What are your plans for next year?
I have started planning and putting in place targets for my coaching next year, and this is something I would suggest every business should consider now with the run up to Christmas seemingly reducing quite rapidly.
One of the key tools I use with clients to look at their planning is called an Orbit Map. I utilise this fabulous tool in the first coaching meeting as it opens up a number of hidden opportunities. Instead of me telling you what these are, I thought the recent feedback from a new client perfectly demonstrated how the Orbit Map works, and this is what they wrote…
On a daily basis, someone will ask, “How’s business?” To which I will usually reply with something along the lines of “really busy thank you.” And it’s true, my business has had exceptional growth and success over the last few years, with year-on-year increases in turnover and clients and projects all over the world. Sounds good, right?
That’s the problem; I really didn’t know. I know we are very busy, that I can pay salaries and bills every month and it all seems healthy, but beyond that? I actually did not want to look – I love words as a writer, but I am definitely not a numbers person.
So, it was with trepidation that I accepted your offer to complete an ORBIT map and take a closer look at where my business really is. On the morning of our appointment, it felt like I was about to take a trip to the dentist for an extraction.
If we are using medical analogies, I can only describe the exploration of the finest details of my finances as akin to undressing in front of the doctor. Of course, I left my clothes on, but finances are a very personal process to go through with another person.
I soon realised that I haven’t even got close to managing the numbers I need to, and there are lots of little holes in the business that profit is falling through. The exciting bit? By making very small changes, the ORBIT map showed how I could transform profitability without any additional expenditure. Seeing all those niggly ‘could do better’ issues transformed into significant lost revenue was shocking and motivating at the same time.
The realisation is that I don’t need to get more business, I just need to spend time working on the business and addressing the small gaps that are impacting significantly on profits.
We now have forecast plans for management accounts, budgets and cashflow, which will make it easy to implement new and vastly improved processes. The ORBIT planning demonstrated the ongoing potential of the business, and has given me a clear pathway for the next three years, and beyond. It feels like an unexpected windfall.
As you say, “Turnover is vanity, profit is sanity”, and you are absolutely right. In one morning, I can confidently say that we have made transformational changes that will realise significant revenues from the business, both immediately and in the long-term. Working with you has been a great investment into my business, and one which I would highly recommend.
I thought that was superb feedback, which to be perfectly honest is very typical of a business owner experiencing the process and outcome of running through the Orbit Map to identify the opportunities within their business. This client now has some clear goals and tools in place to help the process of plugging holes in profits, and growing their business in 2018. All very exciting!
If you want to send your business skywards in 2018, please do get in touch and we can uncover the hidden opportunities to help you grow and achieve that magical minimum of 20% growth next year.