Success planning is one of the areas of business that I’ve been advising clients on over the last couple of decades. I’ve always enjoyed creating business strategies and focusing on success planning, but not every business owner shares my enthusiasm.
And I’m going to share a secret with you. Over 50% of businesses fail within the first 5 years, and it’s not because they had bad ideas.
Often it’s because they failed to plan appropriately.
A strong business strategy is the difference between many of these companies succeeding and failing. If you’re already in the trenches and running your business or plan to open your doors soon, it’s not too late to create a winning strategy or plan.
I’ll share the steps that I have recommended to my clients over the last 20+ years to find business success.
Step 1: Start with Your Dream Scenario
What is your dream scenario for your business in the next 3 – 5 years? This is where you want to start your success planning because your plan relies on knowing where you want to be in the future.
But I also want you to ask yourself a question: What do YOU want out of your business?
- Double your sales in 3 years?
- Cut back on your hours so that you can spend more time with your family?
- Plan for an exit because you’re nearing retirement?
Once you know where you’re going, break down these goals into three-month milestones that you use to make sure that you’re on track.
I know that it’s exciting to get started on your goals quickly, but your dream scenario isn’t something to take lightly. Think things through, take a break, and then revisit your dream to make sure it’s really what you want.
Once you think you have everything lined up, dig in deeper with a coach or advisor who can help you move closer to your dream scenario.
You want an advisor who:
- Asks you the right questions to put your dream into perspective
- Makes astute observations that are helpful
- Brings a broader perspective to your dream
Advisors or coaches often bring a wider perspective of what’s happening in the market, which creates an entirely new level of thinking for you.
And here’s something that is often overlooked: Reaching your goals has many paths and options. Your advisor or coach will put all of these options on the table and help you find the best one for you.
Once you have clarity, you can bring your team into the fold.
Step 2: Get Your Team On Board
Success planning requires a team effort that involves:
- Advisors
- Decision-makers
- Key members of your team
Imagine you’re in manufacturing. You’ll have someone from operations and from your sales team in on a meeting because they’ll provide input on:
- How to make products more efficiently
- Ways to grow sales
- How to become more profitable
- Ways to reach your goals
Brainstorming with your team can put your dream on the path to being achieved. A salesperson will know:
- What’s happening in the market
- What products or services people prefer
- Changes in the industry and potential opportunities
- Related products and services that you can add to your lineup to increase sales
Sales and operations are crucial for brainstorming because sales will tell you what to sell, while operations will let you know if you can afford to sell these items profitably.
Build a plan as a team so that everyone is on the same page going forward. And obtain commitments for everyone to do their part – which is easier if you involve them in the planning process.
If part of your plan is to cut back your hours, your key stakeholders will help you narrow down who can cover the tasks and responsibilities that will allow you to do so.
Step 3. Create a Plan to Reach Your Dream
You know where you want to go and have your team on board. But it’s time to go from a 30,000-foot view to ground level. You want to hit your three-year vision by breaking it down into:
- Years
- Quarters
- Months
- Weeks
Figure out what you need to do in these three years so that you can implement the changes necessary to reach your goals.
Start with your overall picture and decide on your first product using an example like this:
- First-quarter: Develop your product and test it. Outline your marketing plan.
- Second-quarter: Produce your product and learn what staff and equipment are necessary to scale operations. Begin test marketing your product.
- Third-quarter: Begin aggressively marketing your product.
- Fourth-quarter: Sell, refine, and improve your product.
Continue your blueprint quarter-by-quarter to keep you and your team on track to reach your goals.
Step 4. Build Momentum Internally
Objects in motion stay in motion.
Once your plan is in place, it’s important to create momentum right away so that everyone is working towards your dream.
One thing I tell my clients is that they need to find ways to pull multiple people into the momentum and show them how this helps everyone. For example:
- Sales increase
- Profits grow
- Better benefits are offered
- Bonuses increase
- Everyone wins
Bonuses work best for my clients because they’re an incentive that employees always rally behind. Quarterly bonuses keep your team working toward one central goal.
While you’re at it, create:
- Quick wins that offer short-term success.
- Ways for your leaders to align your team.
Build momentum while you’re fired up and keep it going so that you and your team remain excited for the future.
Step 5: Work With an Advisor to Avoid the Failure to Implement Pitfall
You’ve dreamt, you’ve planned, and you’re building momentum. But we’re still missing one important piece of the puzzle: accountability.
Plans remain dreams until you execute them.
It’s what I call failure to implement (FTI) disease.
If you have a plan, it’s time to take action and execute it. Otherwise, nothing will change. The two keys to achieving success are:
- Consistency
- Perseverance
Motivation can fade. Consistency and perseverance are the only things that will keep you on track to reaching your goals through the tough times.
I recommend working with a coach or an advisor because they’re the ones who keep owners on track. No one in your business is above you, so you have to keep yourself accountable. Advisors bridge this gap to keep you on the right path and hold you accountable when others won’t.
Step 6: Assess and Adjust Your Plan Because It’s Just a Guide
Plans are a guide that often fall off track because the world and markets are in constant flux. You need to be able to assess and adjust to keep things moving forward.
Don’t become married to your plan. One of my favorite sayings is: “If you want to make God laugh, tell him your plans.” Life has a way of throwing curves at you.
You need to revisit your plan and be willing to make changes when things do not play out the way you expected.
Think of it this way. I’ve had friends who built houses, and they always started with one vision that often changed fairly significantly from conception to completion. (Note: It always ends up costing quite a bit more than the original budget.)
Create a feedback loop with your advisor or coach and your business’s main stakeholders. You want to stay on top of changes so that you can make adjustments to your plan while they are still minor and easy to make.
Communication is the key to success with this step.
Closing Thoughts
Success planning starts and ends with communication. An advisor is whom many of the world’s most successful business owners lean on to walk them through their journey to success. Your advisor provides an outside perspective, shares their expertise, and guides you through the steps you need to take to reach your goals.
There have been times when I was brought into the fold to lead a team discussion on behalf of an owner because they didn’t want to undermine the meeting.
Often, when an owner talks, people:
- Shut down
- Avoid sharing their opinions
Reaching your dream requires getting everyone on board and taking the intentional steps necessary to reach your goals.
Schedule a call to learn more about how I can help you with success planning.