When my wife plans a shopping trip she first makes a list of
what she wants to buy. Then she decides which stores will give her the best
price and/or selection for each item. Finally she decides when she is leaving
on her shopping trip, the stores she will visit in order and always takes her
cell phone to alert me if her plans change or she runs into a problem.
She is very organized and her trips usually go without a
hitch. Can you say the same thing about your modular home business? I seriously
doubt it.
Without careful planning which begins with what is happening
in our business right now, where you want it to be, alternative plans in case
something goes bump in the night and alternative actions…you will end up on a
road to failure.
My father used to say “You can’t get lost if you don’t know
where you’re going.”
Oh sure, you’ve been doing this so long that you’ve probably
seen just about all the problems facing a modular home builder at least once.
Does that make you smarter than your competitors? No! Experience helps but
unless you have a plan of action for the next time one of those unexpected bumps
occur, you will be forced to repeat it with all the problems you encountered
the first time.
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| A Good Business Plan helps keep your train on the track. |
Here are a few simple steps to writing a business
plan for your business:
- Start
by writing out what you do. Why does it matter to you and your business?
Now take a hard look at what you wrote down and question yourself if this
is still what you want you want to do. If you could start over, would any
of the things on your list be eliminated? - Make a list of your core business values. Choose 3-5 values that embody
both your belief system and ultimately your brand. These values will
be used to make sure marketing messages, team members, joint venture
partners and opportunities are aligned with your brand. - Outline
your products and/or services. How will you generate revenue and how
many of each product or service do you need to sell in order to reach your
financial goals? This is where you put on paper what your profit has to
be, what your expense limits are and what your marketing efforts will
entail. - Do
some market research to explore your ideal clients and their buying
behavior. Who are your competitors? What is their brand story
and how is it different than yours? What do they charge? Where
do they market to their audience? How do they interact with their
audience on social media? Do they write guest blog posts? Are
they using video to build their business? Are they REALLY making
money? Have you ever met one of their clients? What edge do
you have over your competitors? - Design
a marketing and sales plan that not only goes through the motions but
tests, tracks and adjusts to get you the results you need. How
do you plan to reach your audience? Email marketing? Facebook
Ads? PPC ads? Direct Mail? Social media?
Video? Blog? PR? How will you attract new home buyers to
your website and ultimately get an appointment? - Get
your financial ducks in a row. Lay out how much it will cost you to
market your business, hire a team as needed and grow your brand. Don’t
forget to include incorporation fees and taxes as well as business
insurance expenses as well as bookkeeping and accounting fees. The
more organized you are about how much money is coming in and going out of
your business, the easier it will be for you to keep track of your
company’s growth and profits. Many business owners fail to focus on
this piece of the business which is a huge mistake. - Build
a team of advisers, mentors and supporters who believe in your vision and
will help you to stay on track. One such way is to meet
regularly with other modular home builders such as a breakfast meeting. Whether this is a team of one or many,
having advisers and mentors who share your values, mission and vision will
help you to avoid the pitfalls, road blocks, diversions and pile ups that
can happen in business as in under prepared road trips. - Once
your business plan is mapped out, make sure that your personal and family
goals are included in the day to day operations of your business
growth. Schedule time for exercise, socializing, meditation,
creative time and anything else that will give you a well-rounded
lifestyle.
yours out with every aspect of the lifestyle you dream of. Don’t be
afraid to lay out every detail including deadlines and vacations. This is
your life and your business, so make them the best they can be. If you don’t
create the plan, you will simply drift through your life and have an experience
much like a road trip without a map or a destination.
