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Start Your Business Plan -  Now! (Summarised)
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Start Your Business Plan - Now! (Summarised)

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Seminar given 12 September 2007.

Seminar given 12 September 2007.

For more, visit http://www.goldsbrough.biz

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  • These are excuses, not reasons. If a plan isn’t written down, then it doesn’t exist. Set out on a journey without a route map, and (while the journey may be interesting) you won’t arrive on time at the correct destination.
  • We all know that it's important to have a fully worked-through plan, but this presentation is not designed to tell you how to do that. You may need help to do that. This presentation is designed to provide you with ideas for getting motivated to start, or if you have a plan, to refresh it.
  • You can focus Eliminate the clutter Saying what you don't do is just as important as saying what you do You can measure your progress Provide a trigger to reassess your plan regularly and redirect your efforts as necessary Celebrate success – short and long term You can communicate Enlist the support of others You can motivate Yourself Others
  • It would be important to produce your plan even if you were the only person to read it. If there are several audiences, is there only one version of your plan?
  • “ For the first few years, the plan was in my head, but I look back now and see that the progress we made was faster after I had committed the plan to paper and reviewed it with other people.” – Philip Webster at Webster Construction
  • Audience question
  • Even if you're a one-man band, the planning process is vital
  • It would be important to produce your plan even if you were the only person to read it. If there are several audiences, is there only one version of your plan?
  • We use a four stage process to build a business plan. It’s discussed on the Goldsbrough Consulting web site.
  • We use a four stage process to build a business plan. It’s discussed on the Goldsbrough Consulting web site.
  • Write the summary first … and last
  • Look in any book about business planning, and you’ll find suggestions for a table of contents. But where should you focus?
  • Ensuring that you’re able to state your value proposition, and express your objectives clearly are crucial to being able to write the remainder of your business plan.
  • Use the template that’s described on our web site
  • You would think this was easy – but it’s where people frequently stumble Here are some ideas for alternative ways of building your objectives
  • Example: My business will achieve £100,000 more income in 2007 by selling maintenance contracts to one third of our customers by the end of June.
  • Is the goal stated in the positive? Is it self-initiated, maintained, and within my control? Am I doing this for myself or someone else? Does the outcome rely solely on me? Does it describe the evidence procedure? How will I know that I am getting the outcome? What will I be doing when I get it? What will I see, hear and feel when I have it? Is the context clearly defined? Where, when, how and with whom do I want the outcome? Does it identify the needed resources? What resources do I have now? What resources do I need to acquire? Have I evidence of achieving this before? What happens if I act as if I have the resources? Have I evaluated whether it is ecological? (Fits within all aspects of my life) What is the real reason why I want this? What will I lose or gain if I have it? What will happen if I get it? What will happen if I don't get it? What won't happen if I don't get it? Does it identify the first step I need to take? Example: I will increase sales by £100,000 in 2007 by leading the current sales team in selling maintenance contracts to our current customers. To be on track to achieve the target, we will have sold to one quarter of our customer base by the end of May, and one third by the end of September. I will have time to do this because the new accountant we’ve hired will take some tasks away from me. I will kick this off by holding a training course for the sales team before the end of January.
  • Is the goal stated in the positive? Is it self-initiated, maintained, and within my control? Am I doing this for myself or someone else? Does the outcome rely solely on me? Does it describe the evidence procedure? How will I know that I am getting the outcome? What will I be doing when I get it? What will I see, hear and feel when I have it? Is the context clearly defined? Where, when, how and with whom do I want the outcome? Does it identify the needed resources? What resources do I have now? What resources do I need to acquire? Have I evidence of achieving this before? What happens if I act as if I have the resources? Have I evaluated whether it is ecological? (Fits within all aspects of my life) What is the real reason why I want this? What will I lose or gain if I have it? What will happen if I get it? What will happen if I don't get it? What won't happen if I don't get it? Does it identify the first step I need to take? Example: I will increase sales by £100,000 in 2007 by leading the current sales team in selling maintenance contracts to our current customers. To be on track to achieve the target, we will have sold to one quarter of our customer base by the end of May, and one third by the end of September. I will have time to do this because the new accountant we’ve hired will take some tasks away from me. I will kick this off by holding a training course for the sales team before the end of January.
  • An example of visualising personal goals and relating them to business goals. You don’t have to just think in words and numbers. Use pictures and feelings too.
  • Setting goals was a new activity in this business, so the power of visual analogy was used. To illustrate the power of actively managing the client base – something that had not been done before – an analogy was used of choosing dance partners.
  • These value disciplines reflect the fact that 'value' is determined as a trade-off between convenience, quality and price . It is the inherent tension between these three qualities of a product that makes it necessary for an organisation to focus on excelling at just one of them. There are a few organisations that have managed to become leaders in two disciplines, but they have done this by focusing on one area first before turning to a second one. At a simplistic level, there are three primary elements to any competitive business: the business itself, its product(s) and its customers. Each of these components represents the focus of attention for one of the value disciplines. The focus is on the customers and their needs and desires when pursuing "Customer Intimacy"; the focus is on the product(s) when pursuing "Product Leadership"; and the focus is on the organisation itself and its delivery processes, when pursuing "Operational Excellence". Some organisations will concentrate on their relationship with their customers (to increase customer satisfaction and retention by better understanding the customer's needs and preferences). Other organisations will focus on their products (constantly developing new ideas and getting them to market quickly). The third group of organisations focus primarily on themselves and their internal processes (sharing best practices between different units, reducing costs and improving efficiency).
  • Even if you're a one-man band, the planning process is vital
  • We use a four stage process to build a business plan. It’s discussed on the Goldsbrough Consulting web site.
  • Look in any book about business planning, and you’ll find suggestions for a table of contents. But where should you focus?
  • Involve others in the planning Don't just farm sections out Create consensus Get it reviewed Ask your peers in other businesses Ask your close customers Ask the people you used to work for Ask your employees Repeat periodically As you evaluate your progress As your situation changes Planning is a continuous process
  • Even if you're a one-man band, the planning process is vital
  • We use a four stage process to build a business plan. It’s discussed on the Goldsbrough Consulting web site.

Start Your Business Plan -  Now! (Summarised) Start Your Business Plan - Now! (Summarised) Presentation Transcript

  • Start Your Business Plan - Now! Matthew Goldsbrough 12 September 2007
  • Why Are We Here?
  • What holds us back? I’m not looking for investment I don't know how I tried to write one, but real life took over I’ll write the plan when I’ve a bit more experience I’m not sure what my real objective is I’m too busy I might get it wrong I don’t need to write it down – it’s all in my head
  • Agenda
    • What We Need a Plan To Do
    • How To Plan
    • How To Identify a Good Plan
    • Starting Your Plan
  • What Would We Do With It?
  • Crossing the Bridge
    • As things are now
    • As things should be
    • Build the bridge – plan how to get from 1 to 2
    • Manage the journey across the bridge
  • Real Life
    • Manage the journey across the bridge
  • With a Business Plan, you can…
    • Focus
    • Measure your progress
    • Communicate
    • Motivate
  • Who is the plan for?
    • For current and future investors
    • For your management team
    • For your employees
    • For YOU
  • What does having a business plan feel like?
    • “ For the first few years, the plan was in my head, but I look back now and see that the progress we made was faster after I had committed the plan to paper and reviewed it with other people.”
  • What does having a business plan feel like?
  • The Planning Process “ Plans are useless; planning is everything” Eisenhower
  • Who is the plan for?
    • For current and future investors
    • For your fellow managers
    • For your employees
    • For your board
    • For YOU
    • What do these stakeholders need?
    • Can there be only one version of your plan?
  • Four Stage Review http://www.goldsbrough.biz/techniques
  • Four Stage Review http://www.goldsbrough.biz/techniques You can achieve anything you want in life if you have the courage to dream it, the intelligence to make a realistic plan, and the will to see that plan through to the end. Sidney Friedman
  • How to Start?
    • Start with a short plan
      • Maximum of two pages
      • A few bullet points is better than nothing
      • Can be more easily expanded with supporting detail than a long plan can be condensed
    • Write the summary first … and then rewrite it at the end
    • Expand and revise as you can
    • Get help if you need it
  • Principles of Good Planning
    • Focus
    • Realism
  • Where to Focus
  • Where is the HEART of your plan?
    • Vision, Mission, Values
    • History
    • Management Biographies
    • Organisation
    • Products & Services
    • Economy
    • Market Analysis
    • Competitor Analysis
    • Competitive Advantages
    • Risk Analysis
    • Break-even Analysis
    • Sales Projections
    • Capital Spending
    • Operating Costs
    • Profit & Loss Account
    • Balance Sheet
    • Cash Flow
    • Funding Needs
    • Critical Success Factors
  • Key Elements
    • Value Proposition
    • Cash Flow
    • Objectives
  • Value Proposition
  • Value Proposition
    • A statement that summarises the customer segments you are targeting, and how you are differentiated from your competitors
    • “ Why should I buy this product (or service), and why now ?”
  • Value Proposition Template http://www.goldsbrough.biz/resources
  • For Example
    • “ For a commuter who wants to eat breakfast on the train without mess, our Excello BrekkieBar product is a health food, which provides a completely nutritious and delicious breakfast that you can eat anywhere.
    • “ Unlike grain bars and breakfast cereals, BrekkieBar tastes like a full English cooked breakfast, but has no fat and no calories, and even the wrapper can be eaten, leaving no waste.
    • “ This is because of our unique combination of innovative use of genetically modified foods and bio-engineered plastic packaging, that we have already used to produce a leading product in this market - Excello BrandyMints - the all-in-one after-dinner treat.”
  • Cash Flow
  • Realistic Projection? Time Sales £ Costs
  • Realistic Projection? Time Sales £ Costs
  • Realistic Projection? Time Sales £ Costs
  • Setting Objectives
  • Setting objectives
    • Imagine the objective
    • Articulate it
    • How?
      • Smart Goals
      • Well-Defined Outcomes
  • Smart Goals
    • S pecific
    • M easurable
    • A ctivity Based
    • R ealistic
    • T ime Bound
    My business will achieve £100,000 more income in 2007 by selling maintenance contracts to one third of our customers by the end of June.
  • Well-Formed Outcomes
    • Is the goal stated in the positive?
    • Is it self-initiated, maintained, and within my control?
    • Does it describe the evidence procedure?
    • Is the context clearly defined?
    • Does it identify the needed resources?
    • Have I evaluated whether it is ecological? (Fits within all aspects of my life)
    • Does it identify the first step I need to take?
  • Well-Formed Outcomes
    • Is the goal stated in the positive?
    • Is it self-initiated, maintained, and within my control?
    • Does it describe the evidence procedure?
    • Is the context clearly defined?
    • Does it identify the needed resources?
    • Have I evaluated whether it is ecological? (Fits within all aspects of my life)
    • Does it identify the first step I need to take?
    I will increase sales by £100,000 in 2007 by leading the current sales team in selling maintenance contracts to our current customers. To be on track to achieve the target, we will have sold to one quarter of our customer base by the end of May, and one third by the end of September. I will have time to do this because the new accountant we’ve hired will take some tasks away from me. I will kick this off by holding a training course for the sales team before the end of January.
  • Visualising the Objective
  • Imagining the Objective Howard Scott H.J.Scott & Co.
  • Clear Goals
    • Goals which are:
      • Easy to understand
      • Can be measured
      • Meaningful to the stakeholders in the plan
    • But take care:
      • “ You can’t manage what you can’t measure”
      • versus…
      • “ Not everything that counts can be counted, and not everything that’s counted, counts”
  • How Will You Excel?
  • Value: A Trade-Off Convenience Price Quality
  • Value Disciplines Product Organisation Customer Operational Excellence Product Leadership Customer Intimacy
  • Classify these Organisations Product Organisation Customer Operational Excellence Product Leadership Customer Intimacy Tesco Sony Government Starbucks BBC Amazon Sainsbury
  • Your Own Organisation
    • What type of organisation are you now?
    • What do you need to be in the future?
    Product Organisation Customer
  • The Planning Process “ Plans are useless; planning is everything” Eisenhower
  • Four Stage Review http://www.goldsbrough.biz/techniques
  • The Plan Contents*
    • Vision, Mission, Values
    • History
    • Management Biographies
    • Organisation
    • Products & Services
    • Economy
    • Market Analysis
    • Competitor Analysis
    • Competitive Advantages
    • Risk Analysis
    • Break-even Analysis
    • Sales Projections
    • Capital Spending
    • Operating Costs
    • Profit & Loss Account
    • Balance Sheet
    • Cash Flow
    • Funding Needs
    • Critical Success Factors
    * Suggested
  • How the Machine Works
  • Process Focused
    • Describing end-to-end processes
    • Describing end results of coordinated actions
    • Avoiding isolated excellence
  • Planning Process
    • Involve others in the planning
    • Get your plan reviewed
    • Repeat periodically
  • Executing the Plan “ No battle plan survives contact with the enemy ” Helmuth von Moltke
  • Real Life
    • Manage the journey across the bridge
  • Four Stage Review http://www.goldsbrough.biz/techniques
  • Summary
  • Summary
    • Running a business is about controlling change
      • Change is a journey
      • Journeys need a map
    • Good Planning
      • Essential and continuous
      • Imagine the outcome
      • Define your value proposition
      • Rigorously test your objectives
  • Lastly… “ All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act their dreams with open eyes, to make it possible.” T.E. Lawrence
  • About Goldsbrough Consulting
    • The owners and senior managers of small to medium sized businesses—from a wide variety of sectors—rely on our Strategic Marketing and Business Planning advice. We help our clients to become much more effective at marketing their products and services. With our support, they achieve challenging targets for growth and profitability, despite having limited time, budget and marketing capacity.
    • We take a more strategic approach to our clients’ marketing because we have proved—time and again—that establishing their fundamental value proposition, based on thorough analysis, and ensuring that it can be communicated effectively in marketing programmes, is the foundation of real success.
    • Our ongoing marketing support kick-starts marketing programmes, to open up new customers and markets, launch new offerings, and rescue under-performing products or services.
    • Matthew Goldsbrough founded the company in 2003, having held vice-presidential roles in marketing and business development with software companies in Europe and the USA, as well as earlier roles managing professional services and software development.
  • Still not sure where to start?
    • 20 minutes telephone advice on your business planning
      • No charge
      • No obligation
    • 01298 812402
    • www.goldsbrough.biz