Planning For Success In 2010
With the start of the new year comes new plans. No doubt you have already been reflecting on what you achieved last year, and what you could have done better.
Now your attention is probably firmly fixed on your plans for 2010 and possibly even for the coming new decade.
Big question though … what should you be considering when you create your plans?
Here is a list of key considerations for small business owners when making plans:
1/ Why – You need to start with being really clear on WHY are you in business in the first place. So often we loose sight of what led us into being in business in the first place. We just get so caught up in being busy in the business that our original reasons for starting a business are lost to the daily demands on your time and attention. So take a moment and reflect on WHY you went into business in the first place. Usually this is linked with your values system. eg One of my dominant values is FREEDOM so I went into business to gain more freedom. Now if you know anything about being a small business owner you will know how quickly you can lose your freedom. So when I make my plans I keep this reason why firmly in mind and it then dictates everything I do in the business.
2/ What – Next think about what you specifically want out of the business. If the business doesn’t serve you and your desires first and foremost then you have to question why you would bother. My belief is that your business is a vehicle to help you get what you want. Now along the way of course you need to provide VALUE to the marketplace but ultimately the reason for doing that is for you to get what you want. So WHAT do you want? What INCOME do you want to pay yourself? What PROFITS do you want the business to produce for you?
3/ How – Now you need to plan out HOW you will reach those income and profit goals. This is where you move into more STRATEGIC considerations for your business. How are you going to grow and develop your business so that it gives you the INCOME & PROFITS you desire. Look at the structure of your business and what you need to do strategically to get into a position so that the business gives you WHAT you want out of it.
4/ Markets – What MARKETS will you focus on in 2010? Will you continue to focus on your traditional markets? What do you need to do to remain competitive or dominant in those markets? What new and emerging markets should you focus on? What markets could you easily enter and take a profitable market share from? What markets should you get out of?
5/ Marketing – As you know MARKETING accounts for 80% of your success in small business. As such you need to give it the right level of consideration. It is essential that you have in place a well thought out marketing system that attracts leads to you, converts those leads into paying clients, and increases the value of those clients over time. So what marketing system will you put into place in 2010? My belief is that competition in small business will dramatically increase in 2010 and beyond due to the low barriers to entry … so you must become exceptional at marketing in order to continue to prosper.
6/ Offering – What products and services will you offer in 2010? How can you combine various products and services into bundled solutions? What new products and services can you develop? What licenses can you acquire to market other peoples products and services? What do your TARGET MARKET want in product and service offerings from you?
7/ Income Streams – How will you create REVENUE in your business in 2010 and beyond? Is it through trading time for money? Or are you able to create more highly leveraged income streams that make you money while you sleep? Where is the money going to come from and how will attract it to you?
8/ Leverage – How can you gain greater LEVERAGE of your time, skills, knowledge, and intellectual property? Can you outsource tasks you are currently performing that take up your time and make you no money? Can you get better value out of work you have done in the past and leverage this into new products or services? Where can you create new opportunities with your existing contacts, clients, suppliers, and network?
9/ Automation – Automate, Automate, Automate – its my 2010 mantra. Look for every opportunity to automate every system, process, task, customer contact, marketing, sales … everything! Automate everything in 2010 and free up your time. What can ge automated in your business? What systems can you put into place?
So there are nine things to consider when creating your plan for success in 2010. I suggest setting aside an afternoon, grabbing a notepad and pen and brainstorming ideas in these nine areas. Once you have done that you will be in the perfect position to create a success plan for 2010 and beyond.
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