Archive - June 2020

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Small Business In COVID-19: Business Planning Now More Than Ever
Small Business in COVID-19: How To Get Your Planning Done During COVID-19
How A Business Plan Helped These Businesses
The Practice of Planning – Make It A Habit!
Small Business in COVID-19: Annual Business Planning

Small Business In COVID-19: Business Planning Now More Than Ever

I’ve been talking to some of my clients and some members of my online programs, and it’s hard to see their confusion about what to do in their business today.

Some of them had just started a business, following my program called How To Start Your Own Business before the pandemic stopped them in their tracks.

Others were growing along their business journeys at a good pace, and then COVID-19 caused a big pothole in their journey.

Most of them were still determined to grow successful businesses – the fight hadn’t gone out of them yet!

The one thing they were mostly confused about was their need to plan their way out of the situation.

But if you’re in the same boat, you probably have similar questions about the future so I thought this week I would answer some FAQ’s I’ve been getting from them.

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Small Business in COVID-19: How To Get Your Planning Done During COVID-19

Let me start by saying that all small businesses must prepare business plans every year.

A business that does not plan surely plans to fail – the statistics spell it out.

A business plan gives every business a clear direction that can be used as a measure to make major decisions. A business plan establishes a series of goals – from short-term to long-term – that build on each other toward building the business you want to end up proud of owning.

A business plan removes everyday stress of not knowing what’s the right thing to do next and creates a series of action plans that prioritise what you have to do.

Running a business without a business plan is like going out for a drive without knowing where you are going. Depending on the circumstances it might be enjoyable just to get out for some fresh air, but ultimately pointless.

If you don’t want to run a pointless business, you need a plan.

However, here we are in June, the traditional time to write next year’s plan, and the COVID-19 situation is creating issues for planners.

How do you get your planning done in the middle of this?

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How A Business Plan Helped These Businesses

I was putting together the final touches on my revamped and upgraded online program called Your One Day Business Plan when I was reminded how many small businesses the program has helped already.

You see, I use some members of my course to trial the changes and see if the developments have improved the product.

One of them said that he was using it to write his annual business plans “because it’s as fresh as ever.” That got me thinking about small business owners who have used the program so I contacted a few to see how writing a business plan has helped them.

They were so clear that a business plan really helped them to grow their businesses that I thought I would share three stories with you.

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The Practice of Planning – Make It A Habit!

Let’s kick COVID-19 out of the park!

Yeah, I feel that way and you probably do too, by now.

It’s time to kick out that fear in your mind and look ahead in our businesses, start to follow again the dream in your heart!

It’s time to remind ourselves of the Six Business Success Factors: The Act of Leadership, The Practice of Planning, The Logic of Marketing, The Pursuit of Customer Fulfilment, The Attainment of Operational Efficiency, and the Mastery of Finance. These are the basic factors you need to rebuild and develop to once more, grow your business.

Now is the time to do it!

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Small Business in COVID-19: Annual Business Planning

Here we are in June and COVID-19 is still with us in some form or other.

For many small businesses, we are still in or starting recovery mode. To use the war analogy, the wounds are still sore and we are wary.

As I engage with Teik Oh Dot Com’s members who are using our online products, a large proportion are still working from home, or have rostered their team into the office to keep numbers down. Things are still quiet and it is clear that “normality” is a long way away.

This sense of being quiet and watching to see what will happen can lead to a dead-end though!

Now, more than ever, it’s true that “if you do nothing, a very strange thing happens – nothing!”

So, despite business being quiet, despite our fears and worries making us psychologically frozen, despite not knowing what’s around the corner, we still need to plan ahead.

Here’s what you need to do.

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