How To Double, Triple or Even Quadruple Your Business Profits
Toward the end of November I began positioning our clients for a fast start to increased results in the next year. Each person was assigned the task of preparing the detailed business plan for 2014. Of course I am guiding them on how to do this and I am being guided by my coach and mentor Meir Ezra.
There is a lot of foundational material behind the following outline that includes seminars, courses and more. As you read this understand there is an exact process to follow and that leads me to the one statement that when I heard Meir first say it in November 2012 started a whole new journey for me. That is: “if you follow the process, you cannot fail!”
Step 1: Write The Plan
With every client we move along a gradient scale. What that means is every person has different levels of experience and their plan will mirror their ability to implement. Regardless of experience, every client needs to have a very clear starting point backed by data. The data for established companies will include the history of sales, gross profit, expenses profit, cash and more. The data tells us the condition of the business. With that definition we will apply the right formula.
Clients just starting their business are in a non-existent condition for that business so the first step is for to make themselves known in the market place. Clients with weakening performance are in a danger condition and the first step for that condition is for the owner to by- pass key people and routines. There are six primary conditions and related formulas. The conditions apply to the company and to positions in the company. Graphing the data gives us the condition. Once know we know what to do – apply the right formula.
Know your condition as you move into 2014 so when you define your performance targets you are already implementing the right actions to achieve the targets. The performance targets include all major statistics: sales, profit, cash, debt, owner’s reserve as an example. The plan needs to address scope of business. For example we have real estate investors now expanding from doing their first residential deal to looking at multi-family buy and hold, being a referring funding partner, new construction and more. They are moving along the gradient scale. We have a client with a retail business now looking to expand the product offer, add an online store and open new locations. Candidly with any of these people if I would have begun to paint the expanded picture when I first started working with them they would not have believed it and they likely would have become stuck.
At this point clients are at the stage of the plan being an operating plan. We are currently looking at a near term horizon which for most is the year. For most a more strategic view is still emerging . Right now what is most important is for each to achieve their income goals as that will fuel strategic development.
Company targets are measurements behind the company plan. The company plan and targets are supported by sub-plans or mini plans. The mini plans have scope of business and targets. For example the retailer has a plan and targets for his main location and a plan for the online business and new locations. The real estate investor has a plan and target for the total business and mini plans for the residential buy fix and resale segment, the multi-family buy and hold segment and so on. Another client has plans for providing tech services to different market segments like home based businesses, businesses with employees, professional service firms, restaurants and more. The key is to have a specific mini plan for each segment or niche where you are developing business. Like your company operating plan the min-plan has specific performance targets.
This outline is very similar to the detailed material presented in my book Building Business Profits Fast The difference now is the additional information on defining conditions of the business and positions and apply the right formula for the condition. Since many reading this may not understand completely the condition part of this outline I recommend defining your company and mini plan targets with a huge emphasis on programs to nurture existing customers and massively expand through effective marketing and PR for new customers or deals.
Program your annual company and mini plan into monthly and weekly plans. For our tech services client we have daily income targets. We are moving in that direction with our retail products store client and professional services client.
Step 3 Define Daily Targets for Each Task
Define the daily tasks that must be done to achieve the weekly and monthly targets. For example a number of daily tasks for every client are in the category of marketing. Real estate investors are calling realtors and other people connected with properties. A professional services person is calling prospective clients or people who may be connected to prospective clients.
Normally email marketing and social media marketing is part of the tasks that are performed. The key is a clear definition of the number of calls, the number of emails, the number of postings to groups on Facebook or LinkedIn as an example and the number is targeted by day. We have an excel spreadsheet set up for this that we call Target and Statistics.
Once set up for the week, there is one more action that is the key to achieving the targeted tasks and that action is scheduling the time on the calendar for getting the tasks done. This one action usually improves productivity by 50% or more.
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