Many businesses all over the world have suffered tremendously in 2020 because of the coronavirus pandemic. A lot of businesses were shut down and people were downsized. However, does it really just have to do with the pandemic? Or does it also have to do with how much effort business owners put into strategic planning?
This episode marks the second part of the ‘Strategic Planning for Business Success’ mini-series with Kim Archer from BDR, a company that provides training and coaching services to the HVAC industry. Today, we will learn the importance of strategic planning in preparing for contingencies, how to effectively build a business roadmap that can lead to business success, and how to build a roadmap that’s easily achievable for you and your team.
Convert crises into opportunities and tune in to today’s podcast episode.
What’s Discussed in This Episode:
- How strategic planning prepares you for contingencies [05:11]
- The compounding effect of operating without a business roadmap [07:04]
- Complacency is what makes businesses fail [08:03]
- Business planning is like exercise [09:34]
- Understanding the depth of your financials is essential in business planning [10:16]
- The first step in running a business is knowing how to [11:23]
- Understanding financials is critical to your business success [12:16]
- Most businesses fail because of cash, not their ability to make a profit [14:20]
- Don’t waste a crisis [16:56]
- How to build a business roadmap [17:37]
- Determine how much you need to retire and when [18:05]
- Determine how to get to your desired net profit [19:25]
- The essence of using an organisational chart and sharing it with your team [22:27]
- How to translate business goals into net profit [24:11]
- Transactional costs and generating the most gross profit dollars [24:46]
- The ‘Grow, No Grow’ strategy [25:28]
- The value of mind mapping [27:28]
- Mind mapping brings clarity to a business process [28:03]
- You don’t need more leads to improve gross profit sales [29:35]
- Break your business plan down to a daily goal [30:18]
- Start your business plan from the end [31:16]
About Our Guest:
Kim Archer is the Vice President of Profit Coach at Business Development Resources Inc., a company that provides training and coaching to the HVAC industry. Starting out as a bookkeeper, she has then discovered ways on how to drive profit and growth. She now helps businesses in developing best practices to move them forward.
Resources:
- Come and visit my website at (https://www.thesiteshed.com/)
- Check my latest podcast or listen to the previous ones (https://www.thesiteshed.com/podcasts/)
- Tradie Web Guys (https://www.tradiewebguys.com.au/apply)
- Visit the Business Resources Development website (https://www.bdrco.com/)
- Check other episodes in this series – Strategic Planning Done Right with Edward Plant
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!
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