If You Always Do What You've Always Done...

Julie Sharnowski |

You’ll always get what you’ve always got…that’s how the saying goes anyway. Or, some might say the definition of insanity is doing the same thing over and over and expecting different results. Either way you look at it, at the end of every year, we talk about the same thing…it’s time to do next year’s business plan. How is that going for you? Will you reach the goals you have set for 2022? If not, why? How often did you re-visit your 2021 business plan? Take some time and evaluate how you did last year. If you are completely satisfied with your results, that’s great! But, if you are not satisfied, it’s time to try something else. Your 2022 business plan does not need to be complicated. Here are 5 tips to creating a business plan that you can implement and see results.

#1 – Don’t make it too complicated. It doesn’t have to be a 20 page business plan to work. The best business plans have specific goals outlined; with strategies you have identified to reach each goal and a list of the tactics to accomplish each strategy.

#2 – Set realistic goals. Start with how much income you would like to generate; and back into how much GDC you’ll need based on your payout. Factor in how much recurring revenue you already have going into 2022 so you know how much you need to generate from new business. How many new clients would you like to add to your business (make sure you have your “A” client criteria outlined so you can focus on bringing on more “A” clients). Does your plan include how many client reviews you’ll complete in 2022? Client reviews are necessary, they build relationships and uncover new assets and referrals. Would you like to add increase the percentage of revenue you are generating from fee-based business? Are you interested in adding more insurance products to your business mix?  Or maybe you want to really focus on financial planning or start utilizing consulting agreements to generate more revenue. The key is to be very specific with your goals.

#3 – Streamline your marketing efforts. A marketing plan is a component of your business plan. A good marketing plan should support your efforts to acquire new clients, communicate to existing clients or build visibility for you and/or your firm. 

Acquiring new clients – what’s your value proposition and is it clearly articulated?  Are you referable? Why would someone want to work with you?

Communicating to existing clients – How many times are you in touch with your A and B clients each year? What are your client’s interests and hobbies? Utilize your resources to streamline and automate your communication.

Building visibility for you and/or your firm – building a web presence, getting involved with social media, getting involved in community events.

#4 – Create a system to track and measure your results. Hold yourself accountable by identifying how you will measure success. If you have a team, communicate where you are vs. your goals. Hold team meetings. Activity precedes results.

#5 – Share your plan. Don’t keep it a secret. Share it with your team, your business partner…. someone.

Feel free to contact our Exemplar office for more information to get 2022 off to a great start!