3 Steps to Implementing Your Business Plan

Business success is a result of careful planning. Yet, even the most considered, well-thought-out business plan is just a stack of paper if you don’t implement it!

Throughout your business plan, there should be clear goals that outline what you want to achieve. Some of these goals might include employing a new customer support executive or downsizing the office due to increased homeworking.

To help ensure you achieve these goals, consider adding an implementation or action plan as a supplement to your business plan. This supplement should further break down the specific actions required to accomplish each goal. For example, when recruiting for a new employee, you might create a list of things to do, which might include:

  • Outline job specification and salary
  • Speak to a recruitment agency or post on job sites and LinkedIn
  • Arrange interview dates
  • Create contract with HR

Next, you need to turn this list into an implementation plan.

 

Step 1: Assign accountability

There is one sure-fire way to achieve your business goals, and that’s implementing the actions you set out in your business plan. The best way to accomplish this is to assign accountability.

To help break it down further, detail who is responsible and who is accountable. These might be the same person, or they could be different. For example, one person might be responsible for posting the new customer support executive’s job specification because they are more experienced at recruitment. However, it might be a different person who is ultimately accountable for approving the hire.

Although the hiring process is heavily reliant on the person responsible, it’s the person accountable that needs to drive the process and ensure it’s complete.

Even if you are a small business or sole-trader, someone needs to be accountable for achieving your business goals. However, in these circumstances, the best person might not be yourself. If you’re in this situation, you know what will happen; you’ll be too busy doing the work to focus on the business itself.

This is where an independent business consultant can add real value – they can hold you accountable.

Learn how the co-founders of Eaglet Business Systems Ltd, completely turned their business around by working with ETC to assign accountability and make time to focus on the business. Eaglet Case Study.

 

Step 2: Create checkpoints

The simplest way to ensure you’re moving forward, implementing your actions and celebrating milestones is to hold regular management meetings.

It might seem like an arduous exercise that takes senior people away from day-to-day operations, but it’s a critical element to achieving your goals. Yes, you might not see giant leaps forward between each meeting, but this is better than suddenly realising you’re heading in the wrong direction when it’s too late in the day to course correct.

Also, you can be sure that most of the activity actually happens right before these meetings. It’s likely that without them, other distractions will take priority and you won’t achieve as much.

 

Step 3: Celebrate and reward achievements

When working towards larger goals (that might take more than 1-year), it can be easy to forget to see the wood through the trees.

All objectives should be timebound, as should each item on your implementation plan. When you meet milestones, celebrate and assign an appropriate reward (even if it’s just a special mention at the next meeting).

It’s natural to have negative associations about regular progress meetings and assigning accountability. However, positive enforcement can encourage you and others to continue to meet targets.

So, next time you achieve something, make sure you celebrate the win!

 

How can ETC help

If you need help creating or implementing your business plan, please get in touch

If you are new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

Business Planning for 2021

There’s no denying it, 2020 has been a rough year for pretty much everyone – and it’s not over yet. You may be thinking: ‘what’s the point in creating a 2021 businesses plan? All my plans for 2020 went out of the window’.

Over this past year, every business has had its strengths and weaknesses exposed, and we’re sure to see the impact of coronavirus continue into 2021. This year has taught us that adapting to change quickly is vital to business success.

Spending time planning for 2021 now will help you consider potential roadblocks and identify unknown factors. This plan will help you prepare for the year ahead.

Here’s our guide for creating a successful 2021 business plan.

 

Where to start?

If 2020 has taught us anything, it’s to expect the unexpected. So, while we can remain optimistic, make plans for some tough decisions.

Top of your list should be cashflow. Positive cash flow will give your business more flexibility to invest in new opportunities and grow.

It’s also worth considering starting a rainy day fund. While the government have been supportive (for many) in helping businesses remain active, we shouldn’t rely on continuous support. You may need access to cash quickly to seize a new opportunity or to tide you over for a little while.

Budgeting is essential to help keep your cash flow on track. For more advice on how to budget, take a look at our 7 easy steps to successful budgeting.

 

How to plan for business in 2021

The principals of planning for 2021 are no different from any other year. Perhaps the only contrast is there is more evidence to suggest things may get more challenging. And this is why planning is essential.

In 2021, consider the national tried system. How will your business continue to operate in another full lockdown, and then work from there? Consider how you will switch on and off services based on these restrictions. Agility in these circumstances will be the key to helping you survive and thrive.

 

What should your 2021 business plan include?

You don’t need to overcomplicate the process. If you have a business mentor, now is the time to get them involved. They can help steer you in the right direction and identify hidden factors.

When writing a business plan, it’s always helpful to use the SOSTAC model. Here are some guidelines to help you create a successful 2021 business plan:

The purpose of your business

It is always important to keep the ‘why’ you’re doing business at the heart of your business plan. This will help ensure the content within your plan supports your business purpose. It also provides context for anyone outside the company reading your plan.

To understand more about the importance of ‘why’, we recommend you check out ‘Start with Why’ by Simon Sinek – also available on Amazon.

Situation

Document where you are now so that you can measure progress. For example, how did you handle lockdown? What challenges did you overcome? How many products do you have, how many customers, how much did you spend against your 2020 budget, sales numbers etc.

Objectives

Where do you want to be: both for the business and personally? Set Specific Measurable Achievable Realistic Timebound (SMART) objectives for each of the steps required to achieve your goals.

Strategy

How are we going to get there? Broadly, how do you plan to achieve the objectives you’ve defined? For example, if one aim is to increase sales, the strategy might be to start selling in new markets.

Tactics

What are we going to do? With the strategies outlined, you’ll need to decide what tactical elements are required to achieve these. Looking back at the example above, let’s say one strategy is to penetrate new markets, one tactic to achieve this may be having an online store.

Action

What do we need to do, by when, and by whom? This is the list you’re probably used to making. It’s the task list for each of the tactics you outlined above. Sticking with the same theme of selling into new markets, and using a website to do that, your actions may include things like:

  • Build an e-commerce website
  • Research shipping fees
  • Review pricing
  • Review packaging options

With a list in place, add to it who will do what and by when. Day to day service delivery can often get in the way of delivering on an action plan, so be realistic when deciding on deadlines.

Control

How are we going to measure and monitor success?

Outlining precise, defined metrics or milestones will help you record and recognise success.

An easy mechanism to establish success against your goals is to attach accountability to the objectives, strategies, tactics and actions. Regular management team meetings, or if you’re a smaller business, scheduled meetings with your business coach will encourage you to stick to your plan.

It sounds logical, but you’d be surprised how many plans are written but not followed. There are so many distractions as a business owner; it’s easy to lose sight.

 

How ETC can help

If you need help creating a comprehensive business plan for 2021, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

Working through your sales backlog

In business, there’s nothing more frustrating than a missed sales opportunity.

During the lockdown, many businesses either had to shut down or had to adapt to a new way of working. In many cases, this has resulted in a backlog of work and sales.

A backlog of sales can be a positive thing, as it shows a high level of customer demand as well as future financial stability. However, if you can’t work through the backlog in a reasonable time, then you’ll start missing out on opportunities and potentially tarnish your company’s reputation.

 

How to effectively work through your sales backlog

 

1) Update your sales pipeline

Before you start anything – is your pipeline and work priority list up-to-date?

It doesn’t matter if it’s on a project management software like HubSpot, an excel spreadsheet, a whiteboard or a scrap of paper, take the time to outline everything. Without this, you won’t be able to assign priorities.

In the long-term, this information should be put into a more robust system so it can become a process. However, on a short-term basis, the important thing is to understand the scope of the task at hand.

If you don’t have a process-driven sales pipeline, read our The importance of a sales pipeline article to learn more about the tremendous impact having one will have on your business.

Top tip: Don’t be tempted to tackle any project until the list is complete- even if, as part of the process you write something down you just remembered you should have done, keep going until the list is done.

 

2) Manage workload

Once you’ve updated your sales pipeline, your objective is to prioritise.

An increase in backlog orders doesn’t mean you should focus all your energy on them and forget the day-to-day work or new sales opportunities. New leads are essential, they’re warm and, depending on the age of your backlog list, may need less ‘effort’ to convert.

Remember, a sales backlog isn’t always a bad thing. By regularly communicating with clients, you’ll be able to manage expectations, giving you time to work through both new and old leads methodically – more on this to follow.

Set out a plan to manage your workload effectively and assign priorities to both new and old projects. An alternative is to spend a proportion of your day exclusively working through your backlog.

 

3) Manage expectations

Continually communicating with clients and prospects is one of the essential keys to business success.

If you’re working through a backlog of orders, let your prospects know. Using your priority list, let them know when you’ll meet their need – and make sure you do. In having the conversation you may discover they’re no longer interested, they were after something more, or they’re happy to wait longer because they’re going on holiday.

Likewise, if it’s a new prospect and you can’t meet with them straight away, let them know and set their expectations.

This stage is vitally important. Yet, it cannot be achieved without a plan. If you can’t deliver on your word, your company reputation may suffer. However, managing expectations effectively can help to increase loyalty and boost your company’s reputation.

 

If you need help managing your sales backlog, or in creating a sales pipeline, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

Bouncing back from lockdown

NOW is the time to ramp up your marketing and PR to get your business bouncing back from lockdown.

It’s difficult to avoid the ‘doom and gloom’ when reading the news. On the 12th August, the government announced that the UK is officially in a recession, we’re also continually being reminded of increasing redundancies, and that travelling abroad could result in a two-week quarantine – but it’s not all bad news.

The UK lockdown is continuing to ease. Theatres, indoor skating rinks, casinos, soft play areas and bowling alleys are all now open. Also, the new Eat out to help out scheme has helped the hospitality sector begin to recover – there were a staggering 10.5 million claims in the first week.

While the weather is good, people are more willing to get out and spend. This is the time to inject some rocket fuel into your marketing to get your business bouncing back.

Invest in marketing and PR

Marketing is an essential element of bouncing back. Marking and PR should be your primary focus over the next few months. 

Face-to-face business conferencing is still set to resume on the 1st October, so while you prepare for this, online marketing remains the primary way to connect with people.

Whether you have a big or a small budget, there are plenty of options for marketing and promoting your business. For larger budgets, we recommend you invest in content creation and advertising. This can include:

  • Google Ads
  • Remarketing (Retargeting) – Getting people back to your website
  • Targeted Facebook and LinkedIn advertising

In addition, and for those with smaller budgets, we recommend you focus on Social Media and Guerrilla Marketing. This can include:

  • Social meida marketing
  • Competitions
  • Email marketing (think about email automation)
  • Content marketing

Your primary objective is to re-establish connections with your audience – PR. Remember, your audience is also seeing the same doom and gloom stuff on the news too. Remind them that you’re still here, you’re still offering great products and services, and you’re safe to do business with.

For more advice on using marketing and PR to get your business out of lockdown, read our The key to ending your business lockdown article.

Planning ahead – events

Face-to-face business conferencing is still set to resume on the 1st October. However, is it going to be the same as before? We suspect not. 

Before lockdown, we saw a glimpse of what business conferences in October are going to look like. Expect social distancing, limited to no contact with your branded items (business cards, leaflets and brochures) and fewer delegates.

Yet, there’s plenty of opportunities to take advantage of these situations. Its likely events will be cheaper to entice an audience. You’ll also have the opportunity to stand out from your competition by creating captivating, easy to understand banners and videos on your stand to replace brochures. Also, all attendees will need to register, and it’s likely that more contact details will be shared with attendees and exhibitors, so this is the time to create engaging followup emails to WOW visitors.

Keeping safe

If you’ve been out shopping or into a restaurant lately, you’ll have seen the number of people on the high street begin to increase. Confidence is starting to be restored. However, at this present moment, it’s not going to take a lot to lose it again.

We must not be neglectful of the measures in place to keep us safe. Keeping staff and customers safe at this time is vital to keeping your business open. Anyone confirmed COVID-19 should self isolate for at least ten days. This could result in key members of staff being unavailable at critical times. It could also damage your reputation with other staff and customers and negate all the hard work you did in bouncing back.

How ETC can help

If you need help creating a comprehensive ‘bounce back’ plan to reduce recovery time, take advantage of new opportunities ETC can help, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

How to create a winning sales proposal

Sending a quote or sales proposal to a client may seem like a basic step in your sales process; something that just has to be done after a meeting. However, it can be one of the most powerful, tangible sales tools you have. Don’t underestimate its value.

The proposal you send your client is perhaps one of the only tangible references to your highly convincing sales pitch, so you must make sure it’s personalised, get’s your value proposition across and is straightforward to understand.

Sometimes, sending over a simple one-page quote with a summary of the work and the price is perfectly adequate. For existing clients who are familiar with you and your solution, this is usually the standard approach. However, for new clients who will compare you to other services, this won’t help you stand out – and a well-written email summary with an attached price is NOT the answer.

Here’s how to structure and write an effective sales proposal:

 

Introduction

The proposal introduction is an opportunity to outline your understanding of your client’s situation, remind them of the ‘pain’ they’re in and how you can help.

 

Your company

It’s important to remind the reader who you are and how you can help. Your proposal could also be passed from your contact to someone else in the business who’s never heard of you, so you should always outline who you are.

As much as you can on paper, you need to establish trust and experience to the reader. Your company introduction should always be tailored to the client’s current situation, and not your “About Us” page from the website. 

 

Your solution

When explaining how you’re proposing to solve the client’s problem, always remember to bring it back to the value you will add – what will the outcome be for the client.

In this section, you can add some technical detail about your solution, but remember to keep it simple. If your service has multiple stages, or your product has various features, this is where you can outline them. If you’re compared to a similar product, this is the page your client will check to see if you’re adding value.

Top tip: While writing, when you outline a solution or make reference to a product’s capabilities, ask yourself: “So what?”. If your next sentence doesn’t tell you how the client will benefit, the client most likely won’t understand what you’re trying to say.

 

Price and timescales

Your price should always be clear and easy to understand. If you have various options, or a shopping list pricing system, be sure to make it clear what the difference is between them. If it’s not clear, consider simplifying your offer.

Make sure you reinforce all the elements of your product and service next to the price (a bulleted list of all the things you outlined in the ‘your solution’ section). This is important if for whatever reason the price gets separated from the rest of the proposal, or someone skips to straight the price page. 

Finally, don’t forget to add timescales. Make sure you answer the following questions: how long will it take? And when can you start?

Top tip: Consider putting together a simple Gantt chart within the proposal. You can use the number of days/weeks/months instead of actual dates if you want to keep things open. This can help give the client a sense of urgency.

 

Call to action

Always end your proposal with a call to action. What does the client need to do if they want to progress with things? 

 

Don’t forget the design

This document is perhaps one of the only tangible sales document you’ll send your customer. It’s therefore vital for this document to look great.

Although professionally designed documents can help you stand out, you don’t need to spend hours on the design. Using a simple Microsoft Word or a free Google Doc template can help structure the layout of your proposal. 

Remember: A fancy document with terrible content can lose you a sale just as quickly as when you present an excellent proposal poorly. 

 

How ETC can help

If you need help writing winning sales proposals, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

This is the sixth in our sales series. If you haven’t already, you can read the others here:

  1. Sales starting point: Attitude
  2. The importance of a sales pipeline
  3. Preparing for a sales meeting
  4. Conducting a Sales Appointment
  5. Quote based on value, not price

Quote based on value, not price

When you talk about the price of your product or service, are you buying business or selling something that will add value?

Many businesses, especially small businesses, believe that they need to be ‘low cost’ in order to win business and be competitive against more established companies – this is not the case.

When you’re putting together a quote or proposal for a client, the focus should never be on the price. The mission is to get them thinking about the value of your product or service. The final amount you outline in your quotes will then reflect the value-added to the client.

Quoting your solution based on value, not price, will not only increase sales, but it will also boost your profits.

 

How to establish value

Establishing the value of your service comes from the work you put in before and during the meeting.

Understanding the problems a business faces (the pain), will allow you to outline how your solution can add value.

For example, imagine you are a roofer quoting to repair a leak at a factory. The owner describes how he’s had to stop or remove machinery because of the leak. Your solution (fixing the roof) is worth the lost revenue from the inactive machinery over time, not the cost of the repair.

Sometimes, the ‘pain’ isn’t so apparent to the client, and you’ll need to work a little harder to establish value. The key here is to understand things like the current conversion rate, average order value, profit and staff-hours required to fulfil an order. With this information, you can paint a picture of how an investment in your solution will increase future sales and productivity.

For example, imagine you’re selling some order processing software that will track customer orders and send automated progress updates both internally and to the customer. The value here is the reduction in time someone needs to spend updating people on the status of an order. More hours are now available to achieve other things – things that have probably been on the boss’ mind for ages.

With the right information, you could outline both cost savings and increased revenue in one go.

For a guide on how to get the information needed to add value to your quotes and proposals, read our meeting preparation article and our conducting a sales meeting guide.

 

The competitive edge

It’s important to remember that value is based on the customer’s perception.

Without establishing value, it’s highly likely that your solution will be compared to a price they found on the internet or the last thing they bought – which could be a cup of coffee.

If you establish value based on a genuine understanding of how your solution will meet their requirements, you will have a competitive edge regardless of whether your price is higher or lower than an alternative.

 

Questions you can ask to help establish value

Factfinding is essential to creating the value of your solution. The easiest way to gather information is during a face-to-face meeting. The questions you ask during that meeting can help reveal the companies ‘pain’ points – which can sometimes be unknown to them.

Here are some example questions you can ask in your meeting:

  1. What is your current conversion rate?
  2. What is your average order value?
  3. What the average profit from each order?
  4. How many sales do you need each month to maintain operational?
  5. How is the company structured? How many departments, and how many employees in each?
  6. What are your growth plans?

These questions are just some examples to get you in the right frame of mind. It’s usually best if these questions are woven in-between the conversation rather than fired at the client as a questionnaire.

For more information on how to conduct an appointment that gives you the best chance of closing a sale, read our conducting a sales appointment article.

 

How ETC can help

If you need help turning your conversations about price to one about value, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

This is the fifth in our sales series. If you haven’t already, you can read the others here:

  1. Sales starting point: Attitude
  2. The importance of a sales pipeline
  3. Preparing for a sales meeting
  4. Conducting a Sales Appointment

Conducting a sales appointment

How do you increase the chances of winning business at a face-to-face sales appointment?

Many people believe that you need to be a salesperson to sell your products or services. However, sometimes, this stereotypical, chatty salesperson trait can be counterproductive. The key to a successful sales meeting is to listen to the client and directly answer how your product or service is the solution.

Here are our top tips on conducting an appointment, giving you the best chance of closing a sale.

 

Establish rapport

The first thing you should do in any meeting is to establish a foundation relationship with everyone in the room. Everyone knows you’re there to talk about your solution, so there’s no need to be too familiar, but remember people buy from people, so if there’s an opportunity to find common ground, use it.

The aim is to gently transition from this less formal conversation into the purpose for the meeting. Ideally, it should be seamless. A great way to do this is to talk about finding more time to engage in hobbies or spend time with the family – your solution can help.

TOP TIP: Keep an eye out for any personal items in the room. This could help break the ice. For example, they could have sports memorabilia on show. People love to talk about their hobbies.

Word of warning, don’t pretend to be knowledgeable about something you’re not. You don’t need to share the same interests. The purpose is to show genuine attention and get them to open up about their experience.

If there aren’t any personal items, why not mention the roadworks you probably sat in to get there? They probably have to sit in that every day!

 

Clarifying what their needs are

The key to a successful sales meeting is to position your solution, either product or service, as the means of solving their pain points.

You are never going to be able to do this effectively if you don’t know what these are specifically. So, you need to ask questions and truly understand what they are trying to achieve.

It’s best to avoid closed questions, those that invoke a “Yes” or “No” response. Instead, practice using open questions that invite people to provide a detailed answer. These type of questions usually start with ‘what, ‘when’ and ‘how’.

Finally, make sure you listen to their answers. Your objective is to investigate what one or two things are causing them the most pain. When it’s your turn to talk, your answers can then always refer back to how your product or service is the solution – this is how you establish value.

 

Talk about value, not cost

One of the most common stumbling blocks in a sales meeting is the cost, or price, of your product or service.

Some people are uncomfortable about giving a price, and you can see them physically shy away from talking about it. Others are happy to provide one, as they are confident that it is fair.

Regardless of the situation, it’s not about how you feel about the price. It’s always down to their perceived value of your solution. If you are providing a price without establishing value, the cost will almost always be too high.

So, how do you establish value? After you understand the pain points of your potential customer, you need to understand how much it costs them to work around their problems, or how these pains are preventing them from achieving growth.

Ideally, in understanding their pain cost, you want to get a financial figure from them. This can help you talk about your solution as being a fraction of the cost, or identify how you can add additional value and open new opportunities. Again, its always about the value to the client, not the price of the solution.

If you take this approach, you’ll find that you rarely ever talk about the actual price of your solution.

 

Always close

You might be familiar with the ‘Always Be Closing’ (ABC) sales technique. And while this does conjure images of ‘pushy’, perhaps unethical salespeople, it is a phrase you should remember for each meeting. 

In a sales meeting, everyone knows you’re there to sell, so there is no need to be afraid to ask for business. If you have established value, the close should flow naturally, and you can move from talking about how you can help to when you can start helping – this is an assumptive close.

The assumptive close can be a gentle way to establish a commitment by creating an easy way to start. A great way to achieve this is to get the diary out and pencil in a delivery date.

Finally, don’t fall at the last hurdle, get the paperwork over as soon as possible. Whether this is a quote, proposal or summary of your agreement, get it their hands as quickly as possible. Generally, people are busy, and as soon as you leave the meeting, they will get absorbed into other things, you don’t want the value you’ve just spent time establishing to diminish.

TOP TIP: A great way to keep at the forefront of a prospective clients mind is to send them a ‘thank you for your time’ email following a meeting. Why not create an email template in your email client to save you writing one each time. Here are some guides based on the most common email clients:

 

How ETC can help

If you need help turning your sales meetings from a conversation about price to one about value, please get in touch.

If you’re new to ETC, why not contact us for a free new business review? We’ll spend two hours with you, giving you professional coaching and will leave you with actions for immediate implementation.

This is the fourth in our sales series. If you haven’t already, you can read the others here:

  1. Sales starting point: Attitude
  2. The importance of a sales pipeline
  3. Preparing for a sales meeting