When new business owners think of business plans, they usually think of a complicated document completed to secure financing. For that matter, many experienced business owners also think of it that way.

Obtaining needed financing is a key reason to complete a business plan, to be sure. Why, however, do you think lending institutions require them? Is it to have a better understanding of your business, or is there something more to it?

Many studies have been done on the effectiveness of drafting and actually using business plans. They all seem to agree that companies that have a plan and implement it tend to fare better. I’ve seen this over the years with my clients, as well as with my own businesses. The reason for this is simple – FOCUS. Mind you, there are stories about the entrepreneur who scratched out his idea on a napkin and went on to make millions. But I bet he had both focus and a passion for his idea. What he didn’t have was an overly large document to confuse things.

So in my opinion, it is important to write out your plans and even more important to have a strategy to execute those plans. In the long run, writing, implementing and regularly tweaking those plans will result in far greater returns than did the initial financing.

As previously mentioned on this site, creating a business plan doesn’t have to be a daunting task. You should be able to put it together relatively quickly. You already have the ideas in your head; you only need a simple format to organize them so they can be easily seen and reviewed regularly.

To accomplish this, we use The One Page Planning & Performance System (TOPPPS). TOPPPS is a breakthrough business application. It takes the best of The One Page Business Plan^® process to the web to create a powerful strategic planning and performance management system that helps your company:

• Accelerate growth
• Increase revenues and profits
• Develop stronger communication between divisions
• More effectively implement your business plan
• Develop high performance leaders
• Focus people and resources on achieving goals

The One Page Business Plan is a proven business tool that uniquely links Planning, Strategy, Performance and Accountability. It’s simple, it’s easy and it works because the system:

• Requires every manager has a plan… a One Page Plan
• Uses easy to understand language
• Teaches systems and critical thinking
• Fosters organizational learning
• Clearly identifies excellent and poor performers
• Fosters 360 degree accountability
• Integrates performance and progress reports to plans

The Web Based One Page Planning and Performance System features:
• Standardized One Page Business Plan template
• Drill down navigation with click-thru organization chart
• Linked Performance Reporting to each Objective
• Progress reporting to each Planned Action
• Color-coded Plan Status Reports
• Flexible system for approval of plans
• Secured and Controlled Access to system • Online input and updates

Successful author, thinker and businessman, Tom Peters*, says,

“The One Page Business Plan is an out-and-out winner. Period. It makes great sense to me as a so-called business thinker. But the acid test was applying it to a start-up I co-founded. We spent several days drafting our one pager – and have been editing it ever since. It is a powerful, living document; the very nature of which has led us to important new insights. The One Page Business Plan = the proverbial better mouse trap!”

*Tom Peters, Author of:
“In Search of Excellence”
“Thriving on Chaos”
“Liberation Management”
“The Pursuit of Wow!”
“The Circle of Innovation”
“Re-imagine!”
and “The Little BIG Things:”

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Executive Briefing of “The One Page Planning & Performance System”

Do you waste a lot of time struggling to put together your small business plan only to leave it in the drawer, never to be seen again? Or do you even bother writing one, knowing it’s a daunting task.

I know, I’ve been there. In the past, I read all the business plan books, used the various software packages and wasted several weeks, which I will never get back. And still, after the completion of the plan and approval from the bank, the whole ordeal (and the plan) miraculously disappeared from my mind.

I never gave up though. Over the years, planning would pop back into my mind. I’d be sitting in some seminar only to be reminded by the latest guru that I needed to plan. Back to the drawing board I’d go trying to overcome this behemoth of a task called business planning. Some of it must have made an impression on me though or I wouldn’t be where I am today.

Convinced that there had to be an easier way, I continued to look. About three years ago I stumbled on to a fellow by the name of Jim Horan, the author of… you guessed it, the “One Page Business Plan.” I was intrigued.

So much so that I purchased all of the books and the software, then started to study his method. It was pure genius, but oh so simple. Of course, part of me said, “It can’t be that easy;” I know some of you are saying that as well. But it is.

Once while having a coffee, I told a friend about this process and how simple it was. He said, “ Our business is much too large and complicated to do a plan up on only one page.” Obviously I didn’t do a good job at explaining it. Have a look at some of One Page Business Plan’s clients.

Without getting into too much detail,  I’ll give you an overview of the process. Remember the most important planning you do is for your business and for yourself, not the bank. After you get the financing from the bank, on going planning will put more on the bottom line then the bank ever will.

So here we go. There are 5 key elements for a One Page Business Plan:

1. The Vision Statement – What are we building?

2. The Mission Statement – Why does this business exist? (Not the money reason)

3. Objectives – What results will we measure this year?

4. Strategies – How will we build this company over time?

5. Action Plans – What is the work to be done this year? (Who & by When)

That’s basically it. Once you complete your plan, it’s easy to review, update and to see what’s next. So give it a try. If you’d like more help with this, give us a call.

If this describes you, then you had better hire a bookkeeper; this one act could save your business.

Many of my clients don’t know the inner workings of Solution One Financial. And why should they care? Everything seems to move along smoothly year after year.

Like most business owners, we have similar goals; we have successes and failures (or should I say challenges). We want our clients to be happy with our service and our employees to enjoy coming to work each day.

When I started our business I did most of the administrative duties: bookkeeping, taxes and other tasks I really did not enjoy. Particularly the bookkeeping. Because I disliked and did not get paid to do our own books, procrastination was often an issue. I would scold myself and get back on track for a while only to fall off the wagon again. This wasn’t helping my business and it was keeping me from focusing on tasks that I did do well.

So years ago I made a decision to hire a bookkeeper. Now I know some of you are saying, “Wait a minute, Jim. You’re in the business; what’s the big deal?”  First of all, I was one of those entrepreneurs who couldn’t let go. You know, the “Nobody can do it as well as I can,” syndrome. And secondly, if I did use someone in house, I would invariably switch the task to something that paid. I was like the plumber with the leaky pipes at home.

So I took the leap and hired a freelance bookkeeper to come in every 2 weeks to keep us up to date. Now we are never late with anything, and I have the profit and loss figures at my fingertips. Life is good.

Having that task under control felt so good that I started to consider other areas that could be delegated. While driving home one day thinking of just that, a sudden recollection of a Financial Planning seminar I attended in San Diego popped into my head. This was no regular Planning seminar; this was attended by a large number of the big hitters in the United States. I took a lot of information away from that 3-day event.

Within thirty minutes of the seminar’s opening, Bill Bachrach, the facilitator, asked for a show of hands. His question was, “How many of you Financial Planners out there, have your own Financial Planner? Someone with whom you entrust all of your finances?” Well it was quiet at first, and then to my amazement, a number of hands went up. My first thought was that no one who was already in the business and was in his or her right mind would need or even consider using a Financial Advisor. Bill went on to say that among those individuals with their hands up were some of the most successful financial advisors in the country. Most were multi-million dollar producers and, for the advisors reading this, the majority were fee based. Bill went on to explain why he thought that it was one of the most important initiatives upon which we could embark. He felt that if we were to entrust our finances to an advisor with a highly successful business, one much larger then ours, we could not help but stretch our own practice.

So to get to my point, I applied that thinking to our Tax practice. I began my search for an Accounting firm that was functioning at a much higher level than ours. We found that firm in Ottawa and have been using it ever since. Was it a worthwhile decision? Absolutely. I now have far more time to focus on my business’ growth and my ideal clients. I also have access to an expert in my industry, someone with whom I can explore new ideas.  And he holds me accountable as well.

Bottom line: know your bottom line and get some help.

Small business owners are busy and tend to be experts in one specific area, usually something about which they are passionate: their trade or perhaps their hobbies. Some are serial entrepreneurs who love business, no matter what the widget.

I know not all small business owners are entrepreneurs who want to build something unique or to leave a legacy. I’m talking to those who began with passion and a vision, but who now find their passion waning slightly and the vision they once held, slightly blurred.

To attempt to wear all of the hats in your small business is a guarantee to put you on the road to failure or, at the very least, mediocrity. As your business grows you need to reach out and find experts to assume responsibility for areas in which you may be weak.

In school, we were taught by our teachers and encouraged by our parents to, “Work hardest on your weaknesses,” Spelling, or perhaps Mathematics. What happened? Well, hopefully we improved somewhat, although this is unlikely. Imagine if we had been encouraged to work on our strengths, to indulge our passions. Who knows where we would be today.

In the business world, you need to focus on that which inspires you; feed on the potentialities. Let others do the things that challenge or bore you; things that you can’t avoid doing, so you procrastinate.

If this sounds like you, then you need to take a hard look at your business and the person in the mirror.

Your real job as an entrepreneur is to grow your business. There are only three ways to achieve this: 1. You can increase the number of clients you have – marketing; 2. You can sell more frequently to your customers – constant follow up; and 3. You can increase your average sale price. Most business owners (90%) focus in on increasing the number of clients and it is the least effective and the least profitable.

So how are you going to achieve this? By taking the time to plan. If you work day in and out in your business without taking the time to ask yourself how it could be improved, it won’t. No one else is going to do it; you are at the helm. Most businesses fail due to internal factors, such as poor planning, or inadequate or non-existent marketing, not external factors such as the economy, competition, or the government. So it’s up to you.

Even an hour a week can make a huge difference. Set aside some time when you can be away from the office or store, away from your family and other distractions. Turn your cell off and don’t check email. Focus for a solid hour on only planning and of course, implementation of that planning.

How can we help? We’re not marketing experts, however we can assist you with your business planning, bookkeeping, business structure, tax planning etc. Give us a call; we’d love to give you a hand.