Don’t Forget to Do Your Business Plan …
Over the last month, both Nolan Painting, Inc. and Summit Services, Inc. completed their 2013 business plans and budgets. Every year I am reinvigorated by the results and the power of planning. It’s such an awesome opportunity to take my head “out of the hourglass” and look at the business from above. This year felt extra special because of the extensive involvement of our management teams.
You may have heard me say that while the Nolan Painting business systems are terrific, it is the management team that sets Nolan Painting apart from other businesses in our region. I witnessed the Nolan Painting management team get energized around achieving their $5 million revenue goal in 2012 (which they hit) and then participate in the 2013 planning process. The team of six is now focused on achieving new targets in 2013, for which they all stand to gain from through the pay for performance system.
The Summit Services planning process was also inclusive. My planning team consisted of Andrew Amrhein, Kathryn Freeman, Molly Nolan, Lori Purtle, and Kevin Nolan. The Nolan Painting management team, all of whom are active in Summit, joined for part of the Summit session. The results: clear goals shared by all, a shared incentive plan and clear action items!
Who’s on your planning team?
Things to include in your planning sessions:
Identifying your Vision
As a business leader, your primary objective is to see through the fog and identify where you want your company to go – your company’s vision. Your vision is a picture of a desired future state. I like to use a three-year vision point. It’s a time frame that’s within reach.
Realizing Your Vision: Developing Your Plan
- Develop your Mission and Values: your Mission is your purpose, your companies polarizing force and reason for existence. The values are the principles you follow.
- Explore your Strengths, Weakness, Opportunities, and Threats (we call this a S.W.O.T analysis). This is both an internal and external assessment of your world. You’ll want to solve for your weaknesses, be aware of the threats, and capitalize on your strengths and opportunities. Weaknesses prevent you from achieving your vision.
- Identify your Annual Objectives; examples include revenue goals, customer satisfaction rates, leads, and gross profit.
- Develop your action Plan: Your Action Plan is your year one road map towards the accomplishment of your vision. Review your weaknesses. What projects should you do to improve them?
- Set clear next steps focusing on the next 30 days, and a description
- Set a regular reoccurring meeting to check progress.
Good Luck! — Brian Nolan