From David Counsel’s philosophic view on life, “the road to the top of the mountain has many turns.” Business is just as unexpected as life, so before you start climbing up the mountaintop like an inexperienced newbie, go into detail on your 5 to 200-page business plan. As you go on listening to this week’s podcast, you’ll learn that you actually do not need that much paper.
David Counsell and David Pritchard talk about the bulleted tasks that you can use as a roadmap that tells you how you are going to get from where you are to where you want to be on your business. You’ll also learn that profit is not just measured with money. What is the general scale of your business plan? What are the things that you should consider in making one? What do you do with it after several months? Listen to a very detailed discussion on the business plan here on David vs. David, because remember, you can do something about the unexpected things.
In this Podcast
00:56 Welcome to David vs. David!
01:40 Our topic this week came up in a conversation. Talk to people! Never underestimate a good chitchat.
02:11 We’re talking about Business Plans
03:03 What is a Business Plan?
03:42 It is a roadmap that tells you how you’re going to get from where you are to where you want to be
04:34 It is also a plan that outlines the goals and aspirations for your business
05:17 Don’t you only need one when you have to meet with the bank manager?
05:32 You need to use the business plan as a living document
06:33 It’s your staff that needs to understand the business plan and what it is you’re trying to achieve
07:12 Otherwise, there is a good chance for your business to stagnate: everything bottlenecks through you alone
07:32 Business Plans are not just about dollars and cents
08:08 An example: established business-owners need business plans, too
08:58 What is your plan for achieving a growth target in your business?
09:18 Reducing the costs is also a way of growing your business
09:43 As things change, does your business plan become obsolete or irrelevant?
10:42 You should be able to react and adjust to changes
11:45 A brief summary of the points so far
12:07 A business plan helps you recognize the strengths and weaknesses of your business
13:00 What is the general scale of a business plan?
13:40 Break it up into achievable chunks: Having a calendar as part of your business plan is a good idea
14:27 A lot of people used to look five years in advance, but it is good to divide them into monthly and yearly aspirations
15:26 Five or ten-year aspirational goals may be too broad
16:55 A lot of people think that business plans are “hippie-ish”
17:04 You start to see a business plan as being practical when you understand what it is that it can help you achieve
17:20 David C’s experience in writing business plans
18:32 They didn’t appreciate the power of what they just bought
18:45 The people who can best set to advice you about how to take your business forward are marketing people, lawyers, accountants, somebody who understands your customers and your aspirations
19:41 Dollar is not a bad measurement, it’s just not the only measurement
20:09 Business plans help point out holes in your business. It also helps you determine which people you might need
21:22 The business owner should be significantly involved in the business plan
21:31 David C cannot understand how people could NOT be involved in it
22:12 There are a lot of people who are in business, but not really IN business
22:43 It is important that you genuinely understand how to run a business and increase profitability
22:58 It is not there to provide you with just maintenance-level of income
23:25 David C’s review of what our topics have been so far
23:42 What is in a business plan?
24:35 Do a SWOT Analysis of your competitors
25:04 Sometimes, people see another business as the opposition, while another entirely different business is the real opposition
25:21 A mention on previous episodes about marketing and promotion
26:20 How deep do you want to dig in your market analysis?
26:45 You’re going to be looking at segmenting the market
27:40 Put up portions of your business plan in your office by sticky notes
28:28 You’ve got to keep it in front of yourself
28:40 Attributed to David C, “the road to the top of the mountain has many turns”
29:00 We’ve done quite an episode there
29:12 People who have done a business plan, only a few kept on reviewing their ‘living documents’
29:57 It doesn’t have to be a 200-page document, but do the plan
30:35 Think about how it could relate to your life as well
31:08 Visit us at www.davidversusdavid.com
31:22 Or at www.facebook.com/davidversusdavid
31:26 And best of all, leave us a glowing five-star review on iTunes
31:30 27:01 You can also visit our personal sites. David Counsell’s www.infernopromotions.com.au and David Pritchards’ www.d10solutions.com