AOT Logo

Call 619.291.3700

Visit AOT on Facebook View my LinkedIn Profile Follow AOT on Twitter Subscribe to AOT\'s RSS Feed
  • Home
  • Business Consulting
    • Business Health CheckUp
    • Business Planning
    • Management Retreats
    • Marketing Strategy
    • Client Advisory Boards
    • Budgets and Profit Improvement Planning
  • On Target Program
    • Profit Planning Class
    • On Target Business Success Program
  • Coaching
    • Customized Coaching Options
    • Coaching Skills Training
  • Training
    • Phone Right Communications Training
    • Effective Financial Management
    • Towards Awesome Service
    • Coaching Skills for Managers
  • Speaking
  • Blog
  • About Us
    • Testimonials
  • Contact Us

Archive for Business Strategy

Business Goals…what Business Goals?

Posted by Linnea Blair on
 01/15/2024
2024 Business Plan

Happy New Year! Here it is January again…already! Maybe you were going to spend time over the holidays planning for your business and what you want to accomplish in 2024.  For some of you, congratulations! you got it done and are already implementing your plan for the new year.

For others, I’m guessing that planning time went by the wayside and now you’re belatedly reorganizing yourself to start your annual planning process.

It’s never too late to stop and plan for the rest of the year. It’s important, and it’s worth it! Remember the old saying “If you aim at nothing, you’ll hit it every time.”

First, though, it’s vital that you spend time visioning. What do you want your business and your life to look like in 3 years? Write it down. This will help you determine what you need to accomplish in this one year to position yourself for realizing that 3 year vision.

From there, you can start to build a detailed plan for 2024. I’ve created a 3 Step Guide to create your 2024 Profit Plan that will help you work through the process.

Why do I call it a Profit Plan? It’s because I want you not only to grow your business, but to grow your profits as well! If you have a solid plan, it will help you to:

  • Achieve your top line sales goals.
  • Hit your profit targets (even more important!)
  • Figure out how to add infrastructure to your business (people, physical assets, marketing, technology to name the big ones.)

If any of those reasons are things that are important to you, go ahead and get my complimentary Profit Planning Guide here to get started with your plan.

If you stay in touch, you’ll hear more me in the coming months on topics like this. Here’s to your success in 2024 and beyond!

Categories : Business Planning
Tags : Business Planning, Business Strategy, Profit Plan

Best Business Practice Guide

Posted by Linnea Blair on
 10/20/2020

Do you run your business using best business practices? You probably have a feel for some best business practices if you have been in business for a while. But chances are you are paying attention to some areas more than others.

Over the years that I have worked with small to medium sized businesses to help them grow, not just in terms of top line and bottom line revenue, but also in terms of running a more professional business, I’ve developed some guidelines in several key areas for what I call an “On Target Business”.

Characteristics of “On Target” business owners: They spend time working ON the business, not just IN the business. In other words, they spend time in strategic planning and implementation on a regular basis. They are leaders who have a vision for themselves and for their business over the short and long term. They are known for their integrity in dealing with customers, employees and business partners. They are accountable to their own goals and to what they’ve agreed to do for their company. They apply best business practices. They are growing personally and professionally. They are committed to excellence in the products or services they provide. Finally, they have an extensive network of business contacts, referral partners and advisors.

I’ve identified 5 key areas for business owners to focus on in growing a more professional and sustainable business: Leadership, Finance, Administration, Marketing & Sales and Innovation. For each of these, I’ve included statements that indicate best practice activities and results in each area.

If you’d like to receive my full 5 page Best Business Practices Guide entitled “Put Your Business On Target for Success”, just click here.

Categories : Business Strategy
Tags : Best Business Practices, Business Planning, Business Strategy, Key Performance Indicators, KPIs, Leadership

3 Persuasive Reasons to Create a Profit Plan for your Business

Posted by Linnea Blair on
 10/07/2020

You may be surprised to know that many businesses don’t have an annual budget in place, or I as I prefer to call it: a Profit Plan. Now, what I call a Profit Plan is a bit more detailed than just an annual budget, but we’ll get to that.

I recently spoke with a business owner and I was pleasantly surprised to hear him tell me that he had his budget all worked out for the year. Further into our conversation however, it transpired that while he had listed all his expenses for materials, rent and other overhead costs, marketing, salaries and so forth listed out, he had not included his revenue projections!

What is a budget? The simple definition is an estimate of income and expenditure for a set period of time. A budget or profit plan includes both projected revenue and projected expenses.


Why should business owners like you have a budget? Here are 3 persuasive reasons:

Budget

Achieving your top line sales goals
If you don’t know where you are going, you could end up anywhere. If you are shooting for a specific target, you are more likely to achieve it.

It’s not enough to say, I’m planning to double my business next year, or increase my business by 10% or achieve $1 Million in annual revenue.

How is that Million going to happen? Chances are that you don’t have the same goal for each month, so to just divide $1 Million by 12 does not necessarily make sense unless your monthly revenue is relatively steady month in month out and you are only projecting a small increase for the coming year.

What happens if you have a seasonal business? There are bound to be slower months and busier months. You’ll need to project income and expenses accordingly.

What if you are planning to double your business in the coming year? You’ll need to account for a ramp up from where your business is now to where you project you will be next year, and plan accordingly for increased marketing and additional staffing. You may need to add additional infrastructure in terms of office space, vehicles, or equipment.

Planning ahead by making a Profit Plan or budget will also help you to see where you might need to infuse more capital into the business in the form of loans or Lines of Credit.

Hitting your profit targets
It’s important to hit your revenue targets, but it’s even more important to achieve your profit targets. Creating a budget will help you project your profits, so you can evaluate if your plan will achieve the bottom line you need and desire. After all, those profits are necessary to provide additional compensation to shareholders/owners (you!) as well as to provide capital for future growth, repayment of debt, etc. By the way, it’s a good idea to create a personal budget, so you’ll know how much you need each month from the business in terms of salary and draws or distributions.

Adding infrastructure to your business
As your business grows, you will need to invest in more infrastructure. This may take the form of adding overhead personnel, for example a salesperson, administrative support, or a supervisor. Other types of infrastructure could be leasing an office or shop (or increasing the size of your facility) or investing in additional equipment, vehicles, or technology.

Creating a budget allows you to try out scenarios to see if your revenue projections will support the investment in overhead. You will also want to plan your marketing strategy (and create a marketing budget!) to support the revenue goals you’ve projected.

As you can see, there are many reasons why it makes sense to create a budget for your business. Beyond being sensible, it really is important to do annual strategic planning for your business. Your Profit Plan/budget is an important piece of your annual strategic plan.

Want more? Download my free best business practices guide here.

Categories : Business Planning
Tags : Budget, Business Finance, Business Planning, Business Strategy, Profit Plan

Planning for Growth? Make sure your Marketing Strategies are really working!

Posted by Linnea Blair on
 01/31/2020

As I review many profit plans/budgets with my clients this year, it is evident that most are planning for some growth and many are planning for significant growth. Of course, there are many factors that go into achieving that growth: Effective marketing and sales to bring in additional work, enough of the right people to produce the work, appropriate capitalization, and the strategies, systems and monitoring to ensure that the additional work is profitable.

One of the Four Ways to Grow your Business, simply put, is to get more clients. To do that you usually need to increase or improve the effectiveness of your marketing efforts or improve your sales close rate – or both.

Do your advertising and marketing efforts really boost sales? Are you getting the best returns from your marketing budget by targeting your media and your audience? Or are you just taking a shotgun approach and hoping for the best?

If you don’t have a system to measure the results of your advertising, then you’re probably relying heavily on guesswork. And you probably aren’t getting the best bang for your marketing buck. You’ll only know for certain if you measure and track the results of your marketing strategies.

Remember the adage ‘What you can measure you can manage’. If you can measure the results of your marketing, you can assess just where advertising is really boosting your sales – that is, where you earn multiples of each marketing dollar you spend.

You may object that it takes too much time and effort. There is some justification in that view. You run a small business, and you may not have a lot of time or resources to operate complicated measurement or tracking program. But fortunately, there are some simple techniques for assessing your advertising return on investment.


These vary according to whether you measure advertising that has been focused on a particular service and designed to get a sale in the short term, or whether it was designed to work long term, influencing buyer attitudes towards your business and building a certain image.


You can use coupons, postcards or ads that correspond with special offers and then test the response. You can test ad response through hidden offers of the type, ‘Mention this advertisement and get 15 percent off’, or ‘Call this number for more information.’ Or you can use trackable link or phone number in your offer. If you record the number of inquiries, you can get some idea of how successful the ad has been. You can also run two versions of the same offer through a ‘split-test’. Each version would carry a slightly different offer and you could record which one got the most responses. You can also keep records of sales of advertised and related items in the days or weeks after an advertisement.


Measuring attitude marketing takes a little more stamina. You will be tracking many different strategies for marketing and brand awareness including not only print or other media advertising, and direct mail, but your signs, website and internet marketing, networking and any other methods you are using to promote your company.


You will need to track the results of a number of marketing campaigns over a period of months by keeping up-to-date records on a monthly basis to track the number of leads, bids, sales as well as the dollar value of the sales from each of your marketing strategies. I use a Sales Tracking Template built in Excel that I developed, or you may be able to get the information you need from a CRM (assuming you are using it effectively). This will allow you to compare sales year to year and judge the individual and cumulative effect of your marketing campaigns.

Start tracking your marketing success now for this year, and you will be able to fine-tune your plan going forward to use your marketing dollars wisely and increase your return on investment.

Categories : Marketing
Tags : Business Strategy, Marketing, Marketing Strategy, Small Business

3 Tips to make Strategic Planning easier

Posted by Linnea Blair on
 01/24/2020

Strategic Planning often conjures up the thought of something big and daunting that we really should be doing every year, but somehow it just doesn’t happen. And, while yes, I do suggest that you ultimately do put aside time each year to do a day long comprehensive planning session, you don’t have to put off strategic planning entirely until you have the wherewithal to make it happen, easy access to the information you need to review, and the buy-in from your management team if you have one.


Do what you can
It’s important to do something rather than waiting to make it perfect.
If doing a full-fledged annual planning session with your team seems daunting right now, at least take an hour or two this month to get away to a quiet place and really think about where you want to take your business in the next few years. Considering that, what would make sense for where you can take it this year that would support that?

To keep you on track and focused, commit to set aside one hour every week to spend in some aspect of developing your plan and action steps you will take. This hour is the most important thing you can do for your business, so put it on your calendar as a recurring appointment and don’t let anything interfere with it. Turn your phone and email off during this hour. Let your family and team know what you are doing at this time every week and why it is important.


Make it simple
The easier you can make it, the more likely you are to do it, and succeed!
Write out your 3 to 5 Year Vision for your company in simple terms. Then drill down this Vision into a Plan for this year. What is your Revenue Goal? How does your Marketing Plan need to change to achieve it? What people do you need to achieve it? What system or infrastructure changes are needed to achieve it?

I suggest choosing no more than 2 to 3 goals to work on for the year. Break your goals down into quarterly initiatives if they will take longer than 3 months to achieve.
I love the simple structure laid out in the book Traction, by Gino Wickman. There are several free tools that you can download from the author’s website that are helpful, but the main one I suggest using is his Vision/Traction Organizer.

A budget that lays out your projected income and expenses for the year is also a helpful exercise to make sure your plan is financially feasible. I offer an easy to use, reasonably priced budget template.

Keep your focus
Keep your goals in front of you and you’ll be more likely to achieve them.
In the first step, I suggested setting aside small, regularly scheduled times for planning. In the second step I suggested writing down your plan using some simple tools. The third step is focus and persistence. Keep your goals and plans where you can see them. Review them at least weekly when you have your planning time. Set action steps for each week that will help you move toward your quarterly initiatives and check in with yourself to make sure you’ve accomplished the action step.

If you have trouble keeping your focus, get help. A member of your team, a colleague in your industry, a Mastermind group or a business coach can all help you to keep moving forward.

There are many books, tools and strategies for success out there that you can tap into. Ultimately, you are the most important factor in your success. One of the simplest things you can do to ensure success is to distill your goal for this year down to one specific sentence that describes clearly what you want to achieve, and then read it every morning and every night to keep your focus on it.

Here’s to your success in 2020!

Categories : Business Planning
Tags : Business Plan, Business Planning, Business Strategy, Entrepreneur, Small Business, Small Business Coaching, Strategic Planning

Plan for Profits in 2020 – Free Webinar

Posted by Linnea Blair on
 01/10/2020

As a business coach, I encourage my clients to engage in strategic planning for their businesses on a regular basis. Most businesses have an idea of the goals they would like to achieve for the year, but many don’t translate those goals into a blueprint for how they are going to achieve them.

Plan for Profits

As you begin a new fiscal or calendar year, it’s time to take stock. What have you achieved in the past year? Did you hit your targets? What do you need or want to do next year to achieve the next steps toward your 3 year vision for your business?

It’s time for a profit planning session. Let’s say you want to grow your company by 20% in 2020. Where do you plan to get the additional business? Will you need more infrastructure in terms of people, processes or equipment to make it happen? How will your marketing need to increase or change in order to realize your plan?

Once you’ve answered those questions, it’s time to put a detailed budget together that will guide you on when you need to start taking action on marketing activities or hiring that new employee.

Need some help getting started on your Profit Plan? Attend my free webinar on Creating your 2020 Profit Plan on January 23rd at 1 PM PST.

Register here.

Categories : Events
Tags : Budget, Business Strategy, Profit Plan

Create an environment that promotes employee retention

Posted by Linnea Blair on
 11/01/2019

In attracting the type of employees that you wish to have, it is important that your company project professionalism from the start. All communication with potential employees throughout the recruitment process should be professional and project the culture of the company. Ideally you have a system of procedures and communication that make this easy to accomplish.

Employee retention really begins at the beginning when you decide to recruit new employees into your company. The people you have in your company now, and the people you decide to bring into your company are the key to your business success. Your company reputation, perception of your company by customers, vendors, referral sources and potential employees all rest largely with the impression and experience that they get from interacting with your employees. The use of best practices along the spectrum of the development of your people starting with recruitment and progressing through the processes of selection, orientation, performance management, and career path progression with appropriate recognition and reward paves the way for retention of the great team that is your key to success.

Really it all starts with your business plan and what you envision for your company in the future, or at least in the next three to five years. What kind of people and what skill sets will you need to help you accomplish that plan? Short-sighted hiring of people who will fill a key role in your company can cause unnecessary trouble down the road. I have encountered more than a few business owners who are hampered in their progress to meet their business goals by an entrenched employee in a key position who is not on board with the vision of the owner. This is perhaps a case where employee retention is not a plus!

The second opportunity for your company to foster retention is in the orientation process. Do you have an orientation process that makes the new employee feel welcome and part of the team? A good orientation process starts with the offer of employment and goes through the first weeks and perhaps even months of employment. Good communication is critical. The goals of the orientation process are for the new employee (and the business owner) to be able to confirm that they made a good decision, that there is commitment from existing team in integrating a new member and making them feel welcome, and ultimately that the new team member understands their role in the organization.

A good orientation process will help people to become productive in a shorter time, and they are more likely to stay with the company. The process helps them to feel valued by the company, and that this is a place where they can use their skills to contribute to the organization.

Good and consistent Performance Management is a third key factor in the development and retention of good employees. A performance management system should apply and be relevant to people at all levels within the company. Performance management starts with an organizational chart that shows the roles within the company. Each role should have a purpose which is defined by the work that is performed for customers and the organization. It’s best if employees can see a path to career progression within the organizational chart and the accompanying job descriptions for each role.

Good job descriptions are a must for companies that want have an effective performance management process. The job descriptions can, (and should) be used as criteria in selecting a new employee, as well as measuring performance in their current position, and evaluating whether they are ready to advance to a higher position. Job descriptions should state the primary purpose of the position, as well as the tasks, responsibilities, personal qualities, and core competencies that are expected in the position. It is also best to list the key performance indicators by which success in meeting these responsibilities and competencies can be measured.

Core competencies are those that are considered critical to carrying out the client service and organizational goals of the company. A good practice is to develop a list of core competencies for each role in several key competency categories such as technical skills, interpersonal skills, customer service skills, selling skills, administrative skills and leadership skills.

Employees who have clear expectations of performance, are assessed objectively against those expectations and understand what they need to do to progress in the company are more likely to feel that this is a company with which they can grow. Formal performance reviews are best done at least annually. This is also a good opportunity to have the employee develop a personal plan that lists their individual goals for learning new skills and developing their capacity to take on more challenging assignments. More informal reviews after completed projects throughout the year are also important in helping the employee develop and progress towards increased competency. Constructive feedback and coaching from the business owner and/or supervisor play a critical role in the performance review process.

A fourth opportunity to foster employee retention is to provide the opportunity for learning and development. Providing a learning culture that is congruent with the needs of employees to move along the career path as well as to advance the growth and development of your business itself results in the best return on your investment in your employees. Look for ways that you can include learning into your current company operations. How can you take better advantage of on the job training opportunities for example? Larger companies may consider implementing a more formal mentoring program to help employees progress along a career development path.

Of course, two of the most powerful ways to encourage people to stay with a company long term are recognition and reward. Most people think that money is the greatest motivator to keep good employees, and while it is certainly a factor, it is only a piece of what keeps the best people around. Things like money and good working conditions are factors that make working for a company acceptable, but most people are motivated more by having a job that is interesting to them and provides a level of challenge that keeps their interest. In addition, employees are motivated by increased responsibility and autonomy, and above all by being recognized for the contribution that they make to the company.

Leaders shape the culture of the company. As a leader, what are you paying attention to? What behavior and results do you measure and reward? The reward and compensation system should be one that is in line with the core competencies and performance management process. Link individual performance and business performance to increased compensation.

A good compensation package includes monetary reward in terms of salary and perhaps an incentive component as well as benefits, learning and professional development opportunities, and a culture that makes working enjoyable. A big part of a good company culture is one that recognizes employees for their contribution on a regular basis. Celebrate successes informally when they happen with a compliment or verbal acknowledgement of a job well done. Implement a more formal system of recognition with public acknowledgements at meetings or company events.

As you develop a plan to create a company culture that promotes retention, keep in mind that all systems you put in place should be in alignment with your business vision. Employee development and reward strategies are best when they are performance based and encourage the desired behaviors and results. Provide opportunities that motivate your employees to grow along a career path that rewards them intrinsically with interesting and challenging work and responsibilities as well as good remuneration. Your reward will be a loyal and committed team and a reputation as an employer of choice for attracting new talent to your organization as your business grows.

Categories : Employees
Tags : Business Strategy, Company Culture, Employee Development, Employee Morale, Employee Retention, Employees, Retention

Taking the Long View – Part 3

Posted by Linnea Blair on
 09/09/2019
What does long term strategic planning look like and how do you do it?

The Nuts and Bolts of Planning
Who should be involved in your long term strategic planning process and when and how should you do it?

You may want to start the process by yourself or with your business partner if you have one. But I suggest that you involve your management team along the way. Getting the team involved helps them to have input into the process and they are more likely to “buy in” to the plan and take ownership for their part in implementing it. You may also want to include an outside advisor like your business coach, CPA or other trusted advisor in the process.

An annual planning session or retreat is an important time to review past progress and set new measurable goals and strategies to achieve them. Plan for an entire day (or maybe two). It’s a good idea for the annual planning session to be held off site to get you away from the day to day environment.

At the end of the planning session, you should have a workable plan for the year, and each person should know what their responsibilities are to make it a reality. I then suggest breaking the year into quarters and identifying measurable targets and initiatives to be implemented in each quarter.

Quarterly planning sessions can be scheduled for a half day to review progress and plans for the upcoming quarter. If targets aren’t being met, this is a good time to discuss challenges and how to overcome them and revise the plan if necessary.

On a monthly basis, you’ll want to check in on key performance indicators and progress towards initiatives to ensure that you are on target with your plan. Are you hitting your sales targets? Have you hired the people you need? Are your profit margins where they should be? Are you getting enough leads from your marketing strategies? Are your customers giving you glowing reviews? Are you where you need to be in implementing your new software or getting your training program up and running, for example?

The future is coming, one way or another
Strategic planning and implementation of your plan will help you get to an outcome you choose, rather than one that happens to you. There are tools and resources* to help you navigate your route and arrive at your destination. Commit to your vision. Create a structure that will get you there. Get support when you need it.

See Taking the Long View – Part 1 and Taking the Long View – Part 2 for the rest of this article.

Here’s to your success! Feel free to contact me for a complimentary consultation if you’d like some support in your strategic planning process.

*Below are some resources and tools I recommend that are very helpful with planning, goal setting and more importantly, goal achieving! I’ve used these in my own business and with clients.
Traction, by Gino Wickman and the associated free tool Vision/Traction Organizer (V/TO)
The 12 Week Year by Brian Moran and the companion workbook (with free tools) The 12 Week Year Field Guide.

Categories : Business Planning
Tags : Business Planning, Business Strategy

Taking the Long View – Part 2

Posted by Linnea Blair on
 09/05/2019
What does long term strategic planning look like and how do you do it?

It starts with your Visionvision concept business planning strategy

You’ve likely heard the phrase, “Begin with the end in mind”, popularized by Stephen Covey in his book The 7 Habits of Highly Effective People.

It’s important to start with a visioning process. I encourage Business Owners to first look at their personal lives and envision where you want to be and what you want to be doing in your life overall in the next 3, 5, 10 and 20 years. Attach the actual year and age you will be at each point. This makes it real. Say you are 40 this year, then you realize that in ten years, in 2029, you will be 50, and in 2039 you will be 60. What do you want your life to look like at those points? This includes not only your relationship to your business, but your family, friends, lifestyle, hobbies, etc. Next look at your business. Where do you want your business to be at those dates? This includes Revenue and Profit targets, number of personnel, organizational structure and target markets and service niches.
Once you’ve done this exercise, you’ll have much more clarity on what you want both personally and for your business.

Planning for Revenue Growth
Now that you’ve done your visioning process, you should have arrived at rough revenue targets for 3, 5 and 10 years from now. Your short term plan ideally will support those future targets. For example, if your current year budget/profit plan shows that you will gross $750,000, and your 3 year target is double your business to $1,500,000, then your 1 year plan should probably aim for about $1,000,000, so that you show a feasible projection for getting from here to there. You’ll want to know what your gross profit margins, direct cost percentages, as well as variable cost percentages and fixed costs in order to project out what your net profits should be in future years. Keep in mind that you’ll need to add infrastructure along the way, in terms of overhead personnel, equipment, office/shop space and marketing costs.

Planning for Growth in Organizational Structure
It’s good to know what your projected “billable” hours are to produce your revenue targets. I suggest this in short term planning as well, so that you always know how many field workers you need to hit your current year monthly and annual budget targets. The same applies to your long term planning. You’ll likely need about 10-12 full time equivalent workers to produce $1,000,000 in revenue depending on your hourly bid rate and your team’s productivity. It’s vital to your plan to have a good hiring plan to make sure you have the workers you need to achieve each phase of your plan.

You also want to plan for changes and additions to your overhead personnel. This includes estimators/sales people, project managers, operations managers, office managers and assistants. I suggest drawing out an Organizational Chart for the positions your company has now, and then others for what it should look like in 3 years and 5 years. Check in with your vision to see where you want to be in terms of your duties and time dedicated to the company in those time frames. For example, let’s say you have one salesperson now, but you are doing half the sales in your company. But if in 3 years you want to be out of sales completely, then you’ll need to plan to increase the capacity of your current sales person and bring in another sales person in the next year or two to start doing more of the sales, particularly since you’ll likely be planning for increased revenue along the way.

Planning for Growth in Service Niches and Target Markets
Typically, when you are planning for growth, you’ll need to devise a strategy for expanding your revenues by one (or a combination) of the following ways:

  • Increase your market share in your current target market of customers
  • Add new services to sell to your current target market
  • Add new target market segments
  • Increase the geographic area in your target market

Each of these strategies for growth needs a plan, marketing strategies and a marketing budget. If you plan to increase your market share of your current target market, you’ll likely need to increase awareness of your company, differentiate yourself from your competitors, increase repeat business and improve your close ratio.

If you plan to add new service niches or new market segments, you may also need to hire or train for new skills as well as define and invest in new marketing strategies to reach new markets and promote new services. This all adds up to a clearly defined marketing plan that should be updated annually and reviewed quarterly.

See Taking the Long View – Part 1 for the first part of this article. For the last part, see Taking the Long View – Part 3.

Categories : Business Planning
Tags : Business Planning, Business Strategy

Taking the Long View – Part 1

Posted by Linnea Blair on
 09/05/2019
Why you should be planning for the long term future of your business.

Many entrepreneurs start a business because they have what author Michael Gerber in his book The E Myth terms “an entrepreneurial seizure”, meaning you’re really good at what you do and you think you could run your own business better than your boss, or you want the freedom of owning your own business.

So you start your business and you go along for a few years, running it by the seat of your pants, and once you’ve had some success and want to grow, you get some advice from other business owners, from your trade association and from consultants and put more structure into your business in order to grow it and keep more of the profits.
At that point many businesses, even some of the very successful ones, drift into doing year by year planning, thinking one step down the road, until the owner wakes up and realizes, Wow, I’m 50 years old and I don’t want to be doing this forever in the same way I’m doing it now.

I often hear things like this from business owners: “How can I plan 5 to 10 years out? Who knows what the economy will be like? Who knows what the labor market will be like? I’m not even sure what I want to be doing 5-10 years from now. Lots of stuff can change! So I’ll just keep planning in the short term…it’s served me well so far.”

That kind of thinking can keep you in a holding pattern in your business. Sooner or later, you’ll need to think about the future. Do you want to work in the business until you drop? Unlikely.

Do you want to sell your business at some point? Would you like to transfer your business to your children or employees? Do you want to keep receiving a good living from your business without having to work in it? If you really want to make a change and see the kind of results that will help you achieve your dreams for your life and your business, you need to take the long term view and start planning for your future.

What does long term strategic planning look like and how do you do it? See Taking the Long View – Part 2

Categories : Business Planning
Tags : Business Planning, Business Strategy
Next Page »
Sign Up for our Monthly Newsletter

Email:

Recent Posts

  • Business Goals…what Business Goals?
  • Best Time to Make a Business Budget?
  • Budget your vacation?
  • Know Your Numbers – What does it mean to you?
  • Best Business Practice Guide

Categories

  • 6 Advisors
  • Business Operations
  • Business Planning
  • Business Strategy
  • Construction Law
  • Customer Service Systems
  • Employees
  • Employment Law
  • Events
  • Financial Management
  • Human Resources
  • Internet Marketing
  • Leadership
  • Marketing
  • Member Notices
  • On Target Program
  • Personal Growth
  • Productivity
  • Productivity Tips
  • QuickBooks Tips
  • Relationship Marketing
  • Social Media Marketing
  • Uncategorized
  • What's Next?

Archives

  • January 2024
  • November 2021
  • October 2021
  • October 2020
  • January 2020
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • November 2016
  • August 2016
  • November 2015
  • July 2015
  • June 2015
  • May 2015
  • November 2014
  • August 2014
  • March 2014
  • January 2014
  • December 2013
  • July 2013
  • February 2013
  • January 2013
  • September 2012
  • August 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • October 2011
  • September 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • October 2009
  • July 2009
  • June 2009
  • May 2009
  • March 2009
  • February 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008
  • December 2007
  • September 2007
  • August 2007
  • November 2006
  • October 2006
  • September 2006
  • August 2006
  • July 2006
  • February 2006
  • November 2005
  • October 2005
  • September 2005
  • August 2005
  • July 2005
  • June 2005

Tags

6 Advisors 90 Day Goals Accounts Receivables Action Plan ADA Advisors On Target Appreciation Bartering Best Business Practices Blog Blogging Borrowing Brand Budget Busget Business Business Finance Business Health Checkup Business Law Business Mistakes Business Operations Business Plan Business Planning Business Strategy Business Valuation Cash Flow Cash Management Charitable Christopher Olmsted Client Deposits Client Retainers Closing Ratio Coaching Cold Calling Cold Calls Collections Communication Company Culture Computers Computer Virus Construction Law Conversion Customer Communications Customer Loyalty Customer Service Delegating Easy Marketing Economy EEOC Email Marketing Email Newsletter Employee Development Employee Expenses Employee Fraud Employee Morale Employee Retention Employees Employment Employment Law Entrepreneur Exit Strategy Finance Financial Management Financial Statements Focus Forecasting Goals Hiring Human Resources Internal Fraud Internet Explorer Internet Marketing Invoices iPad IT Key Performance Indicators KPIs Lawsuit Leadership Leads Litigation Marketing Marketing Strategy Mechanic's Lien Mobile Monitoring Networking Niche Market Non-profit Online Marketing Online Strategy On Target Program Owner Compensation painting contractors Payroll Processing Payroll Service People Development Personal Growth Personnel Management Politics Pomodoro Positive Thinking Productivity Productivity Tips Profit Profit & Loss Profit Plan Project Management Pro Painting Net Quarterly Plan QuickBooks Tips Relationship Marketing Relationships Marketing Retention Retirement Sales Sales Pipeline Sales Receipts search engine marketing Selling Sellling SEO Sexual Harassment Training Small Business Small Business Coaching Small Business Consulting Social Media Strategic Planning SWOT Analysis Team Team Training Teamwork Technology Time Management Trading Services Twitter Webinar Website WordPress
NetworkedBlogs
Blog:
Advisors On Target Business Success Blog
Topics:
business strategy, marketing, internet marketing
 
Follow my blog

Copyright © 2003-2019
Advisors On Target LLC   |   3940 Hortensia Street, #201   |   San Diego, CA 92110  |  619-291-3700

Contact Us
Privacy Policy