Planning business growth in new year
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13-Sep-2014 -
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Transcript of Planning business growth in new year
Creating an Action Plan for Business Success
Kimberly DeasBusiness Broker
Murphy Business & Financial Services904-571-9580
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
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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!!
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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
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Step 1: Set a Smart Goal
S mart
M easureable
A ttainable
R ealistic
T imely
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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
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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
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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
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Step 2: Create Action Plans
Financials
Monthly Sales? Sales Mix? Cashflow? Cost of Sales / Employee?
Sales per Hour / Day?
OperationsProduction
requirements? Labor Requirements? Process in Place? Efficiency Improvements?
Marketing / SalesLow Hanging Fruit? Where to Market? Expected Return per
Channel How to Incent Sales?
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Marketing / Sales: 5 ways to Increase Revenues
1. Ask for referrals2. Increasing Value offered3. New Customer Pools4. Increase prices / new product5. Low Hanging Fruit
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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)
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Step 3: Success Tracking
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Step 3: Enroll Employees
• Share metrics with staff• Reward staff for achieving specific defined
results
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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
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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
Questions?
Kimberly Deas Business Intermediary
Sellyourbusinessflorida.com
16www.SellYourBusinessFlorida.com
904-571-9580