Coming up with a successful business plan
Hi this is Samuel Junghenn and I just want to show you in this video, how I map out my goals and business plan for the coming year. Now I got this great little tool here called mind map and it basically helps you map out things in terms or in form of like a tree would map out I guess. Here’s the trunk, here’s one of the big branches and here’s some smaller branches and as we go out it becomes more miniscule or smaller. So you imagine here’s the highest level objective and that’s where we want to get to.
It’s a big goal there – it might be to make a certain amount of money. It might be to travel to a certain place. It might be to buy something or to meet someone or whatever it might be. That’s our highest level target there and from that we get it broken down to smaller chunk sizes.
In this example, I’ve broken it down to four quarters of the year. I like to break things down into 4 quarters as it makes things more manageable and then what you can do is to put up a big goal here. Now this might be to let’s say – make a million dollars! Okay so we got our big goal and what we want to do is break it down into our four quarters and then we want to work backwards from the quarter closest to the end goal which is going to be the fourth quarter in this case.
So let’s say for example our big goal is to make a million dollars. Let’s say our 4th quarter goal was to have made $300,000 for example. For three, let’s say we need to make $300,000 as well and let’s say for quarter 2 we need to make $250,000 and that leaves us with quarter 1 make $150,000.
So we’re just assuming that business is building up over the year and you don’t have to do it this way. You could have had 250,250,250 and 250. I like to always expand things and improve and grow and so this is the way I like to set it out. So you set out a bigger chunk because hopefully you would have more money in quarter 3 and 4 than you would in 1 and 2.
Now from here we got our month 12 goal which might be to make $100,000 and month 11 might be to make a $100,000 etc. etc. So now we got a map with all our goals for each quarter and all our goals for each month. Now once we got it broken down, we can see that its more manageable chunk sizes out here. Now what we can start to do is look at each month.
So now we can work clockwise before we work counter-clockwise to break down and give us our goals. Now for each one of these we want to put:
- Who do you need to meet?
- What do you need to do?
- What do you need to learn?
- What do you need to start doing?
- What do you need to stop doing?
What are you going to do for fun? It’s not really in relation to getting your goal but just to make sure that you are doing something. It keeps you punctual, it keeps you happy, it keeps you motivated and on track which indirectly will help you reach your goal here.
Now under each one of these we can branch out again. So need to do – need to find 5 new clients. Under 5 new clients we can put what you need to do to get those 5 clients. Need to run adwords. Let’s say, need to – say for example if your conversion rate per clients was 50 percent. That means you need to have 10 meetings with prospects.
So you can just keep breaking it down and breaking it down and so from here – you can go, what do you need to do to run the adwords? So you can have, need to setup campaign, need to split test ads, setup conversion tracking and so on. You can just keep going breaking this down until we got really measurable chunk sizes and got all the steps laid out. This might take you time and it might take you a day or two to mind map all these but once you got these you got every single task and goal laid out that you need to do to get to your big goal at the end of the year.
What else do you need for a successful business plan?
- So the need to learn here might be:
- need to learn to manage people
- Need to learn to be a better salesperson
- Need to learn to speak in public
- Need to learn to do videos
- Need to learn to write sales copy
- Need to learn how to do Google Adwords
- Need to learn whatever it might be to help you reach your goal for the month and for the quarter
The main thing to keep in mind with all of these things is that they need to be pointing at the same direction of the big goal. For example if your big goal was to remove yourself from the business at the end of the 12 months while reaching your financial targets then you wouldn’t be creating more jobs for yourself here. You wouldn’t be:
- trying to learn what you don’t need to learn
- You wouldn’t be trying to learn how to do adwords
- You wouldn’t be trying to learn how to write a copy
- You wouldn’t be trying to learn how to build a website
- You’ll be learning to manage people
- how to hire people
- how to influence people to do what you want
Sales? Absolutely no matter what level you are at, you need to understand about selling but your goals will be different along the way if your big goal was to exit the business and be able to work on the business externally as opposed to working in the business. So think about your big goals and your big objectives and everything needs to align. Your monthly goals and your quarterly goals need to align with your big goal and every to do or every task needs to align with your monthly goals, your quarterly goals and your big goal.
Need to meet – I put this in here because this is overlooked by so many people that as they say in old age, your network is your network. It couldn’t be more true – hanging out with like-minded amazing people achieving things and continually expanding and growing the businesses and pushing their boundaries. That’s exactly who I want to be around and so I surround myself with those sort of people and I keep them motivated and on track.
They also have a lot of great contacts. They know things that I might not have learned. They had problems that I might have not come across yet and know how to avoid them. They’ve had different mistakes than I have and so I highly suggest you have a need to meet section so that you can start surrounding yourself with people that are ultimately going to help you get what you want.
Now it’s not a one-sided thing obviously, you know you want to provide value to them as well but you have to have a need to meet and say “I’m here”. It could be mentors or it could be an offer. It could be a particular joint venture partner that can introduce you to a heap of other business prospects and so under your need to meet under each person you can put what you need to do to meet that person. Does someone you already know, know that person? Can you find them on LinkedIn, Facebook, and Twitter wherever it might be?
Okay start doing is quite self-explanatory; things that you need to start doing on a consistent basis to get your goals. Need to stop; same thing, things that you need to stop doing. What are you wasting time on? What is not producing results now or what is not going to help you produce results to reach your monthly, quarterly and your big goal?
What do you need to continue doing? What has been working for you previously and what’s been getting you results that you need to continue doing to support your progress and support your goals and then what do you need to do for fun? As I said before it’s very important to keep your glass full. Keep happy feet motivated and keep on top of things so that you can get to where you want to go.
So that’s pretty much it. This is how I map my year and my success and I suggest you do the same. You don’t have to use the mind map if you don’t want to. I just prefer the mind map because as you can see here you can just keep breaking it down, breaking it down into small chunk sizes and you know absolutely everything you need to do to get what you want.
You can do this on a word document or something and break it down and put it under each sub-heading. However I suggest you start with the mind map and break all it down like this and then you can take the information and put it into a different format, like a text format if that’s the way you prefer to weigh things.
Go out there and take action. Use what you’ve just learned and have fun with it. If you feel that this video has been useful subscribe to the channel, hit like or share so that you can get the information out there and help people. I’ll see you in the next video!