The ULTIMATE Business Plan…
How to 10x the chance for a successful business plan…
If you have been in business for any period of time, you would have seen or heard an accountant or consultant say “You need to have a business plan! Your business will not grow without a business plan.” Sound familiar? And at some stage in our business journey we have probably succumbed and engaged a consultant to help us write our Business Plan. The big question is what did you do with it once it was written? My guess it either went into a desk drawer, never to be looked at again, or it went into the “round filing cabinet!” Am I right?
Instead of just thinking about your business goals - think your business goals and personal goals together…
How to 10x the chance for a successful business plan…
If you have been in business for any period of time, you would have seen or heard an accountant or consultant say “You need to have a business plan! Your business will not grow without a business plan.” Sound familiar? And at some stage in our business journey we have probably succumbed and engaged a consultant to help us write our Business Plan. The big question is what did you do with it once it was written? My guess it either went into a desk drawer, never to be looked at again, or it went into the “round filing cabinet!” Am I right?
A business plan with punch
In my opinion a business plan is never implemented because it focuses solely on the business, and completely ignores any personal ambitions. It is a 1 – 5 year plan on where you want the business to be and how you are going to get there. It is numbers, ratios, conversions, blah, blah, blah. It is a boring document with no emotion behind it. But here is the thing, it doesn’t have to be a boring document. It could be a document that you review constantly, full of emotion and purpose.
Add in your Bucket List:
· What are the things that get you excited?
· What are the things that you want to achieve in life?
· All the big things and all the small things, what are they?
Do you want to climb Mount Everest?
Do you want to go to Machu Pichu?
Do you want to learn to play the guitar?
Whatever they are, these bucket list items are what needs to be integrated into your business plan. It is these items that start to give the numbers meaning. You are trying to increase sales so you and your family can go on overseas holidays. You are trying to increase gross profit so you can purchase that dream fishing boat. You are trying to improve your cash flow so you can start making regular contributions to your favourite charity. You want the business to become less reliant on you so you only need to work 4 days a week so you can spend more time with your family.
Tell me what sounds better and more interesting? I want to increase my sales by 30% in the next twelve months. I want to increase my sales by 30% so I can take my family skiing in Austria. I could be crazy, but the second sentence sounds way more exciting to me.
The Bucket List Business Plan
And so it begins. I believe the most important aspect of a business plan is to first work out what is on your bucket list. And don’t be shy with this. Put some big outlandish dreams on there. Once you have worked this part out we can then focus on your business. Where does your business sit today and how well is it place to allow you to tick things off your bucket list. Then we can start working on where the business needs to improve and strategies on how to improve it. And always the focus will be on “Will these strategies improve the business and allow me to tick things off my bucket list?”
The bucket list business plan, by combining personal with business, will give you the greatest chance of success. The bucket list business plan will stay out of the drawer and the “round filing cabinet” and up on the wall where it is visible every day.
Or do you need help with your business plan/bucket list? Review of your business? Planning for your future?
David Patterson - Director The Bucket list Accountant
YOUR BUCKET LIST
What is a Bucket List?
A bucket-list is a list of all the things that you want to do before you die. They are big things (round the world trip) and they are little things (Run 6km in a week). We all have this list it is just that most of us don’t write them down. Why not? Could be that you would be embarrassed that you list was not good enough for other people. You could think it is silly to write these things down and that you will be judged by others. You could feel the things on your list are not exciting enough. Forget all of this!! Your bucket-list is for you and you alone. It doesn’t matter what other people think, it is what you think of the list that counts. You are not living your life for others, you are living it for you.
I have been married to my wife for nearly 25 years. Twelve months ago we were sitting watching television when a story came on about whale watching in Hawaii. Tammy, my wife just casually said “That is definitely on my bucket list.” It was fairly casual but it made me realise that I didn’t know the things she wanted to do in life, and similarly she was unaware of what I wanted to do. It was at that point that we decided to write down and share everything that was on our bucket lists.
It is hard to deny the power of writing things down into lists. There has been lots of studies done on the benefits. Lists allow you to remember things a lot easier, but more importantly it starts to make real the things that are in your head. It also allows you to see what other people want to do in their lives. Never is it more important than for your bucket list. Below is the method we used to write our bucket lists.
What is a Bucket List?
A bucket-list is a list of all the things that you want to do before you die. They are big things (round the world trip) and they are little things (Run 6km in a week). We all have this list it is just that most of us don’t write them down. Why not? Could be that you would be embarrassed that you list was not good enough for other people. You could think it is silly to write these things down and that you will be judged by others. You could feel the things on your list are not exciting enough. Forget all of this!! Your bucket-list is for you and you alone. It doesn’t matter what other people think, it is what you think of the list that counts. You are not living your life for others, you are living it for you.
So how did we do it? It is a simple question, but how do you write your bucket list? First time we tried, we starred at a blank piece of paper for ages. Our biggest problem was that we were trying to list them in order, which stifled our creativity.
How to Write Your Bucket List
We started with a blank piece of paper and each did a massive brain dump. You should give yourself some time to do this (and maybe a glass of wine). Every thought that comes into your head, write it down on the piece of paper. Doesn’t matter how big or how small, just get it down on paper. There is no idea too silly not to be written down. It can always be refined later. Let your mind go – think of all the countries you would like to visit, all the challenges you would like to overcome and all the cool things you would like to do in life. Write them down. Once you have them all down on paper, take a break (even if it is only to refill your glass with wine!!)
Get Specific
Once you have completed your brain dump, go back over the list and get more specific. When I did my first brain dump of my most recent list I had as an example – “Travel Overseas” and “Run 100km in a month”. These became – “Travel to Africa”, “Travel to South America”, “Travel to Japan” and “Run 100km in March 2021” (which I completed). The more specific you make your list, the more real that they become.
Break your List into Categories
Once the above was completed for us, we then decided to break down our lists into categories. We found this made it easier to visualise the things that we had written down on our lists. The categories that we chose were as follows
· Travel – Eg Travel to Africa
· Learn – Eg Learn to play guitar
· Indulge – Eg Buy a fishing boat
· Challenge – Eg Take a parachute jump
· Charity – Eg Donate $1M to charity
I have put the examples in from my bucket list to help in deciding what goes into which category. If they overlap, don’t worry. Just put them into whichever category you think fits best.
And there you have it. Your very first bucket list of things to do before you die. Congratulations.
The final piece of advice that I can give you is that this list is not for when you retire. This list is for now. I have seen too many people leave it too late to do the things they want to do in life. Life is for living now, not once you retire.
Put your bucket list up where you can see it every day. Start ticking things off your list today, not tomorrow.
Do it today! Now get out there and start to tick them off.
Here is some inspiration for your bucket list -
Or do you need help with your bucket list? Review of your business? Planning for your future?
David Patterson - Director The Bucket list Accountant