#241 Plan Your Best Quarter
May 19, 2021
It's a good practice to look at your business at the end of every quarter. Even if you have a comprehensive business plan, it is still beneficial to take a good look at least every quarter.
I use a two part process. Part one is the evaluation piece and part two is the planning piece. Business plans need to be organic and we only need to look at this past year to see that plans are fluid. Plans are never written in stone.
Step 1: Time Blocking
I love time blocking. I generally set aside two days - about 3 hours in each day. Time blocking works for me because I'm disciplined and when I set aside time, I'm pretty certain I'll be doing that thing. As a time management piece, I also set the timer when I begin - I work in 45 minute chunks and then take a break to stretch. When I start to lose focus, I'm done. What works for you in terms of productivity?
Step 2: Get Your Supplies
Not everyone uses sticky notes, coloured pens and mind-maps - my brain works better with colourful markers and paper. Pull together the supplies that you need. I use "mind-mapping" and it is a staple in my planning process. I get it mapped out first and then I put it into a spreadsheet. I have my calculator and sticky notes. Heck, I have even used crayons.
Step 3: Print Your Reports
Let's take a look at the performance in the last quarter. No more turning a blind eye to the numbers. Where did the money come from? Were you surprised to see what you made? Were there new revenue streams? How about those expenses? Anything show up unexpectedly and throw your budget out of whack? We're not wearing rose coloured glasses here. It takes courage to take this deep dive.
Step 4: What gets left behind?
I look at what didn't work. I am kind of Machiavellian about chopping things from the list. As a trainer, sometimes I design a program and it doesn't light me up. So I am definitely leaving that behind. Imagine you were going to sell your house, step one is to let go of those things that can't come with you.
What if some of the things that make money for you is actually soul sucking for you? The practical side of me knows that you can't get rid of those things that pay the bills. That makes no sense whatsoever. Is it time to hire someone to do them for you? Do you need to stick with it a bit longer yet?
What are those labour intensive soul sucking tasks that you need to leave behind? Can your business make it without those activities? Are there people in your life that you need to leave behind? Is the podcast really serving your business well or is it taking up valuable time that could be used with revenue generating activities? This part is the hard.
Are you emotionally attached to something that isn't working?
This is the end of my day one.
Step 5: The Plan
I usually save "the plan" for the next day. Now that you've analyzed what worked and what didn't, it's time to make a plan. We start with the end in mind. How much revenue do you want to make? What will the revenue streams be? Where did you leave money on the table? Do you need to raise your prices? What is your detailed sales process and who do you need to get to know? How many info sessions, blog posts, guest podcasts do you need to do?
How many widgets do you need to sell? How can you make your work lighter and less labour intensive?
Are your numbers logical? Are you looking at how much you want to take home each week and grossing it up to include all of the expenses? Are your activities enough to make that happen?
Do you have a solid sales process? Can you collect money? Are there joint venture opportunities for you to get involved in? Where are the easier and more lucrative revenue streams?
How many and of what do you need to sell? When? Where? How?
Next Step: Work the Plan
Anyone can make a plan. Let's face it, you can go anywhere on the internet and pick up a template for business planning for free. But can you work your plan? Do you need training to accomplish any of the tasks? Do you need to find strategic partners? Is your mind primed for revenue generation? Is your family on board? Will this plan collect dust in a drawer somewhere? Let's design a plan that works for you and your lifestyle. Let's rock your quarter.
If you're ready for a "Rock the Quarter Planning Session" reach out.
