Is Your Business Plan Or Lack Of One Causing You To Choke?
Plan · Play · Profit | February 2011
Welcome to the February 2011 edition of our Plan · Play · Profit E-Newsletter.
Seth Godin’s words of “You Don’t Need More Time … You Just Need To Decide” jumped right off his blog page at me on February 9th as it resonated with what we had been talking about the day before on a One Page Business Plan Consultant’s Call with Jim Horan, the creator of the One Page Business Plan.
One of the One Page Business Plan Consultants had remarked that business people that have time management problems often times don’t have a business plan.
Whether on paper or in their head, business people that don’t have a business plan keep going over the same to-do list over and over again sucking up their valuable time and focus reminding themselves of what they have to do over and over again without making a decision about what action to do next leaving them in overwhelm.
It is the absence of a decision making plan, because that is what a business plan is, that keeps them going over and going over the same to-do list over and over again that causes the time management problem.
To make my point, haven’t you grown tired of me writing “over and over again”?
A business plan causes you to identify what needs to be done, to make decisions on the actions that need to be done so that you are in action versus distraction.
Business people that are distracted with to-do lists do not realize that they are filling up their mind’s “working memory” which eliminates them from doing any strategic long term thinking, planning or actions because they are overwhelmed with repeated tactical thinking causing then to be in action, working in the business versus on the business, majoring in minor things and they will be in the same place, same time next year so to speak.
You voted for me to get me to the Final Round of Advisor.ca’s Visionary Poll – Don’t Stop Now February 28th is the deadline! Please click here to cast your vote.
Jim Horan told me about doing a Strategic Planning Session for a group of Fortune 500 Executives. He started his presentation by drawing a pie chart on a flip chart, marking out Quarters 1, 2, 3 and 4. He asked the group of executives, “Who can tell me what their Strategic Plans are for the 4th Quarter?” Silence. The group of executives were all too busy working on tactics in Quarters 1, 2 & 3.
Is going over and over the same to-do list over and over again causing one to fill up their “working memory” with “worrying memory” reminding them of what isn’t done versus taking that same energy and investing it in action?
Isn’t this creating unnecessary pressure?
According to Sian Bielock, an associate professor of psychology at the University of Chicago in the January 14th issue of Science …
“Pressure-filled situations can deplete a part of the brain’s processing power known as working memory, which is critical to many everyday activities. Working memory is a sort of mental scratch pad that allows people to retrieve and use information relevant to the task at hand. But it is a limited resource, and when worries creep up, the working memory people normally use to succeed becomes overburdened. That can sap the brain power necessary to excel”.
Beilock is one of the nation’s leading experts on “choking under pressure” — a phenomenon in which talented people perform below their skill level when presented with a particularly challenging experience. Her recently published book, Choke: What the Secrets of the Brain Reveal About Getting It Right When You Have To, gives advice on how to avoid choking in situations ranging from high-stakes exams to important business presentations and athletic competition”.
I was originally drawn to January 13th the University of Chicago News article by a newscast on Global TV about students.
“Students can combat test anxiety and improve performance by writing about their worries immediately before the exam begins, according to a University of Chicago study published in the journal Science.
Researchers found that students who were prone to test anxiety improved their high-stakes test scores by nearly one grade point after they were given 10 minutes to write about what was causing them fear, according to the article, “Writing about Testing Boosts Exam Performance in the Classroom.” The article appears in the Jan. 14 issue of Science and is based on research supported by the National Science Foundation.
The writing exercise allowed students to unload their anxieties before taking the test and accordingly freed up brainpower needed to complete the test successfully — brainpower that is normally occupied by worries about the test, explained the study’s senior author, Sian Beilock, an associate professor in psychology at the University.
Vision: What are you building?
Mission: Why does this business exist?
Objectives: What results will you measure?
Strategy: How will you build this company?
Plans: What is the work to be done?
A Vision Statement answers the following questions:
- What will this business look like in 1, 3, 5 yrs?
- What type of company is this?
- What markets does it serve?
- What is the geographic scope?
- Who are target customers?
- What are the key products and services?
- What sales goal are we striving for?
A Mission Statement answers the following questions:
- Who are our customers?
- What key customer needs do we serve?
- What wants, needs, desires,pain, or problems do our product services solve?
- What is our unique selling proposition? What is the key competitive edge or unique quality that we have in serving that need?
- What promise do we make to our customer?
Objectives are short statements that quantify the end results of any work effort. Objectives are easy to write and are instantly recognizable as Objectives when you use these five easy guidelines:
- Only write Objectives that can be graphed
- Include numerical value in every Objective
- One quantitative measure per Objective
- Limit of 9 Objectives per One Page Plan
- Assign names & dates to assure accountability
Strategies are broad statements, covering multiple years that:
- Set the direction, philosophy, values
- Establish guidelines for evaluating important decisions
- Set limits on what a company will do/not do.
- Provides a blueprint or roadmap for building and managing the company
Actions describe the actual “work” to be done in your company and/or department. “Plans” are the execution steps implied in the Strategy and Objectives.
- Definition of specific actions/work to be done
- Business building or infrastructure projects
- Related to strategies and objectives
- Assign names & dates to assure accountability
The One Page Business Plan Methodology causes one to get clear on their focus and direction with their Vision and Mission. Objectives are one year measures but before any Actions start, long term three year Strategies are defined to answer how the Vision and Mission will be realized in the long term so that Actions are linked to both the short and long term.
Leading Advisor is enjoying remarkable 2011 results by using the One Page Business Plan and we have completed the implementation of the following Action Plans:
- Integrate Leading Advisor’s existing business planning systems with the One Page Business Plan
- Hire a Social Media Virtual Assistant and write and implement a Social Media Plan
- Complete the One Page Business Plan Training, Leading Advisor Client Introduction, PowerPoint, Speaking Presentations, Webinar Presentations and One Page Business Plan Senior Consultant Designation
Our next Action Plan to focus on is Update and implement a Canadian, UK & USA Center Of Influence Marketing Plan to attract:
- Association speaking opportunities
- Coaching referrals
- Corporate speaking opportunities
- Corporate workshop opportunities
- Sponsorship opportunities
- Webinar referrals
- Writing opportunities
I will be sharing more detail on the Canadian, UK & USA Center Of Influence Marketing Plan in forthcoming blogs and e-newsletters.
You have heard the expression “be careful what you wish for” and here is what we attracted last week:
- An invitation to speak at a conference in Las Vegas
- An invitation to write for a US financial advisor magazine
- A preliminary conversation to do a workshop in Jamaica
Looking forward to the results when the Canadian, UK & USA Center Of Influence Marketing Plan
is written!
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Announcing Leading Advisor’s One Page Business Plan(TM) Free Webinar and the One Page Business Plan(TM) Webinars!
“If you don’t get the words right, you might build the wrong business and may never get the numbers right.”
The dates for the One Page Business Plan(TM) Free Webinars are:
- Wednesday March 16th at 1:00pm EDT
- Tuesday, March 22ndat 4:15pm EDT
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Who should attend?
- Do you have too many scattered ideas?
- Do you need to focus on a few?
- Do you need to jumpstart your business right now?
- Do you have no time or interest in writing a 50 page business plan?
- Do you need to determine if you’re focusing on the right things?
- Do you need an effective blueprint to keep yourself and team focused?
Then consider a fresh, simple approach to business planning that will enable you to focus on what is important…the One Page Business Plan(TM) – a powerful tool for building and managing a business. It’s short, it’s concise, and it delivers results quickly and effectively. There can be no question as to where your business is headed when it is in writing, especially when you have the key essentials about growing your business clearly specified on a single page.
Is this another ho-hum course on business planning like the ten others you have attended – no way! I know how to capture the essence of any business in just a few minutes using the innovative key word and short phrase techniques using the One Page Business Plan(TM).
To Register for the One Page Business Plan(TM) Free Webinar:
Call Laura at 250 248-6012 / 1 877 248-6012 or e-mail Laura at lreilly@leadingadvisor.com and you will receive your GoTo Meeting Webinar Link, Phone Number and Access Code.
- Wednesday, March 16th at 1:00pm EDT
- Tuesday, March 22nd at 4:15pm EDT
Thank you for the opportunity to be of service.
Simon Reilly
The Financial Advisor Coach
1 877 248 6019
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