How’s Your Strategic Planning Coming Along?

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How’s Your Strategic Planning Coming Along?

Encourager-In-Chief: December 13th, 2017

Think short-term and long-term.

One of the first things I like to discuss when coaching new entrepreneurs is strategic planning. In fact, the lack of a strategic plan is usually why most entrepreneurs need coaching in the first place. Sometimes they know what they want but have no idea how to get there.

As a results coach, one of the things I listen for when I speak to a prospect is a statement like this: “I’m at point A. I want to get to point B, but I don’t know how to get there.” This is an ideal client for me. He needs a strategic plan.

In case you are unfamiliar with strategic planning, think of it like this: Select your big goal and then put a series of steps in place in order to achieve it. For example, if you want to make $100,000 in sales in your first year, you’ll need to break it down into monthly goals. You may not make $8,333 in your first month, so you may have to stagger your goals by starting off smaller and creating momentum later in the year in order to achieve your annual goal.

If you work in a seasonal business, such as landscaping, and you work in a northern state, it’s unlikely you will make one 12th of your goal in the months of January, February, March, November, or December. Most of your money is going to be made during your seasonal months. You need to have a strategic plan to make sure you do not use up all of your cash flow during your lean months. That means you should delay making big expenditures when your cash flow is the lowest. It also means that you should have a cash reserve on hand before you open your doors.

One of the best tools to incorporate into your strategic plan is a goal list. You should be working on your goals all year long, but you can stagger the goals that make sense to work on sooner rather than later. Getting your business cards, calling on prospects, and sending out proposals are all goals you should be working on now. Buying additional vehicles or moving into a larger facility are strategic goals that you must plan for in the future.

I also recommend that you use a timetable showing the months in which you will make big purchases or add to staff and match them to the corresponding amount of money required to make such investments. Having a plan such as this will prevent you from making costly and painful mistakes when you’re trying to get your business off the ground or go to the next level.

Action, without planning, is the cause of every failure.
- Brian Tracy

This excerpt is taken from my Executing Your Great Ideas seminar.

Executing Your Great Ideas

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I encourage you to check out my book Moving Towards Mastery today which covers this topic in much greater detail.

Moving Towards Mastery

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