Planning For Your Business- B.H.A.G. -Member Crossroads- Bobbi Kellough
In January, during our Connection Wednesday Lunch, we had a conversation about planning for your business. The beginning of a new year brings many personal resolutions and goals and I wanted to make sure that business owners were setting goals for their businesses also. Most every small business has a business plan, something that you put together when you opened your business. When is the last time you looked at that plan? Is it still in the drawer or file cabinet? It is important to have a plan and have that plan visible so you can measure your successes.
A great recipe for success is to:
1) Have a Vision
2) Do Your Research
3) Set Goals
4) Plan the How to
5) Follow up
Vision – What do you want to be? How do you want to make an impact? Think about your B.H.A.G (Big, Hairy, Audacious, Goal). Think of something that you could never imagine yourself doing. For instance, a B.H.A.G. for me at the Chamber would be to write 150 new members in one year. This is an audacious goal, since I have only done 85 in 2015 and 87 in 2016. It is definitely a stretch goal for me.
Do Your Research – Who are your competitors? Who are your customers? What are your strengths? What are your weaknesses?
Set Goals – What do you want to accomplish this year? Increase sales by what %? Renovation? Purchase new equipment? Add to your team? Have more family time?
How – Advertising & promotion (what medium), Budget, Demographics, Team, Chop your yearly goal into pieces by quarter, by month, by week, by day. You just might meet your B.H.A.G!
Follow Up – Don’t put it in a drawer, revisit it, and share with your team. How are you doing with your goals?
Tweak – This is not a historical document, it is meant to be changed. What is working, what isn’t? Don’t wait until the end of the year.
Remember, Nothing Changes if Nothing Changes. Get a plan in place even if it is just a few bullet points, it doesn’t have to be a 30 page document.
-Bobbi Kellough, Member Relations & Events Manager