Why Business Plans Fail or How to GPS Your Way to Success in 2013

Today we have a guest blog from Dan Weedin:

January is the time to plan big, right? Business plans are created, amended, folded, stapled, mutilated, and disseminated. Business strategies are set when these business plans pop up and everyone gets very excited.

Then it’s February.

Resolutions and business plans - both business and personal - are made with great intentions. And most are doomed to fail. Why? Because resolutions and business plans are over-rated. They fail because you might just hit them.

It doesn't matter what kind of business you are in. My advice to you is to eschew a business plan and create a powerful marketing plan. Having a business plan without a strategy on how you're going to bring business in is like taking off for a secluded vacation getaway without a GPS, a map, or a Boy Scout compass. You might end up getting there, but it took you longer and wasted more of your valuable time.

Here is your GPS to success for next year. Just insert my voice (rather than the lady with the English accent) imploring you to recalculate when you go off track.

1. Determine how you improve the condition of others. What is the value you bring? What sets you apart from your competition?

If you can't sum it up in your own words, ask your best clients. Find out why they do business with you. Two things happen. First, you learn why people actually do business with you. Second, they remind themselves why they should continue to work with you! That helps with retained and future business.

2. Who is your target market? Are there new audiences you should be reaching out to and grabbing around the shirt collar? How do you get yourself and your brand in front of them?

3. Put asking for referrals on the top of your list. Many businesses get referrals just by doing a good job for their clients. Most do a poor job of asking for them. Develop a system and language for your sales professionals (and you) to mine for gold. Asking for referrals is not difficult once you know how. Make it a priority.

Note – there is an art and science to not only receiving, but also converting referrals into business. This is low hanging fruit. If you get good at picking fruit, you will consistently be “eating healthy” in any economy!

4. Create your own intellectual property. For professional service providers, that might mean webinars, teleconferences, articles, columns, blogs, and podcasts. For other businesses, that might mean creating new services, products, and offerings. Find new and creative ways to become an object of interest. 

5. Stop wasting time and money on tactics that aren't working. Does anybody even own a phone book anymore? Find out where people hear about you and go there. There has never been an easier time to be creative for far less investment.

6. Find ways to speak publicly about how you dramatically improve the condition of your clients. You aren't there to "pitch." However, if your presentation is deemed as valuable then you will get opportunities to speak. The thundering herd of people approaching you afterwards to talk to you is your sign that people might like to hire you.

7. Be better at following up on revenue opportunities. We have all been guilty of getting great leads and then letting them slip through the cracks. Set up a system that doesn't allow that to happen. These chances rarely offer you second chances.

8. Set metrics and review data to see what is working and find out why. If it isn't working, adjust and re-try. If it still isn't working, stop. If it is working, rinse and repeat.

9. Be shameless in your promotion. If you really and genuinely believe that what you offer to your customers is highly valuable and will help them lead better lives, then why wouldn’t you?

Marketing is no place for modesty. We are all in the marketing business and there is no shame in that. It just simply is a shame if you do not become competent in letting your potential customers and clients know you exist and how much you can help them. If you provide a great value through your services or products, you should be telling the whole world. If you truly believe that you are improving the condition and lives of others, then not aggressively tooting your own horn is actually selfish. You have great value; believe in yourself first.

Bottom line - Ditch the business plan and create a powerful marketing plan. A marketing plan that works well will ultimately blow away anything your business plan would have set as a goal.

Take a left at the next light. You have reached your destination...

© 2013 Dan Weedin. All Rights Reserved

DAN WEEDIN

Dan Weedin is a Poulsbo-based management consultant, speaker, and mentor. He leads an executive peer-to-peer group here in Kitsap County where he helps executives improve personally, professionally, and organizationally by enhancing leadership skills.  He is a 2012 inductee of the Million Dollar Consultant Hall of Fame. You can reach Dan at 360-697-1058; e-mail at dan@danweedin.com or visit his web site at www.DanWeedin.com.