7 great was to plan for massive success in business. Not planning properly is planning to fail. These easy steps to achieve great results
This one set of actions can make your future secure
Working in a business is a tiring task as you stretch yourself across the many things that need doing daily. You are not superhuman so we look for ways to make the journey a bit easier.
You must indeed know where you are going or you can never get there. Wandering aimlessly along is not a plan it is a recipe for failure.
I see businesses every day that are set for failure because they just let it happen instead of making it happen. Don't you be one of the many that will fail by taking charge of your destiny?
Taking regular positive actions will make a difference in the journey, a difference that will help you in the daily grind.
What is planning and what can we do about it?
Table of contents
- This one set of actions can make your future secure
- 1) Write it down and share it with others
- 2) Set a time line
- 3) Be reasonable but strong in your projections
- 4) Delegate when and where you can
- 5) Prioritize and take action now
- 6) Evaluate the results and learn from them
- 7) Review and share
- My conclusion
1) Write it down and share it with others
That which is written is halfway to being done. Setting out your path in writing and an Excel spreadsheet will define your journey.
I even include a written daily cash flow in my plans so that I know I can meet my obligations when they arrive. This will include a debtors factor because tardy payments are a killer to businesses.
The plan will cover all your products so that unprofitable stock lines can be eliminated. Remember 80% of your sales will come from 20% of your products therefore highlighting a success pathway early is necessary.
Your marketing will be included, including the all-important social media contribution to your branding. Never spend money on marketing in the hope of a return, work your figures on your investment to be a positive result or delete the procedure. It is not emotional it is business so treat it with respect
2) Set a time line
When will it start and finish? This is essential because we can park our projects waiting for a better time.
An example may be seasonal sales. You can have peak sales during different times of the
year. Examples are Winter, Summer or religious periods like Christmas and the Black Friday week of frivolity.
Therefore you need to plan for marketing and stock to meet the increased sales demand.
These are often peak selling times when you can achieve a big percentage of your annual sales. Therefore you need to lock in all the parameters to succeed. This may include casual labour, extra opening hours and staffing requirements
3) Be reasonable but strong in your projections
It is no good setting the hurdles too low, however too high may be unachievable and unrealistic. If you are selling men's Jeans as a line they need to be ordered a season ahead. Suppose you sold a dozen pairs last season a 100% increase would not be reasonable unless you changed other parameters. More advertising, better rack position, bigger discount, or even online opportunities. If nothing changes perhaps a 10% increase may be closer to the truth.
Remember that every increase comes with more stock, salespeople, and sometimes debtors.
Therefore keep it relatively simple.
Finally, my advice is to stretch your targets to provide something to chase, The thrill of achievement makes it all worthwhile. Plus, you will add a bit more effort to make the grade.
4) Delegate when and where you can
Have trust in others to do part of the work. As business owners we often think we can do it all however we are simply not superhuman. Are you better off spending time on the sales floor or planning a Facebook campaign? There are so many things to do so concentrate where you can make the greatest difference to results.
If you don't have available staffing or assistance outside help is available with Virtual assistance. A site like Fivver provides people to do just about any job you can think of and at a price you can afford. However, always pick carefully as they are not all top class.
Motivation is found in funny places so take advantage when you can
5) Prioritize and take action now
Get the number one going. If 80% of your sales come from 20% of your products your time is best spent around high ticket items. Yes, the small widgets need attention however the big ones need love. Therefore find your best lines and give them a priority.
Besides some lines will never increase in volume no matter what you do.
As stated, get ready to take a benefit from those peak trading times, they can make a big difference to the overall results.
6) Evaluate the results and learn from them
If it is broken fix it.
Don't be scared to find your mistakes, we all have them and the difference is how quickly we fix them.
The opposite truth could be lines that you thought were slow-moving and they are jumping out the door. Move your priorities to take advantage of the opportunities.
Sometimes additional training may be required and this is the time to implement it.
7 great ways to plan for massive success in business by reviewing and sharing
7) Review and share
Every plan needs a regular review, at least monthly. If you have others that support your efforts share the results so that they take some ownership for success.
Get their input and review the plan going forward so everyone is on the same page.
Inclusion helps your results.
Don't just review for the sake of it, use it to guide your future by making changes where change is necessary, plan to succeed where you want to be.
This is as important as the planning time. Making the same mistakes over and over again is not the way to achieve results. Make changes or drop the plan and move on.
My conclusion
Planning is important and these few reminders may make a difference to your future success.
You will look at every aspect of your business and what it can achieve with a reasonable assessment of the future.
Pick out the things you are not doing and make changes to create change for the better.
You are the only one that can do it so failure rests right on your shoulders.
7 great ways to plan for massive success in business by Peter Hanley
