Planning business growth in new year
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The document discusses creating an action plan for business success. It recommends setting smart goals that are specific, measurable, attainable, realistic and timely. Business owners should define action plans for marketing/sales, operations and financials. They should track success, engage employees, and compare results to the plan. Creating an action plan makes targets easier to hit, allows dealing with reality, and helps decision making.
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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
- 12. Step 3: Success Tracking 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
Editor's Notes
- 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.