Planning for Success

Business forecasting 2021: Pour the sav, activate holiday mode, and work on your business!

Are you ready for your annual Christmas holiday and some business forecasting for 2021?

It’s time to relax, unwind, and spend time AWAY from your business – especially after what 2020 threw at us.

Apart from the sav and pav – how will you spend your Christmas holiday? And if you are not taking one, I recommend that you do. (Why a holiday will save your business)

You need to take a break after the occurrences of this year. We’ve had fires (people are still living in tents), floods (farmers are still suffering the repercussions of the floods at the start of the year), and who will ever forget the worldwide COVID pandemic, and the economy now, and the high unemployment rate.

You need to be done with 2020 and rid yourself of its juju and we must all step into the new year and 2021 with a renewed confidence and passion for your business, whatever it looks like for you right now, whether you have pivoted, boomed, or started again.

So let’s do that together.

Of course, you must rest and relax during the holiday season, but there is something else you can focus on too … getting ready for a stellar 2021.

And you do this by decompressing, engaging, and forecasting.

Decompress from the year that was:

It’s important to remember and reflect on the year that was and what you achieved, however big or small that is.

Take some time to:

  • Go over your monthly management reports.
  • Look at your 90-day plans and actions from this year. What did you achieve and what‘s still on the to-do-list?
  • Look at your KPIs and how you fared.
  • Understand your financial awareness and where you are right now.
  • Look at your core values and definitions.
  • Update your business plan.
  • Add some pre-work reminders for 2021.
  • Ask your bookkeeper, accountant, or finance team any questions you have.

This is your time to get perspective on the year that has been.

Engage with family and friends:

Now, put the laptop down. Step away from your business. And close the doors to 2020 (for good!). It’s time to enjoy some “me-time” and time with loved ones, family, and friends. It’s your time to do whatever you like now – but not business-related!

{I know you are excited, but I’ll get to working on your business for 2021 in the next point!}

Right now, do all things you enjoy. Here’s a simple plan of how you might like to best use your “days off”.

  • 1 hour of exercise – you can break this up with 30 minutes in the morning and 30 minutes in the afternoon if you like.
  • 2 litres of water – guzzle the H2O!
  • 3 cups of tea – or green juice or coffee! And, yes, wine beer, and cocktails are also permitted. It is the holidays after all.
  • 4 colours on your plate – if you’ve been meaning to start eating better, do it now!
  • 5 minutes of meditation – 5 minutes if all you need.
  • 6 songs that motivate you – dance like no one is watching!
  • 7 minutes of laughter – watch a funny video or try laughing yoga (yes, there is such a thing!)
  • 8 hours of sleep – get to bed early and let your body restore itself.
  • 9 pages of a book – an easy way to learn and grow. Nine pages are nothing!
  • 10 reasons to be grateful – start practicing gratitude. You’ll be reaping the rewards before you even start in 2021.

What else can you add to this list?

Forecasting your business for 2021:

Now it’s time to recalibrate and plan out 2021. Now the fun begins. It’s time to go nuts with your dreams and goals.

Grab a pen, paper, Post-it notes, highlighters, butcher’s paper, whatever you need and let’s get started and answer these questions.

1.         What were your business goals when you started?

2.         What three things would you change?

3.         What will you do differently in 2021?

If you need to, revisit your business plan, action plans, and KPIs and get these into motion. Call on your team, start delegating, and get organised for a better year in business.

Start living with more freedom:

It’s time for you to start living your freedoms because freedom is oxygen for the soul.

  • Time freedom – spending your time however you see fit – more time with family and friends, time to travel, and time for yourself.

“Time is a currency you can only spend once.” – Harmon Okinyo

  • –       Mind freedom – working on your mindset and not letting anything hold you back, especially your mind.
  • Financial freedom – making money and spending it on what makes you happy.

Make 2021 your best year in business yet!

>>> FREE DOWNLOAD: Need help making changes in your business for 2021? 

Business success is having freedom – time, mind, and money – but getting to that point takes time and money.

Making changes in business isn’t always easy, and chances are that you’ve already made many changes this year – and there will be more to come.

If you need a place to start, our 8-step framework for business success will help you with the key areas that need your attention.

And it’s the perfect place to start while forecasting for 2021.

This free guide discusses eight foundational points for building a successful business. You’ll discover why it’s essential to have a vision for your business, the importance of planning, the power of setting goals, and more. 

Get our 8-step framework for success here

Planning for Success

Stuck in the “too-many-tasks” trap? You need to outsource.

Nothing makes us procrastinate more than the “too-many-tasks” trap when you are already feeling overwhelmed and you don’t know what to do next.

But it’s your business (and your cash) that will take the hardest hit.

If you are overwhelmed by your business and the workload attached to it, the first thing to outsource is your tax, accounting and bookkeeping tasks – because this is where the money is – and don’t you want to look after your money?

You need to be across you accounting and bookkeeping, but you also need an expert who knows these areas like the back of their hand and can guide you in the right direction so you can lower your expenses and tax and increase your profits and cashflow.

Vibrant Business is now a one-stop accounting, bookkeeping and mentoring business with a team ready to help you understand your numbers and grow your business with more profit.

We can help you in 3 main areas:

  1. Tax and Accounting
  2. Bookkeeping
  3. Business Mentoring and Courses
  • Tax and Accounting

Our tax and accounting service is ideal for all business owners. Being compliant in this area of your business can be easily be overlooked if you don’t have a specialised accountant on your team.

We can help you build a system to keep your business running smoothly, stay compliant, ensure accuracy, and organise and maintain your financial records.

We specialise with sole traders, partnerships, trusts and companies that require assistance with tax and accounting.

Learn more

  • Bookkeeping

Bookkeeping isn’t always fun but it is a must. We let you do what you are good at in your business while we do the “stuff” you don’t like or don’t have time for.

Not only that, but we keep you updated with real-time reports so you can stay up to date. Keeping in check with what’s going on in the background will help you make strategic business decisions to grow and develop a vibrant business you love.

Learn more 

  • Business Mentoring and Courses

This can all sound overwhelming but with our business mentoring and courses we can help you get clear on the steps required to grow your business.

Our quarterly or monthly coaching programs and our 8-week Planning for Success online course can provide you with increased accountability and support so you can achieve the results you want from your business. The outcomes include increased profitability and cashflow, customised reporting templates to measure actual performance against forecasts and access to an expert sounding board to ensure you continue working towards your goals.

Learn more

The framework for business success

At Vibrant Business, we will set you up for success with our five-step system to ensure clarity, direction and purpose. (It’s a RIPPA! 🙂 )

  • REVIEW: Step back and see where you’re at. What have you achieved since last year? Do you have accurate and viable systems in place?
  • IDENTIFY: What’s holding you back? Did you miss anything or overlook something that can affect you in the long run? Now is the time to knock out any burning issues.
  • PLAN: Now that you have clarity over what you have achieved, now it’s time to plan what needs to be done. Write down your goals and check them every day.
  • PUT: Get cracking! What do you need to put in place to achieve your goals? How long will it take you?
  • ACCOUNTABILITY: Who will keep you in check? Being a business owner, it’s easy to become overwhelmed and lose sight of your goals and end result. Having someone outside of your business to keep you in check is essential for you to stay on track and never lose sight of your dreams.

Taking the next steps for your business success

Gaining clarity, direction and purpose will help your business grow – and the biggest success driver is having a qualified finance team on hand.

Vibrant Business will help take care of all of your financial needs. From tax and accounting to bookkeeping, coaching and mentoring, we can help you plan and structure your business to achieve your milestones.

Not sure where to start or what you need? Book a session with us now to discuss your situation.

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Planning for Success

5 Business Plan Tips that will Skyrocket your Business’s Growth

Planning is bringing the future into the present so that you can do something about it now. ― Alan Lakein, Author

Are you doing something about your business’s success right now?

Thousands of people do what you do. But, what accounts for the magic you create?

Every tycoon and long-standing business in the world is successful because they leverage the what, why, who, when and how all at once.

Simply put:

What + Why + Who + When + How = A winning business.

But most business owners who do not have a business plan have trouble achieving their goals. Does this sound familiar to you?

In this blog, we are going to share with you what you need to do to create a business plan that has the power to guide you with every move.

5 key elements of a winning business plan for every business owner

DID YOU KNOW: 17% of small businesses fail because they lack a business model.

(Source: CBInsights)

Don’t wait until your business is on the edge and then hastily start planning for success. Start doing it now.

We have been in your shoes and have seen this happen time and time again with our clients. Here’s how to take charge of your business to help clear your blocks, plan your vision and hit your targets.

  1. Know your why

Do you know why you set foot into the business world to do what you do? When you know your purpose, you feel empowered and focused. Your purpose needs to state and communicate:

– Why your business exists.

– What you do for your customers

– How your business is different to your competitors

– What your goals, big picture and revenue forecast looks like?
A clear purpose statement, from both a customer’s point of view and the business’s point of view can help you deliver your overall marketing message, employ the right team members and keep them motivated.

  1. Vision and core values for the next 12 months

Business owners are always asked “where do you see yourself in 5 years?”

Many small business owners are often caught off guard when it comes to long-term vision and a plan to sustain the company.

Back up your purpose with core values and a vision that defines your brand, the way you operate as a business, professional relationships and work ethics. This stage is when you should also create 90-day plans, 12-month plan and five-year plan, prepare for challenges and devise ways to promptly take action.

  1. Budget, KPIs and the numbers

Budget and financial goals play a pivotal role in a business’s success. When you have a defined budget, you have more clarity, can determine the annual gross revenue and make informed and accurate financial decisions in your business.

When you have a budget, you can also create more realistic and achievable KPIs that support your business goals. If you want to track and measure the results, performance and success of your business – you need a business plan.

DID YOU KNOW: KPIs (key performance indicators) are like levers and when you pull them they can have a significant impact on your bottom line and results.

When you know the numbers you want to achieve, targets and performance goals, it opens the lid on your business’s financial secrets and allows you to turn on the sales tap to transform your business, so you feel more confident and less stressed.

  1. Target your ideal client and create a value proposition

If you do not know your ideal client and what your business’s value is, you will end up going ‘round in circles – and it will be really hard to achieve financial growth.

Nothing will come from trying to attract and satisfy everyone. Instead, find out who you want to work with and how you can define those clients.

Without the right customers, business success will seem out of reach.

Today, your audience wants to know why you are different from your competitors, why they should be doing business with you and how your offerings stand out from the crowd to help them.

A value proposition that is in line with exactly what your customers expect from you, helps you supercharge your business in unimaginable ways.

HOT TIP: It’s all about them, so find out everything you need to know about your audience and ideal clients so you can create offerings and add value accordingly.

  1. Identify your opportunities, vulnerabilities and your most critical challenges

It can be fairly easy to identify your business’s strengths and what you bring to the table that no one else does.

But it’s equally important to know your vulnerabilities, challenges and any critical issues that have the power to impact and influence your business – in both good and bad ways.

While no one could have predicted the coronavirus pandemic, it crippled millions of businesses around the world. It’s the reason so many businesses needed to pivot.

Have you thought about what could harm your business and do you have contingency measures in place?

Identifying the opportunities, vulnerabilities and your most critical challenges can help form the basis of your goals and actions to either overcome them or take advantage of them.

Knowing these can also lead you to understand the scope of improvement and how you can do better in business.

Take the first step to lead your business to massive growth and success

 If you are a business owner and want to steer your business in the right direction towards your end goals, that is, or more time and money, our “Planning for Success” 8-week online course is the boost you need.

Inside it we cover:

  1. Your why
  2. Vision and core values for the next 12 months
  3. Budget, KPIs and the numbers
  4. Target market, ideal client and value proposition
  5. Identifying opportunities, vulnerabilities and your most critical challenges
  6. 12-month goals
  7. 90-day goals and action plan
  8. Accountability

Are you ready to seize the day?

Take your first step to business success and register for our 8 week online course here

Alternatively, if you have a burning question or wonder how this course will help you specifically, don’t keep it to yourself…book a call with us here and let’s talk.

 

Have you downloaded your FREE Business Continuity Planning Guide & Template yet? Click Below.

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Planning for Success

You need focus and time for ideas to grow your business

From little things big things grow.

You know the song right – by Paul Kelly?

Every business owner knows it’s vital to maintain the progress your company is making, but also ensure it’s also growing steadily. No one likes to be left behind their competitors!

That means working ON your business and not IN it so much.

But to be able to do this successfully you need the time and space to work on your business – you can turn it into the thriving powerhouse you always imagined it would become.

If you think back to the start of your business, in the early days you were probably focused on creating the products and/or services that were needed and valuable at het time, then gradually, you probably began taking on a few contractors or employees and you may have moved into new premises at some stage.

Now that your business is bigger, in order for it to move to the logical next level, it is important to change your mindset from owner-manager and the person who does everything to the CEO who strategises and grows the business continuously.

But how?

Many business owners struggle to change their approach from one of the founder of a start-up to the director of a successful business. Of course, it is understandable to feel as if you simply have no time to focus on your business growth. After all, being a business owner can be extremely busy, stressful and time-consuming.

According to Score.org, a survey from New York Enterprise Report found small business owners work twice as much as regular employees. It also found that 33% of small business owners reported working more than 50 hours per week, and 25% said they work more than 60 hours a week.

You might even work more than that – including weekends, nights and early mornings.

Your days possibly consist of getting involved with the operations, fighting fires, looking after the needs of your customers and team, and trying to run the business as smoothly as possible.

With the world’s economy in a very precarious state at the moment, people are in a very vulnerable state and this could mean pivoting and doing things a differently in order to remain in the game and thrive.

The next 12 months will be tough – how will you survive?

It is no secret that the next 12 months are going to be very tough for businesses and everyone is going to need a support group.

To get through the next 12 months and thrive on the other side, you will a few essential things.

1. A SOLID STRATEGY

The first is a solid strategy. Not only should this involve continuously evaluating the needs of your customers, innovating new concepts and testing ideas, but it should also focus a lot on your growth and gaining a maximum return on your investment.

Your new strategy should take into consideration various factors, such as protecting your intellectual property from your competitors, your business goals, vision and mission, where you see the business in five years and, ultimately, what you need to implement in order to achieve growth.

The direction your strategy takes should be carefully decided upon by you and possibly a few key employees.

2. UNDERSTAND YOUR CLIENTS

As the business owner, you need to take time out to work on your company. Don’t be afraid to delegate work to your team so that you can focus on really getting to know your customers and their needs. Think about what kind of customer service you are offering and how this can be improved on. Building relationships with current clients and looking for new opportunities takes time and needs to be considered a business necessity.

3. COACH OR MENTOR

In these trying times, every business should be thinking about what kind of support they can get. Think about linking up with a mentor who can guide you and offer great advice. Being in an accountability group with like-minded business owners is also a great way to ensure that you reach your goals.

4. BUILD YOUR TEAM

At the end of the day, you need to forget trying to do everything yourself. Focusing on your strategies to build your team and start outsourcing the tactics and day-to-day work. Just these two things alone can go a long way in freeing up valuable time for you and allowing you to focus on new and innovative ideas.

Now is the perfect time to work on your business

So, are you ready to release those shackles and take the next step? If so, we recommend setting a map for the next 12 months and also formulating a 90-day action plan so that you can begin to action that 12-month plan!

We do this inside out 8-week Planning for Success online course.

You will need to review your values and consider what is working and what is not working. This could involve tweaking your plan as you go along. Don’t be afraid to outsource and delegate, and remember that you don’t have to do it all yourself!

That’s what the Planning for Success 8-week course members will help you with – everyone is accountable.

Finally, set some time aside for forecasting so you can plan for the future. Always keep in mind that you should be running your business (not the other way around).

If these steps sound like the recipe for success for your business, and something you are not correctly doing (or haven’t done for a while), start by downloading our business Continuity Plan and then taking the next step and signing up to our 8-week Planning for Success course.

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Planning for Success

Why you must set SMART goals in business.

“A goal should scare you a little and excite you a lot”. – Joe Vitale, author

But it should excite you more so you actually don’t get scared out of achieving it.

If you’ve never heard of a SMART goal before, it consists of 5 parameters; any goal (if you want to achieve it) must be:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound

Maybe you have already heard of SMART goals and, spoiler alert, they’re not rocket science… but they do work.

SMART goals are an excellent filter to maximise planning outcomes.

When thinking about goals vs SMART goals, consider the difference between “I want a healthier diet” and “I want to eat less than 2,000 calories a day, 6 days per week to lose 7kg within 3 months and reduce my LDL cholesterol to 80”.

Which goal compels you to act?

Let’s break down a SMART goal in business:

  1. Is your goal specific?  The what, who, how, when and why.
  2. Is your goal measurable?  You must be able to determine your progress – how much profit have you made / kgs lost / tickets sold / leads converted? Keep your progress visual by tracking it in a spreadsheet or an app.
  3. Is your goal achievable?  Do you have the support, resources and ability to achieve it? Strike a balance between somewhat challenging and impossibly demotivating. For example, if you wish to take up running, it’s unlikely your goal will be to qualify for the 1,500m at the 2020 Olympics. Completing your local half marathon may be challenging enough.
  4. Is your goal relevant?  Does it work in with your personal plan or business’s vision? For example, if you run a vegan café, creating and selling a new beef product might not be a relevant goal for your business. There’s no point working hard on your goals if they’re the wrong goals.
  5. Is it time-bound?  Remove the temptation to procrastinate. Lock in a timeframe – a realistic timeframe – that will propel you to act.

Run the SMART filter over your current goals to ensure you’re setting yourself up for success.

And, don’t forget to reward your hard work. The dopamine hit we experience from completing tasks and achieving goals encourages us to repeat such behaviour, helping us turn our goals into habits.

Conclusion: Your business plan also needs to be SMART

Your business plan needs to be as smart of your SMART goals, because essentially it is your main goals list and strategy.

Need help resetting the goals in your business plan? There a few things you can do:

  • Set your goals
  • Provide clear budgets, targets and KPIs
  • Re-evaluate your business idea and feasibility
  • Identify your opportunities and obstacles

If your business plan needs help, you don’t have to do it alone. Call in the experts and get your plan and business on track.

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