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!
What kind of business are you in? What is your 30-second elevator pitch? Key Who is your business serving? Questions Niche 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 one 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, CAREFULLY PIVOT QUICKLY IN STRATEGIC FOCUS – THOUGHT-OUT TIME OF EXTREME EVEN NOW CHANGES NOT A MISH-MASH; TIMELINE ON OR A HODGE-PODGE 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 Technology Operations Customer Service - Database 7 Key Steps for Your Business Success!
• Read your reports – “story telling” • Timely? • Accurate? Accounting • Understand? = Control • Security, Confidence, Empowerment
5. Increase your credibility and expand your contact database NETWORKING, ESTABLISH YOUR SOCIAL NETWORKING – WHO ADMIRES YOU? 80/20 RULE - WHO ARTICLES, BLOGGING, PRESENCE FACEBOOK, LINKED-IN, WHO RECOMMENDS BUYS FROM YOU? SPEAKING TWITTER YOU? 7 Key Steps for Your Business Success!
Time Decide Charge 6. Manage Decide Time Charge what ... your time and Manage $$ for • To Do ment Quality your team First and wisely and • NOT to FIRST do; NO is Value charge what THINGS a complete FIRST you are sentence worth • To delegate 7 Key Steps for Your Business Success!
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: NCET.org (Nevada Business Support/Resources Connect to the right SCORE NSBDC Organization) people 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!
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