Now that you have your business plan in place you need to focus on meeting your aims, objectives and sales targets. There is absolutely nothing like regularly recording and measuring your progress to ensure that targets are met. The more frequently you do this, the more successful you will be. In the past I have been very undisciplined in doing this and it has reflected in our profit and loss. We now religiously sit down on Monday morning to focus on the previous week and can test and measure the effects and successes we have had of marketing campaigns, e-news, special offers etc. This allows us to make very informed decisions about what activities to repeat and which to ditch.
You absolutely must know who your customers are and how they have found you. The flight deck below will help record all this.
You should conduct you monitoring through the following tool or something similar (the categories are suggestions only):
Your Company Flight Deck
Quarter _ Month _ Week _
Sales Target sales Measure against previous year Break even point reached
Sales made £
Income Banked Target
Marketing No. Enquiries Enquiries to booking ratio Length of time from enquiry to booking
Marketing No. Enquiries
Conversions Promotion 1 Demonstration/talk Open day Offers Use of coupons
Web Traffic visitors: Av minutes: Red Flags Amber flags
Page views: Bounce:
E-mail unique opens links clicked on bounces unsubscribes
Prior to creating the flight deck, you need to think about your target income and sales and how many enquiries you need and how many of these to convert into bookings. How to do all this is covered in the steps and Guiding Principles.
Complete the flight deck at the end of your business week. If you do this every week, you will soon start to see patterns emerging that will give you huge clues on how to leverage your business. The financials are the sales for the week, and you could list whatever services and products you provide.
List your marketing activities. Have them coded so that you can measure their effectiveness. For example you may have a special offer called spring 2011 and the customer must give that code on booking. You can then test and measure that campaigns effectiveness.
You do need to have a web presence and to monitor the effectiveness of you website. We will go into details in step 28. For now you should be looking at how many visitors you are getting. If bookings go down, you may also see for example a corresponding decline in web visitors and that becomes a red flag and something to take some action on.
In your working week, you should allocate some time on business growth activities to ensure that you continue to succeed.
In fact you need to divide your work up into:
Black – business growth – vision, market research, developing market position, new product development, joint ventures, licensing
Red non revenue generating- admin, finance, HR, IT, marketing, PR
Green- Your therapy!
How is your week divided and are your prices reflecting the amount of non paid black and green work that you are doing?
Finally to ensure you have completed all that you need to do for your business plan here is a Check list
Decided your pricing including course of treatments, special offers?
Established customer buying patterns?
Defined your niche?
Decided a location?
Conducted market research to assess supply and demand?
Decided your USP?
Logo, brand, name?
Got your website listed on established referring sites?
Established a sales funnel?
Got flyers written?
Set up costs?
Cash flow forecast?
Profit and loss?
Health and Safety at Work Act?
License to practice?
Registered with HMRC?
Equipment and Building regulations?
Developed a presence on facebook, linkedin and twitter?
Developed a sales strategy?
Developed a sales pitch?
Made the sales calls?
Money back guarantees?
Made the sale?
Written a press release?
Researched exhibitions and shows?
Developed your reputation?
Become an expert?
Networked with other therapists?
Got clients to come back and refer?
An executive summary?
Got a short description of the business - services, products and location?
Defined the market with market research?
Completed your marketing and sales strategy?
Your management team and personnel and their credentials?
Your unique selling point?
Client happy sheets?
It has been an absolute pleasure for me to be a part of your business journey and I wish you huge success. If you would like to continue having me on your team, then consider engaging me as your business mentor. I provide telephone mentoring for 20 minute blocks of time and charge £33 plus VAT. Call (0)203 553 1060 to arrange an appointment. Best wishes Gill
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