Unleash your potential this year.
With the dawning of a new year upon us, it’s a valuable time to recharge, refresh and reflect on the last year, and work out where you want to be this time next year. Whether you are starting afresh with a new business or revitalising an existing one, here are some practical suggestions to help you achieve your business and personal goals.
Show me a successful franchise and you’ll see a well-developed business plan being executed. It might sound scary, but there are five simple stages to creating your business plan.
- Dream it
‘There are some people who live in a dream world, and there are some who face reality; and then there are those who turn one into the other.’ Douglas H. Everett
A dream paints the picture in your mind of what is possible when you have no limitations. What is your dream regarding your business?
I remember vividly one business planning session with a franchisor client when I asked them what their dream for the business would be if nothing were a problem? They reflected for a moment and said, ‘World domination’. I asked what would that look like, and they told me, ‘We want a national brand with 100 business units. I asked what else. They said, ‘We want to go international.’ I asked which countries. They said, ‘Australia, UK, Ireland, and Singapore.’ I asked when. They said, ‘In the next 5 to 10 years.’ I asked what roles they saw themselves in. One said, ‘International director’; the other said ‘NZ director’.
At the time of this session, from memory, they had fewer than 30 franchise business units in New Zealand. I asked them to articulate the dream and be specific about the goals and time frames, and it set things in motion. Seven years later, with the exception of going into Singapore, they have achieved their dreams.
So what is your vision? Articulating it unlocks possibilities that can spawn into realities. Dare to dream.
- Write it
‘Reduce your plan to writing. The moment you complete this, you will have definitely given concrete form to the intangible desire.’ Napoleon Hill
Writing your plans down moves them from the abstract to the literal. Putting your thoughts into words gives substance to your dream. It provides clarity, direction, focus, shape and substance. Ask and answer the questions Where, How, What, When, and Who? The discipline of working through the process of planning sharpens your thinking.
The essence of every business plan is made up of three parts: Where are you now, where do you want to be, and how do you want to get there? If you don’t have a business plan, create one. If you do have one, update it.
- KISS it
Keep It Simple! A one-page business plan is all you need – it forces you to distil your thinking into simple thoughts. Write so that someone who knows nothing about your business understands your plan.
One key that is helpful is to write SMART goals. This is an acronym that stands for: Specific – I want to be a national brand;
Measurable – What does that look like? Put numbers on it.
Attainable – the numbers are within reach;
Realistic – stretch yourself but don’t set yourself up to fail;
Timely – there’s a set time frame to achieve each step.
- Share it
‘Planning is bringing the future into the present so that you can do something about it now.’ Alan Lakein
Once you have a well-written business plan with SMART business objectives, share it with your team and let them be part of it. It then becomes a living document, not just an academic exercise. If you like, write it in bite-size pieces so you can give a piece away to each team member with clear alignment with their roles, responsibilities and key performance indicators. This helps them focus and measure their success.
A franchisee we worked with was new to business. After we helped them develop their business plan, they took their entire team away to share the plan, then put up progress charts with goals in the back office and discussed it at weekly meetings. The impact of engaging and empowering their team was amazing to watch, and others noticed it too – they won a Westpac Franchisee of the Year award in their category.
Get started with a free template
So as you think about what you want out of the year ahead, start by thinking about what’s working and what’s not. Whatever your dream, commit to the planning process. Dream it, write it, KISS it, share it, do it – and you’ll be well on your way to achieving it.
Franchise Accountants has a one-page business plan template available to help you get started. Contact them for a free copy and to learn more about how you can benefit from a business planning session.