It is unlikely you will be able to address all these goals in the planning period </li></ul><ul><li>So set a priority list of attainable goals based on: </li></ul><ul><li>Urgency </li></ul><ul><li>Level of ‘pain’ in the business </li></ul><ul><li>Cost/benefit </li></ul><ul><li>Preferred SWOT sector </li></ul><ul><li>Preferred broad pillar of the business </li></ul>Step 3: Setting goals (continued)
  13. 13. <ul><li>The How </li></ul><ul><li>Determine a preferred strategy for each priority goal using the following approach: </li></ul><ul><li>Examine the reality (input from Steps 2 and 3) </li></ul><ul><li>Evaluate different options for achieving the goal </li></ul><ul><li>List the key actions and measurables to implement the preferred option (What/When/Who/Where/How) </li></ul>Step 4: Determining strategies
  14. 14. <ul><li>For the specified planning period a statement of goals and how to achieve them </li></ul><ul><li>The goals come from Step 3 and can be categorised in accordance with the 5 broad pillars of the business </li></ul><ul><li>For each goal show how it will be achieved: </li></ul><ul><li>The preferred strategy </li></ul><ul><li>What steps need to be taken (actions) </li></ul><ul><li>How will we know we are getting there (scoreboard) </li></ul><ul><li>These inputs come from Step 4 </li></ul>Step 5: The business plan
  15. 15. For each goal the next step is to produce a detailed action plan to implement the strategy, actions and scoreboard from the business plan Actions from the business plan can be divided into discrete readily managed tasks The scoreboard entries include completion dates, milestones, performance indicators, etc. Step 6: Action plans
  16. 16. Monitoring the action plans should be on a regular basis Recommended that a full review of each action plan should be every 30 days and a full review of the business plan should be undertaken every 90 days Step 7: Monitoring and review
  17. 17. The best way to work on your business is to have a written business plan To achieve this business owners need a business planning process that is simple and results in an operational business plan This can be achieved through following 7 simple steps Summary
  18. 18. Then download the free e-book WORKING ON YOUR BUSINESS at www. neiltuckwell .com.au This e-book contains 6 one page worksheets using an example small business to demonstrate how the business planning process works in practice Want to know more
  19. 19. Create a written business plan using the 7 simple steps This will empower you to build a roadmap for the long term success and prosperity of your business WORKING ON YOUR BUSINESS
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