JUST ASK BOB:
Author: Robert Isaacson, MA, MSS

JUST ASK BOB:
EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT LIFE AND BUSINESS.

Part 2. You Need a (Business) Plan, Man.
© 2004 by Robert Isaacson, MA, MSS
All rights reserved.

Hi, I hope you and your business are doing well. Thanks for all your questions and comments. Keep ‘em coming. E-mail me at bob@fullcirclesolutions.net or call me at (610) 446-4981. Love to hear from you.

Remember last month JR wrote and said he did not have a business plan? He went on to ask if he needed one and I offered a resounding “YES!” (Forgive the capital letters, but it’s really important.) While there was more to the column last month, that’s the guts of it. This month I want to urge you to create an 11-step business plan. It ain’t exactly rocket science. You can do this on your own. Or find an objective friend. Or a coach. For the first 3 people who call or e-mail me, I will walk you through the process on the telephone. So here we go. A drum roll please….

Step One. Ask yourself what is the purpose of your business? Why are you engaging in this business now? How does it support your underlying values and those of your target market?

Step 2. What are your (and your company’s) core competencies? What do you do? What do you do well such that people will seek you out? To put it bluntly, why will people buy from you? Does what you do well differ from what others in your company do well? (Let’s hope so. If everyone knows how to sell widgets and no one knows how to make them, you’re in trouble.) This step will help you begin to create a niche and ultimately a brand in the mind of your target market.

Step 3. What is your marketing mix, what we think about as the “4 P’s?” What is your product or service? What will you charge for it (price)? How will you promote it? And where (place)? There is another matter to consider as part of step 3. What are the demographics and psychographics of your target market? What are the characteristics of the people you need to reach, their attitudes, values, lifestyles, opinions, that sort of thing?

Step 4. What are your financial goals? Your first month? Your first year? How do you plan to live during that first month (or year) until you make money? Will you have a job? Do you have savings? Does your significant other work? Will you take out a loan? Also, project your sales, your closure rate, and any other relevant financial variables.

Step 5. What are your current marketing vehicles? What new ones do you need to create? Consider your needs for printed materials (brochure, letterhead, and business cards), a website, networking, cold calling, speaking engagements, writing assignments, direct mail, etc. What steps do you need to take to create these marketing vehicles and how long before you have them in place?

Step 6. Do some research and find out who are your competitors. Learn as much as you can about the competition. What strategies do you want to borrow from them? How can you dispel any myths they might be better than you?

Step 7. Do a SW(D)OT analysis for your company. What are your business strengths? What do you do well? What are your weaknesses or developmental needs? What business opportunities are there for you? What threats exist as well?

Step 8. What professional development or rejuvenation strategies do you need? The first refers to ways you and your company get better at doing what you do. Always think about “sharpening the saw,” improving your performance. Rejuvenation strategies help you and your colleagues manage stress and renew yourselves for the long, hard road ahead.

Step 9. Considering the various steps above, particularly step 3, determine who your target market is (and is not). The clearer and more narrow your target market is, the better. Prospects need both to understand clearly what you do and believe it is for them. A mushy target market, trying to be all things to all people, is dangerous. You lose focus about where to direct your efforts. Your prospects do not see any particular, specific benefits for them. It is just as important to determine who you do not work with as who you do.

Step 10. What is your marketing strategy and implementation plan for the next month, quarter, and year? Here is where the “rubber meets the road.” You need to set goals and determine what you are going to do, when you will do it, and who will help you. Also, you want to review periodically your progress and make any necessary adjustments.

That’s about it for this month. Have a good one. If you run into any “roadblocks” or just want to talk things out, give me a call or send me an e-mail. The first 3 people who contact me get a 45-minute business plan makeover.

Bob’s website is www.fullcirclesolutions.net and he can be reached at bob@fullcirclesolutions.net. Or you can contact his virtual assistant, Kathy Zengolewicz at Kathy@virtuallytheone.com


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Robert A. Isaacson, M.A., M.S.S., is a business and executive coach, speaker, writer, organizational consultant, and therapist. He is the co-founder of Full Circle Solutions, a Narberth, Pennsylvania people development company. Bob coaches CEOs, corporate executives, management teams, nonprofit leaders, and small business owners, as well as new coaches and therapists building practices. His vision is to create Entrepreneurial Leaders. Contact Bob today for your FREE coaching session and become the entrepreneurial leader you always thought you could be. Bob’s website is http://www.fullcirclesolutions.net and he can be reached at bob@fullcirclesolutions.net. Or you can contact his virtual assistant, Kathy Zengolewicz at Kathy@virtuallytheone.com

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