Your Action Plan 7 Steps for your business recovery! Business - - PowerPoint PPT Presentation

Your Action Plan 7 Steps for your business recovery!

• Business owners –

profitable?

• Essential?
• Non-essential?
• Hard work; longer

hours?

• Different services?
• Different products?
• Different customers?
• Updated HR concerns

for employees

7 Key Steps for Your Business Success!

• Pivoting your business
• Find new ideas,

insights and connections

• Different knowledge

and unique perspective

• Focus…profitability

versus survival!

7 Key Steps for Your Business Success!

“Tell me what to do!”

7 Key Steps for Your Business Success!

1.Define your niche and select an appropriate business model

• Who does your business serve?

Has your focus changed? Short-term? Finding new markets?

• Specific products/services =

underserved market

• Itemize the unique benefits
• Articulate the message of your

expertise and services

7 Key Steps for Your Business Success!

Key Questions Niche

What kind of business are you in? What is your 30-second elevator pitch? Who is your business serving? Could you explain to me who you serve? What is the profile of your perfect client or customer?

7 Key Steps for Your Business Success!

Business Models

• examples
• Product/service is free; revenue

support from advertisers

• Sell product; sell service

fees/warranties

• Basic levels free; charge for

upgrades

• Product + profit; selling to

consumer or B2B

• Retail vs wholesale
• Monthly subscription
• Sell one item; huge profit – long

wait time

• Sell multiple items; small profit

7 Key Steps for Your Business Success!

Questions for Business Model

• Are you selling one to one?
• Are you selling eggs, chicks, laying

hens or meat birds?

• How profitable are your various

customers? Do you know?

• How many do you need to B/E
• Can you measure the amount of

time, money, and effort that you spend finding (and keeping) new customers?

• How diverse are your sources of

income?

• Are you putting too many eggs in
• ne basket?

7 Key Steps for Your Business Success!

• 2. Set clear, definite

goals and create a business plan

• Specific, achievable

goals

• Write them down
• 1 month, 3 months, 6

months

• Different times require

different thinking

• Find someone to hold

you accountable

• Get ‘er done!

7 Key Steps for Your Business Success!

Increase revenues; cut costs

• Increase the number of

people you sell to

• Increase the number of items

you sell – customer service, warranties

• Increase the price of the

items you sell

• Combination of these three

7 Key Steps for Your Business Success!

• 3. Create a marketing action plan

DISCIPLINED, STRATEGIC FOCUS – EVEN NOW CAREFULLY THOUGHT-OUT PIVOT QUICKLY IN TIME OF EXTREME CHANGES NOT A MISH-MASH; OR A HODGE-PODGE TIMELINE ON CALENDAR

7 Key Steps for Your Business Success!

• 4. Internal systems

– Customer service – Technology – Human resources – Accounting, internal controls

7 Key Steps for Your Business Success!

Marketing Operations Customer Service - Database Technology

7 Key Steps for Your Business Success!

Accounting = Control

• Read your reports –

“story telling”

• Timely?
• Accurate?
• Understand?
• Security, Confidence,

Empowerment

• 5. Increase your credibility and expand

your contact database

NETWORKING, ARTICLES, BLOGGING, SPEAKING ESTABLISH YOUR PRESENCE SOCIAL NETWORKING – FACEBOOK, LINKED-IN, TWITTER WHO ADMIRES YOU? WHO RECOMMENDS YOU? 80/20 RULE - WHO BUYS FROM YOU?

7 Key Steps for Your Business Success!

• 6. Manage

your time and your team wisely and charge what you are worth

7 Key Steps for Your Business Success!

Time

Time Manage ment FIRST THINGS FIRST

Decide

Decide what ...

• To Do

First

• NOT to

do; NO is a complete sentence

• To

delegate

Charge

Charge $$ for Quality and Value

• 7. Model the

correct people – Values, ethics and temperament

• Find a mentor, coach,

accountant, advisor to galvanize you to action!

7 Key Steps for Your Business Success!

Connections:

Connect to the right people NCET.org (Nevada Business Support/Resources Organization) SCORE NSBDC Industry groups Find support; find resources

7 Key Steps for Your Business Success!

Springboard for Your ACTION Plan!

1. Refine your niche and business model 2. Envision your goals/Business planning 3. Develop your marketing plan 4. Set up internal systems 5. Increase your involvement in community 6. Hire and delegate effectively 7. Model the correct people

Gibson & Associates, LLC Online Training Accounting/IT Systems Business Planning CFO Services www.Marie-Gibson.com

7 Key Steps for Your Business Success!