What you need to know before creating a strategic business plan
A strategic plan for your business can be the missing link in moving forward. Especially if you have failed in an aspect of business previously, or if you’ve never been your own boss before. Running your own business can be very exciting and at the same time, quite intimidating. There is always that pesky fear-of-failing-chatter, and stepping into the unknown can cause what I like to call the start-up jitters. However, if you have a sound strategic plan, and you’ve thought it through - there is a pretty good chance of success. Starting your own business is an exciting and worthy endeavour.
Before you put pen to paper on your strategic plan…there a couple of things you need to do so you don’t end up changing your plan down the road. I’ve done this before, and while changing your strategic plan down the road doesn’t sound like such a bad idea, it can be if you’ve already hired website developers and other business supports. I spent a lot of money hiring an outside firm to create my business products; I had not properly flushed out what I really wanted and needed for my business and in the end, all the money was lost. Flushing out your business concept is extremely important. So when you are ready to go, you are really ready! Do you get my meaning..?
Okay, so what do you need to think about before you get started? Well, I’ve put together a list of 5 things I worked on that helped me with the lead-in to create a 6-figure income as a leadership consultant, and now I’m taking those same concepts and growing my own business in the wellness space, in addition to helping you grow your business! Here we go - these are the 5 principles you need to ACTION before you launch your strategic plan.
Step ONE
Begin by being curious. Inquire into other successful businesses in person. Talk to people. It doesn’t necessarily need to be an exact match but in a similar field. Take notes on what you like, don’t like or “sort of like” and think about how you would do things in your own business. Think about what you will tweak. Be an observer. But don’t observe for too long or you will procrastinate. Pick 5 businesses you want to speak to in your sphere. Think about the potential problems you see, and how you might fix those problems. How did they grow? How did they fail? When you speak to other business owners that can provide information you may have never considered before, it can be incredibly valuable information. I have found most folks love sharing their knowledge. Your business needs to align with what’s in your heart and the more you discuss with others and listen to what’s in their heart, and their points of pain and success, the more you will understand your own heart and business better. People are an amazing reflection of what we like and don’t like and how we can point ourselves in the right direction. Aligning your heart with your potential business is absolutely key.
Step TWO
Understand who you are serving, and what they need. What do they like? What can you offer, and how do you get paid?
If you understand your client, you can meet their need. And in meeting a need you are solving a problem. What problem are you solving? Are you comfortable with the solution? How many times do you think you need to show up? Is this in person or via zoom. Do you need to travel? These are vitally important questions as your client will have their own ideas of what they want and need, and if you are ready to position yourself and have the ability to communicate accordingly you can be more flexible getting started. Remember if you haven’t run a business in a particular space yet, you might not fully know what your client needs “yet”, so it can be fun and a bit-nerve wracking changing things up on the fly, but when you find your stride and those referrals start coming in you’ll be off to the races.
Step THREE
Don’t give stuff away for free. Being tempted to give away your services for free to get started in your business is not a viable solution. What you offer is valuable so don’t give it away. When you shop at Walmart they don’t greet you at the door with free dish detergent hoping you will buy more dish detergent. In the past I would volunteer my services for free, hoping it would “leverage” into a client. As it turned out the folks or organizations I volunteered for simply didn’t believe my services were worth it. I did this for YEARS. Please let me save you the hassle and don’t do work for free! I really really mean this. Many years ago, I volunteered for a very large national not-for profit who had millions of cash flow but they never did hire me, I also have given away leadership offerings to folks in ministry positions, but I don’t feel as though they took me seriously and it never turned into real work. The only time I ever had a client fall asleep in a workshop is when I offered it for free. But that was a long time ago. You live and learn! The only caveat I have is an aspect of work you can build into your strategic plan down the road, and it’s a section called “Probono” work. This is a highly professional gig, and it’s based on a one or two clients per year, with a specific contract (yes, they still need to sign a service contract). This is your opportunity to give back to the community. There is one more small caveat I would make. If you are launching a health or coaching business you can offer one free session. For instance if you want to offer personal training, a great way to get a new client that has doubts is to offer a free workout session, or if you’re a health coach and you’re offering a coaching package you can offer one free health coaching session - just don’t give away the whole package! Remember, feeling sorry for someone, and offering you services for free, or hoping for something in return is going against the principles running of successful business. You need to trust in God’s timing and provision for other folks just as much as for yourself. :)
Step FOUR
Be Bold. Talk to God and let Him meet you. I have found that while God has given us gifts, talents, abilities, the desire to be a life-long learner etc. the choice of running or not running a business is up to me/you. I’ve spoken with many people who have a calling but not necessarily a clear road map of how to achieve it. They wait too long. Or they rush in. Thankfully, we have the Holy Spirit that with a breath can lead and guide us. Listen to your heart, this is one area we can safely trust God in, and by talking to other’s and taking a leap of faith, you can prepare yourself for all the steps you need to take. I’ve also discovered that Father God is always ready to send wonderful people along to help us once we’ve decided we want help - it’s an absolutely amazing principle. If you dare, ask God to send the people and help you need, and watch what happens - it will be very exciting!
To quickly recap being bold: there is a balance to be found in over-thinking a concept or not thinking it through enough. Once you begin implementing these five easy steps you’ll soon discover if running a business is for you.
Step FIVE
Hiring the right help. Men and women think very differently about problems. At one time I perceived the world in a very driven fashion, and I suppose this steered me towards working in corporations. I’ve worked with all kinds of business owners coaching them, leading them, I’ve worked with millions in budget dollars, and one thing is true. Men and women are different. Women think more holistically about problem solving, and generally speaking, are more relational when approaching a challenge. Men can be more apt to move things along at a quicker pace. If you are seeking help to move your business forward it’s important to connect with the right teammates or helpers. Each have their own unique contributions, and are equally important. There are some notable differences in the end result…and business nuances matter - I just wanted to bring that to mind.
Starting a business can be fun, a place where you can flourish and be everything you were meant to be. Your business can be a stable venture and finding your way through the appropriate stages of preparation and planning, will ultimately make you successful.
I hope these five steps will help you as you implement them, and I look forward to the next mail out which is how to create a mission and vision!
Stay tuned!
Nancy