Even though you probably haven’t completed your 2020 business plan yet, you’ve at least started the process, right? If not, you’re behind many of your peers, but the good news is this: You can still make up for lost time as long as you take action today.
Developing your business plan is the next step after you properly prepare yourself for the business planning process, which takes time, discipline and effort to complete.
In order to create your 2020 business plan, there are a few actions you should consider first.
Start with your vision
Now's the perfect time for you to do some soul-searching. While many people are beginning to mentally check out ahead of the holiday season, you, on the other hand, should take hold of this opportunity to collect your thoughts and ask yourself the following question: What’s my vision for life?
Take some time to look inward. What do I want from life? Where do I see myself five years from now? What about ten years from now? How do my priorities factor into my life's vision? Answer all of these questions and then some.
After determining your personal goals and vision, draft a version of your company’s vision. Why are you in business? What are your company’s goals and values? Always keep this in mind: They must align with your personal goals and vision if you want to succeed. You can’t have conflicting values.
Evaluate your business targets
Business targets enable you to narrow your vision down into something more manageable. The targets for the first three years of your business plan are critical to your business’s long-term success. These targets are your mid-range goals. They verify your destination and identify major initiatives.
What's your annual business plan?
Your annual business plan should be fairly simple for you to develop. Think about what you’re going to do for the year. It should include your budget, key annual initiatives and company-wide goals. If you pay attention to any of the business planning methodologies out there, this is all pretty standard.
Break down your annual business plan into quarterly action plans
After you’ve completed your annual business plan, break it down into quarterly action plans. This is where everything becomes real. For each quarter, set your revenue targets and calculate your sales goals. Then, afterward, set your goals for MRR, average MRR, net profit, etc. You set these goals to make yourself accountable. Most importantly, when drafting your quarterly action plans, you must decide not only what to do but what not to do. There’s only so much you can accomplish in a quarter.
After you’re done preparing and creating your business plan for 2020, the implementation process begins. Don’t wait too long to get your business ready for the new year. Before you know it, it’ll be January, and you’ll be partying it up with other TruMethods members in Orlando for Schnizzfest 2020.