Business Model Canvas (BMC)- A new venture concept
Planning business growth in new year
1. Creating an Action Plan for
Business Success
Kimberly Deas
Business Broker
Murphy Business & Financial Services
904-571-9580
2. Local Economic Outlook
• 96% expect business to grow or be stable*
• 92% expect FL economy to improve or be
stable*
• 80% expect US economy to improve or be
stable*
• * BMO Harris Bank Survey published in Jacksonville Business Journal,
1/15/14
www.SellYourBusinessFlorida.com
904-571-9580
2
3. Why Create an Action Plan
• Easier to hit a target you
can see
• Allows you to deal with
reality
• Helps in decision making
process
Manage Risk!!
www.SellYourBusinessFlorida.com
904-571-9580
4. Steps for Success
•
•
•
•
Step 1: Set Goals for 2014
Step 2: Define Business Action Plans
Step 3: Track Success / Engage Employees
Step 4: Compare Results Against Plan
www.SellYourBusinessFlorida.com
904-571-9580
5. Step 1: Set a Smart Goal
S mart
M easureable
A ttainable
R ealistic
T imely
www.SellYourBusinessFlorida.com
904-571-9580
6. Tips for Setting Goal
• Goal is more than a number:
– Revenue streams
– Average selling price of each unit
– Sales next year
• Break down 1 year into quarters / month
– Are they achievable?
• Adjust year plan, if needed
www.SellYourBusinessFlorida.com
904-571-9580
7. Example: XYZ Company
• 3 year goal: Sell for $1M
• The adjust profit: $500k
Profit of $500k need sales
of $2M for her
• Current sales: $750k
• Year 1: $1M
• Year 2: $1.5
• Year 3: $2M
www.SellYourBusinessFlorida.com
904-571-9580
8. Example: XYZ Company
•
•
•
•
Goal: $250k growth for 2014
Average client is $2500/mo
Each new client is $30k/year
Needs 8.3 new clients per
year to meet this goal
www.SellYourBusinessFlorida.com
904-571-9580
9. Step 2: Create Action Plans
Marketing / Sales
Low Hanging Fruit?
Where to Market?
Expected Return per
Channel
How to Incent Sales?
Operations
Production
requirements?
Labor Requirements?
Process in Place?
Efficiency
Improvements?
Financials
Monthly Sales?
Sales Mix?
Cashflow?
www.SellYourBusinessFlorida.com
904-571-9580
Cost of Sales /
Employee?
Sales per Hour /
Day?
10. Marketing / Sales: 5 ways to Increase
Revenues
1.
2.
3.
4.
5.
Ask for referrals
Increasing Value offered
New Customer Pools
Increase prices / new product
Low Hanging Fruit
www.SellYourBusinessFlorida.com
904-571-9580
11. Example: XYZ Company
• 8.3 clients / year = 1 client a
month
• Activities to get 1 client:
– Attend networking with target
market
– Nurture existing potential
clients with potential for
$2500/mo
– Increase turn around time per
client (2 weeks to 1 week)
www.SellYourBusinessFlorida.com
904-571-9580
13. Step 3: Enroll Employees
• Share metrics with staff
• Reward staff for achieving specific defined
results
www.SellYourBusinessFlorida.com
904-571-9580
14. Step 4: Compare against Plan
• Set aside time each week to review monthly
objectives
• Have an accountability partner (call last day of
the month)
• Write a quarterly report on your progress
www.SellYourBusinessFlorida.com
904-571-9580
15. Tips for Staying Focused
•
•
•
•
Have a goal list and a daily to do list
Set priorities (and stick to them)
Join Peer to Peer Mentoring groups
Hire a business coach
www.SellYourBusinessFlorida.com
904-571-9580
Learn: 5 ways to increase revenuesStep by step guide to establishing where you areTips on how to achieve the best results Common mistakes that kill business growth Tracking your success to assure you reach your goalsand Much more.
SLOW!!!http://www.bizjournals.com/jacksonville/news/2014/01/15/florida-business-owners-expect-gains.html?ana=e_du_pub&s=article_du&ed=2014-01-15Often we get asked, is it a good time to buy or sell. So let’s start by taking a quick look at the current economic situation in Jacksonville, fl. Recent survey from the BMO Harris Bank that polled business owners found that …. If we analyze just the economy, there are many indicator that says, the worst is over and we have transitioned from an economic winter to an economic spring. In the economic spring, buyer are more interested in buying, there is still hesitation, but not nearly like the economic winter. The confidence level of buyers are increasing and there is more activity in general. So the local Jacksonville economy is supporting the buying and selling off businesses. In fact in 2013, small business transactions jumped 49% over 2012. Owners Receiving Higher Prices For Businesses, but Buyers Getting More for Their Buying Dollar, According to BizBuySell.com ReportThere's an abundance of confidence in the local economy among Florida business owners surveyed by BMO Harris Bank.Ninety-six percent of those polled said they expect their own businesses to either grow or stay at the same level in 2014. Ninety-two-percent expect the Florida economy to improve or hold steady this year, and 80 percent expect the U.S. economy to either improve or stay the same this year.
5 ways to increase revenuesStep by step guide to establishing where you areTips on how to achieve the best results Common mistakes that kill business growth Tracking your success to assure you reach your goalsand Much more.