Use it or lose it! Why Biz Planning must be an Ongoing 'to-do'

Recapping #SBSUG First Team Presentation!

The Small Biz Start Up Guide team conducted our first speaking engagement at the WeWork Aventine location in San Diego, CA. After a year of work creating, writing, and designing, we are finally talking about our product and sharing our knowledge with a broader audience. 

As you may already know, the gig economy is steadily growing stronger.  By 2020, studies show that 43% of the workforce will be freelancers, contractors, and gig worker.  We have found that the majority of these people are either leaving the corporate world, building side hustles (passive income), or changing their lifestyle and going fully digital.

If you are one of these people, we are here just for you!  Our first discussion was the mid-year review process.  We broke down your biz plan review, mission/vision statement review, and ideal client avatar review.  Below are the highlights and Facebook Live video (sound is better with headphones). 

More than 50% of all Americans will either own or work for a small business
— US Small Business Administration
 

Biz Plan Review:

No matter where you are in your business: one year, three years, or five years, it is always a good idea to review your business plan periodically to ensure you're moving in the intended direction.  There are multiple biz plan formats, long form and short form (LEAN Canvas Model).  When I begin working with a client who has been in business for a period of time, I like to use the Lean Canvas Model to identify their current state.  The process of creating a current state plan, often reveals pain points and drives action to get those task back on track. 

This same process is great for a mid-year and quarterly review, one of our guest today said that he laughs when he's gone back to review is plans.  He said that he continually finds that he's veering off in multiple direction.  I'm telling ya, keeping an eye on your plan will prove beneficial in all other aspects of your business.  If you're new to the business planning process, we discuss in further detail in Phase 1 of the SBSUG. 

We briefly discuss SMART Goals and how they can be used to get back on track, you can find a SMART Goal guide and more detail in Phase 1 of the SBSUG.

 

Mission/Vision Statement Review

Our Brand Designer extraordinaire, Michelle of MKW Graphics,  discusses how your mission and vision statements are perfect content for your website, social media, and marketing collateral.  You will also notice that your visuals and brand photography will reflect your mission/vision as well, in turn it creates consistency and brand loyalty.  Unlike revisiting your biz plan and reorganizing goals, your mission/vision statements shouldn't be changing, they should be driving the business forward and be a guiding principle for your business.  Be sure to review the biz plan and mission/vision statements at the same time, so if your plan is moving in a different direction, you can quickly back that up against your mission/vision.  If you're looking for more information on writing your mission and vision statements, we cover that in Phase 1 of the SBSUG.  

 

Ideal Client Avatar Review

Think back to the beginning of your business, who did you think you would be working with?  I thought I would be in the health and wellness industry and so did our co-author, Braden of Braden Drake Law, we both identify with that group and share a passion for health and wellness.  However, we realized early on that we didn't actually attract that clientele, so we had to re-identify and re-target our ideal clients.  Nothing is wrong with this process, it's just quickly making the change and revamping your marketing efforts to ensure you're meeting the new client on the channel they're living.  Example: If you're seeking 20-30 year old influencers, those people live on Instagram. If you're seeking 35-45 year mom's, they more identify with Facebook. 

If you're working on a Lean Canvas Model that I discussed above, you'll be filling in your "customer segment" and if your client has changed, be sure to work through the updated model to identify the remainder of the plan with your updated ideal client avatar.  If you need more support identifying and working through the Lean Canvas Model, contact me

 
 

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For more Biz Plan guidance, check out Phase 1

or

Grab the Whole Guide!