Growing your business in a tough economic climate requires focus and good business habits. The Business One Page Plan is the business tool that sets remarkable businesses apart from the rest.
The plan states the vision, critical success factors, sales and marketing predictive KPIs plus the usual cost, cash and financial KPIs — all on a single page.
Bringing the critical key predictive indicators together in one place prompts you to keep them updated. You develop good business habits that help you deliver remarkable growth and profits.
In addition, the plan focuses on KPIs as predictive not performance indicators. This may seem like semantics, but in fact, it changes the mindset of the business owner to focus on factors that actually drive the results (the future) rather than simply measuring them (the past). They are predicting what will happen in a business which gives the owner more control.
The business ‘ one-page plan’ will help you keep score of where you are with your business. It’s about measuring what’s important and getting you into good habits that will drive your business forward.
So what does this mean in practice?
The business ‘ one-page plan’ is an online system facilitated by a high growth business coach.
The first stage is to agree your vision, both personal and for the business. These become the foundation of the plan.
Next, you must decide on your critical success factors – things you really must get right to succeed. For a shop, it will be footfall, as the greater the footfall, the higher the sales, and subsequently profits. With a web-based business, it might be site visitors. For a construction company, it could be tenders that have been won. In manufacturing, it’s often delivery performance.
Now you need to work out which sales and marketing KPIs will predict sales success. These could be enquiries received, quotations won, mail shots done. Every business is different.
Cost control and cash management are vital to any business and so the next element of the business ‘ one-page plan’ is to define cost and cash KPIs critical to the success of the business that gives early signs of trouble. Sales per employee is a crucial cost KPI for many companies. Debtors days is an essential indicator of others for managing cash flow (i.e. if you don’t get your cash in on time then you will suffer cash flow problems later.)
Finally, at the top of the page come the financial KPIs of net profit, turnover and any others critical to measuring the past performance of the business. For example, EBITDA is often used by the banks as a measurement and could be part of the covenants a bank has in place with you.
Although the business one-page plan is a web-based system, you require a facilitator to use it properly, to help you decide the best indicators for your business, give you accountability and develop good business habits.
Usually, this is done through quarterly half-day meetings. If you are based in the North West of the UK and would like to see what the business one-page plan can do for you, then call 0845 053 7417 or email: email@example.com to arrange a 90-minute meeting at your premises.