business owners - Quantum Scaling℠

Why Now is the Time for Strategic Planning

by Peggy Niles

In the world of business, it’s easy to get swept up in the day-to-day hustle and bustle, often leaving little time for reflection and strategic planning. Many entrepreneurs tend to wait until the turn of the year to set their goals and create their game plan for the upcoming months. However, what if I told you that NOW is the opportune moment to start laying the groundwork for a successful year ahead? If you’re a dynamic, forward-thinking business owner like our 45-year-old marketing maven with a 12-year entrepreneurial journey and a team of five dedicated professionals, then this is the perfect time to roll up your sleeves and dive into the nitty-gritty of your business strategies.

Get Ahead of the Curve

Let’s face it: the beginning of the year often comes with a rush of businesses scrambling to set their objectives and kick-start their plans. By taking the proactive step of initiating your strategic planning now, you’re already miles ahead of the competition. Starting early allows you to avoid the frenzy and enter the new year with a clear vision and a well-defined roadmap, enabling you to gain a competitive edge that can make all the difference, but most of all providing you clarity and giving you the confidence you need. Not sure where to get started, identify your NEXT 3 MOVES based on your business stage AND what you’re doing now, by taking this short quiz here.

Reflect and Refine

One of the most critical aspects of strategic planning is reflecting on your current year’s performance. Determining where you overspent and the main drivers of your revenue not only helps you in identifying cash flow insights for the upcoming year but also allows you to still do something in the remaining months of this year to reach your goals or decrease your taxes. Reviewing your successes and learning from your challenges provides invaluable insights that can guide your decisions for the upcoming year. By identifying what worked well and what didn’t, you can refine your strategies, tweak your approaches, and lay the foundation for even greater success now and in the future.

Strategic Budgeting

Cash flow is the lifeblood of any business. By creating a meticulous cash flow forecast at this juncture, you have the opportunity to allocate your resources strategically. Anticipating potential financial bottlenecks early on enables you to make informed decisions about where to invest and where to cut back, ensuring that your financial strategies align seamlessly with your broader business objectives.

Team Collaboration

Your team is an indispensable asset in your business journey. Involving them in the planning process at this stage fosters a sense of collective ownership and empowers your employees to contribute their insights and ideas. Creating a collaborative environment not only boosts morale but also encourages a diverse range of perspectives, leading to more robust and innovative solutions. When everyone is aligned with the overarching vision, the collective synergy can propel your business to new heights.

Adapt to Market Changes

The business landscape is ever-evolving, with trends and shifts that can significantly impact your operations. By initiating your planning process now, you grant yourself ample time to assess any market changes and adapt your strategies proactively. Staying attuned to industry trends and customer preferences allows you to pivot swiftly, ensuring that you stay ahead of the curve and maintain a competitive advantage in a dynamic marketplace.

By recognizing the importance of strategic planning and embracing the process early on, you lay a robust foundation for a successful year ahead. Your dedication to foresight and meticulous planning will undoubtedly yield fruitful results, propelling your business toward greater heights of success and prosperity.

So, why wait for the new year to kick-start your planning process? Seize the opportunity now and set the stage for a year of growth, innovation, and unparalleled success. The journey to a thriving business begins with a single step, and that step is best taken today.

We would love the opportunity to help you grow and scale your company; set up a complimentary discovery call with us by clicking here and we’ll help you create your customized gameplan!

Other Business

I’m Not an Air Traffic Controller But…

by Peggy Niles

I’m not an air traffic controller, but I can imagine the stress of your job. You’re constantly trying to keep track of everything that’s coming at you from all directions and making sure it lands where it needs to go. If one thing doesn’t land exactly right, then you have a disaster on your hands. Sound familiar? That is what running a business feels like!

There are always things coming at you from all directions: new customers, new suppliers, new ideas, new regulations. You have to keep track of it all and make sure it lands in the right place. Sometimes something slips through the cracks and you end up with a disaster on your hands. But if you’re able to stay on top of things, then your business can be a success. Just like an air traffic controller, it’s all about keeping calm under pressure and making sure things go according to plan.

So how do you make sure things go according to plan when so many unexpected issues pop up during the day?

By having a clear plan and sticking to it as much as possible. You can’t let yourself get bogged down in the details, you need to have a high-level view of what’s going on and make decisions based on that. And you need to be prepared for when things go wrong and know how to fix them quickly.

Just like an air traffic controller you need to anticipate the direction with some predictability and have an alternative path in mind. (This is where the most underleveraged resource comes in handy; we’ll talk about that next time.)

This is especially important when you’re working with a team, as everyone needs to be on the same page and moving in the same direction. So how do you go about creating this high-level plan? And more importantly, how do you stick to it?

One of the best ways to create a high-level plan is to use the “KISS” principle. Keep it simple, stupid! By keeping your plan as simple as possible, you can avoid getting bogged down in the details and make decisions quickly.

Another important thing to keep in mind is your goal or endgame. What are you trying to achieve? Having a clear goal will help you decide what to do and make those difficult decisions. And you should always know how your goal can be measured or tracked as this will help hold yourself accountable for the progress you’re making.

If things don’t go according to plan, it’s important that you have an alternative path in mind so that there are no hiccups along the way. This is where flexibility comes in handy, as you can change your plan on the fly to accommodate new information or changes in the market.

So these are just a few tips for creating and sticking to a high-level plan. By following these simple steps, you’ll be able to stay focused and achieve your goals!

Now that we’ve gone over the basics, let’s take a look at some tips for creating a high-level plan.

> The first step is to come up with a simple roadmap of what you want to achieve. This can be anything from increasing leads to hitting a specific revenue target.

> Once you have your goal in mind, break it down into smaller milestones that you can achieve along the way. This will help keep you on track and make it easier to measure your progress.

> Make sure to assign deadlines to each milestone and create a timeline for completing them. This will help ensure that you’re making steady progress towards your goal.

> If something comes up and derails your plan, have a backup plan in place so that you can still meet your deadlines.

This is just a small sample of the kind of work we do with our clients, but it will give you an idea of how things are structured and where they’ll go. So if you want to get started right away, feel free to check out our website or set up your complimentary breakthrough session with us here for more information!

Business Growth

Plan for Your Profitable Exit Early

by Peggy Niles

If there is one thing I can tell you after being in business for myself, it’s that I could never go back to the traditional “9-5” job. How about you?

Well if you’re with me I hope you’re starting to plan out your exit strategy early.

I can hear you now “My exit strategy? I’m not ready to retire OR I’ve only been in business ten years; why would I be planning for my exit strategy already?”

Two things on that front:

You don’t have to retire to exit your company; you may want to sell your company and build a new one or you may want to take on a passive role and collect money while lying on the beach somewhere.
You want to identify your exit strategy now so you can build your company in line with that endgame then it’ll be ready when you are.

Now back to the point at hand, do you want to go from running your own business to being an employee of sorts for someone else the last 2 years of your “working” life?

Did you know sales contracts for service-based businesses typically include a performance clause?

This means you’ll promise to stay with the company in some capacity for the next 2-3 years while maintaining or reaching a certain revenue level, profit margin and/or client retention rate.

Mind you, during this 2-3 year period you are no longer in charge because you’ve sold the business; the new owner is now your “boss”. Not to mention, if you don’t reach the performance goals the sales price goes down (if the sale goes through at all). You’ll be back to reporting to someone else.

The thing about building your business so it sells outright, with no performance clause, is it positions you not only for a profitable exit, but it also helps you create the freedom you want now – the freedom you hoped for when you started your business.

Did you know only 30-40% of businesses put up for sale are actually sold?

There are a few reasons for that, but today I only want to touch on one, that is the value of your company. There is typically a wide discrepancy between what you as the business owner feel your business is worth and what someone is actually willing to pay for it – its true value.

So what can you do to narrow this gap?

Here’s a tip: Build a scalable model that will remove you from the key equation in your business!

Easier said than done when you own a service business and your responsibility is to serve, right?

I’m not saying it’s something that happens overnight, but it is doable and it doesn’t have to be complicated; it is, however, why you should start planning now.

Here are a few things that a perspective buyer would look at:

What is your role in the company?
What does your day look like?
How easy is it for someone to step in and replace you without working as hard as you do in the everyday?
Do your clients correlate you to your company (e.g. are you your company’s brand? When they think of your company, do they think of you as one in the same?)
Do you have recurring income coming in that will continue?
What’s been your growth rate over the past 5 years?
Do you have a cash management system in place or are you bleeding cash?
You may be earning 6-7-8 figures in top line revenue, but what are your bottom line profits and how much are you paying yourself?
Do you have systems in place that minimize your business risk and maximize efficiency?
Do you have processes that are easy to follow and repeat?
What is the make-up and responsibilities of your team?

If you’d like to see where you fall on the “getting ready” spectrum, take our Profit or Plateau Assessment to determine what your next 3 moves should be to build sustainable growth (resulting in increased value) and the pitfalls to avoid: http://quantumscalingstrategies.com/profitquiz

Tag: <span>business owners</span>