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Tip 1 - For 500% growth in 5 years
Posted 06.04.09 by fionablayney
Ever wondered where the time went? Ever thought you would have done something differently if you knew what you know now? Well forward planning might be the answer for you!
In an earlier edition of the BPP newsletter we went through the Top 5 Tips for 500% growth in 5 years and in upcoming editions we are going to drill down into the top 5 tips in greater detail.
So many businesses that I visit do not have a plan for growth or a business plan. It seems to be one of the many tasks that hits the too hard basket or ends up at the bottom of the in tray! Don’t despair as we are going to make this daunting task easy and effective for every business to use. If you do have a business plan in place when was the last time you looked at it or updated it? Does your team know it exists and are they on the same path as you?
The plan does not need to be complicated and it does not need to be 100 pages long. It needs to be clear and concise. Start with the end in mind or work backwards from the end to the beginning. It is a good idea to do a 1 to 5 year plan.
So let’s get started.
What is your Mission Statement? What is it that is special about your department? What do you want your clients to say about you?
What is your current position? You must know where you are at in order to know where you want to be! What are the services that you provide? What is your market? Who are your key clients? Who are your competitors? Have you done a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats).
What is the future direction of your business? What are the objectives and strategies and how can these be achieved?
What is the organization and plan for the business? Do you know what number of properties or income you have to reach before you need another team member?
What is the financial prediction for the business? To know this you need to know where the business is currently at and where it needs to be.
If you already have a business plan then it is time to review and compare to last years results. Are you on track? What worked or didn’t work and what needs to change to get you back to where you need to be?
Analysis of business risks and what needs to be done to address them. Are you fully compliant? Are your tradesman’s licences and insurance details up to date? Do all your landlords have adequate Landlord Insurance? These are some examples of risks that can easily be avoided in every business.
The plan is your roadmap and it is important that your team know where the business is at and where it is heading so they can help to achieve the end goal. It might be a good idea to do a planning and training session, get the whole team involved in creating the plan, after all without their help it is going to be hard to achieve the results that you are after.
Until the next edition, happy planning and if you haven’t already done so please email me for a copy of our business plan template on hayley@blayneypotentialplus.com.
