When it comes to writing business plans there are three types of people. First there are those who don't bother with writing business plans. Then there are those who write a business plan in December. Never revisit it after February. Finally there are those who create a business plan that combines logic and emotion fueling their motivation throughout the year and helping them achieve 80 percent of their goals.
Today I'll be discussing the twelve components of crafting a business plan that encompasses both logic and emotion.
When preparing for a year and seeking ways to enhance my performance as a salesperson, employee, CEO, founder or executive I break it down into twelve building blocks. The first two building blocks that I focus on are;
Will and Skill
When considering willpower and skill set there are aspects to discuss. For instance when it comes to skill set I ponder on the skills that would be beneficial, for 2024. Should I focus on becoming a salesperson or honing my negotiation and conflict resolution abilities? Maybe I should also work on bringing people raising funds understanding reports, balancing sheets and coding. Identifying areas where I need improvement in terms of skill set allows me to create a plan that addresses those areas simultaneously. Additionally if I have a team working with me I make it a point to outline the feedback I'll provide during their reviews – whether it pertains to leadership abilities, management skills, accountability levels, character traits or soft skills. It's important not for myself but for the leaders within my organization and other companies to continuously strive for growth, in their respective skill sets. However focusing solely on skill development is not sufficient.
The complete opposite of skill is willpower. I've come across salespeople, negotiators and coders. They possess abilities. When faced with tight deadlines or immense pressure they struggle to muster the determination to meet those challenges head on. When it comes to completing tasks that everyone else finds daunting or overwhelming they tend to falter and show signs of cracking under the pressure. This ability to persevere in the face of adversity is what we refer to as willpower. Some individuals may have skills. Possess an unwavering willpower that makes them difficult to break. It's important to focus on developing their skill sets while also finding ways to strengthen their willpower. It could be you or someone, on your team who needs this boost. Figuring out how to enhance your willpower is crucial.
To boost your willpower start by achieving small victories. For instance commit to working out three times a week. Actually follow through with it. Set goals, like completing XYZ task or reading a book and writing a report on it by Friday and make sure you accomplish them. As you consistently achieve these tasks your confidence, in yourself will grow, leading to an increased sense of willpower. Remember, the key building blocks are developing your skills and strengthening your determination.
let's look at the next two building blocks:
Have a Plan and Mission
At the bottom you'll notice that skills are based on logic while plans and goals are driven by emotions. When it comes to creating a business plan we need to think about our actions and objectives, for each quarter (Q1, Q2, Q3, Q4) and consider our target demographics. We also need to evaluate the technology we require. The territories we should expand into. The business plan is a framework for our day to day week to week and month to month activities. It includes incentives. Outlines everything necessary, for success. However at the top of this plan lies our mission statement. If I were to ask you about your lifes mission or what you hope to achieve personally could you articulate it? I'm not looking for a rehearsed response; rather I want to understand your vision. For instance when I started my insurance company my mission was straightforward —to restore the principles of enterprise and offer hope to American families.
Our mission statement was to multiply fifteen thousand by twenty thousand.
However I also have my mission statement. It's evident that you have one too. Its important to note that Elon Musk has a mission statement separate, from Tesla and Twitter. Similarly Oprah Winfrey has a mission statement that's distinct from Harpole. Many successful individuals in life have a mission statement that generates emotions. It's not about the "how to " but the "why." Therefore the second crucial aspect is to develop a business plan and clearly define your mission. This will create a drive and energy that cannot be achieved through a business plan alone. Far we've covered four building blocks, for your business.
The next two building blocks:
Systems and Dream
I'm constantly attentive, to all the details in the systems I work with whether its running a media company or organizing events. Let me give you an example, from yesterday when we conducted a webinar on generating wealth. Unfortunately we started the webinar 12 minutes late which didn't sit well with me. After it ended we had a session to understand what went wrong. Everyone had their explanations and challenges they encountered during the presentation. One issue we faced was that the PowerPoint slides were initially created on a computer and when transferred to another computer some of the text became jumbled and difficult to read. To address this problem swiftly I suggested using another Apple computer. However with this solution implemented within 12 minutes there were still a few people who had been patiently waiting for us until the end of the webinar.
I mentioned to the team that we should create a system, for our webinar preparations. One of my colleagues suggested that we receive the PowerPoint presentation three days before the webinar so that we can test it beforehand. It's important for us to define what testing entails and make sure that the final version of the webinar is in my hands for approval. To ensure this the designer needs to receive it three days to their work on sprucing up the presentation. Consequently I need to review and approve it a week before that handover takes place so our designer can put everything together. Pass it on to our camera and team members who will confirm readiness for going in three days time. As part of this process we are creating a checklist since having systems in place is crucial, for approving everything involved in our webinars.
The evening I was walking with a gentleman who happens to be a father of four children. Interestingly his oldest child is seven years older, than my child. While we were out trick or treating on Halloween we engaged in conversation as usual. During our chat he mentioned that one of his kids was feeling a bit down because they had lost their technology privileges. Curiosity got the better of me so I asked him what exactly he meant by "technology privileges." It turns out that his son had temporarily lost access to his phone and iPad due to not maintaining A grades. It got me thinking about whether I could apply the approach within my family. This led me to reflect on systems. How they play a role in aspects of life. From managing businesses and recruiting to crafting effective scripts and providing excellent customer service even when handling complaints. Identifying leaks in your business system is crucial, for success. On the side there's also an aspect. Dreams! What are your aspirations? What do you hope to achieve?
Today I am engaged in a consulting session, with a company where we are discussing their goals and aspirations. The representative of the company asked me about their plans whether they intend to sell the business take it public or pass it down to their family. They are curious, about what their dream's what they truly desire to achieve. If they are unsure of their dreams and lack excitement they may find themselves stuck in a routine of conducting business as usual.
I have a story to share about myself. At the age of 27 I had set a goal to save a quarter million dollars. Surprisingly by the time I turned 28 I had achieved my goal. Had an amount, in my bank account. As a result I was able to afford a car and travel around the world. My dad was thrilled because he no longer had to work at a discount store.
Initially all my dreams seemed fulfilled. I paid off my credit card. Even managed to maintain a credit score of 800. However as time went on I realized that I hadn't replaced those dreams with ones. This led me to feel lost and unsure about what direction to take in life. The next six months were filled with confusion and restlessness.
Eventually it hit me that it was important to define aspirations for myself. So I sat down. Wrote out a business plan that ignited a sense of excitement within me. Enough around the time that I created this plan I met someone special who eventually became my wife after a year and a half of dating. Our journey together led us to start our family while managing responsibilities like running our own company.
It's amazing how clarifying your dreams can bring about opportunities, in life. So now as you reflect on your dreams take the time to discuss them with your team and leadership team well.
So it's not just important for you to know your dreams. It is also crucial for your leadership team to be aware of their dreams and encourage conversations, with their employees about their aspirations. Even if someone is making $15 an hour these discussions aren't about luxury cars like Ferraris and Lamborghinis. Instead they focus on goals like becoming a manager or buying their house in the next five years. People have dreams. When it comes to prioritizing our systems dreams are at the top. Currently we have six building blocks, in place.
The next two:
Capital and Vision
I recently had a conversation, with someone before writing this blog post. He mentioned having a million dollars in the bank. I realized that my savings amount to only 250 thousand dollars, which covers four weeks of expenses. He also mentioned having a line of credit for the company six hundred thousand dollars along with five hundred thousand dollars in savings. This got me thinking about what to do should I consider buying a house? However upon reflecting on how capital we have set aside compared to our expenses it became clear that we might need to pause and address our capital limitations first. Perhaps we should focus on increasing our capital or exploring options for raising funds. As for myself I currently have thirty thousand dollars in the bank as capital. I'm curious about how I can grow that amount and what my ideal capital goal should be. Before making any decisions, like purchasing a car with monthly payments of 900 bucks it's crucial to assess our overall financial situation and plan accordingly.
Well if you only have thirty thousand dollars, in the bank perhaps you could consider purchasing a car worth 450 dollars. This brings us to the topic of your conversation; should you hire five employees or just one? Your decision should be based on the capital. How do you plan to raise it. On the hand we must also consider the importance of having a vision in contrast, to solely focusing on financial aspects.
Do you have an understanding of the companys long term vision? Where do we see ourselves in three to five years? It's important to be able to articulate your vision not to your family, coworkers, employees and customers but, to yourself. Having a vision is crucial as it brings passion and energy which capital alone cannot provide. Without a vision even if you have financial resources like millions or even billions in the bank it can all become meaningless and eventually lead to negative consequences for yourself and those, around you.
The next two are:
Competition versus Enemy
Many people often emphasize the importance of studying your competition in the real estate industry. So who are your competitors? Well you have companies, like these guys who do this and Keller Williams who does that and experience these guys who do something and on. It's great to gather information about your competition. Its equally important to study the marketplace itself. Look into which companies have launched products, which demographics they target the markets they operate in and the technology they utilize. Differentiation is key here. What makes one company stand out from the others? How do they attract customers? These are all questions to consider. For instance Compass may have sales rates in areas compared to Keller Williams due to certain advantages they possess. When it comes to pricing strategy should you aim for higher markets? Researching all of this requires a skill set. Knowing how to conduct research. However it's essential to note that while studying competition is crucial, in business viewing them as enemies is not productive.
It's a story when it comes to having an adversary. They have a way of waking you up in the morning without needing an alarm clock and keeping you working in your office or kitchen while everyone else is asleep. It's, during these moments that you find yourself researching how to grow than you are now because theres something about having an enemy that ignites a certain energy within you.
You might be wondering, what do I mean by "enemy"? Well I'm currently 29 going on 30 years old and about to start my insurance company. This is the time I'm experiencing what it feels like when you start a company and suddenly face opposition.
At first people may ridicule your ideas. Enough they escalate to vehemently opposing them. It becomes evident that before earning respect, from others in the marketplace you have to go through this phase of being opposed. Before that there's the stage where people simply make fun of your endeavors.
Look at these guys it's just ridiculous. They seem to think they have all the answers John who seems clueless, about what hes doing. They. Mock doubting your abilities in the real estate field. When you start making progress and gaining traction in the marketplace that's when they turn hostile. They resort to attacking your reputation through reviews, character defamation, manipulative tactics within your company and even pitting people against you. That's when it becomes a blown war rather than just competition. Let me share something with you; for two years there was one audiobook playing in my car. "33 Strategies of War" by Robert Greene, a close friend of mine. I listened to it every day for 365 days a year, on repeat because I refuse to let bullies intimidate me.
That's why one of the core values, in our family is to prioritize my children. When I talk about the four things we focus on. Leading, respecting, and improving life. There's one thing we absolutely do not tolerate; bullying. We won't allow ourselves to be bullied. We certainly won't let others bully us. If someone tries to intimidate or mistreat us it's crucial that we stand up for ourselves and show them that their behavior won't be accepted.
This reminds me of Tyler Perrys experience with his father. Tyler shared how his dad was absent during his upbringing when he needed him the most. It's ironic that now that Tyler has achieved success and wealth his father suddenly wants to reappear in his life. In response to this situation Tyler planned a gesture for his father; he decided to buy him a car and pay it off completely purchase a house for him with all expenses covered and even give him some money. However there was one condition attached. His father could never contact Tyler again.
Tyler wanted his dad to understand the impact of being absent during times in his life when he needed support the most. While Tyler still loves him and acknowledges their bond as father and son will always remain this gesture was meant to make a statement about the significance of being present, for your children when they need you.
Do you ever wonder if his drive to make movies is solely motivated by that passion or if theres a reason, behind it? Could it be that his experience of being given up for adoption as a child plays a role in his pursuit to transform Apple into a trillion dollar company? Perhaps he wants to prove that being adopted doesn't define him and show the world what a person he has become. Enemies come in forms not in times of war. They can exist in business, politics and the military. Having an enemy can ignite an energy within individuals, like Brady, Jordan and many others. It serves as a motivation to excel and achieve greatness.
Last but not least the remaining two are:
Supporting Cast and Culture
The people you surround yourself with, known as the supporting cast play a role. It's important to identify who you need to recruit and whose expertise or assistance would benefit your business. Whether its a processor, a business person, an advisor or a board member take the time to write down the specifics of your supporting cast. Sometimes entrepreneurs hesitate to delegate tasks to an assistant. Having someone help, with those smaller tasks can free up your time for more important work.
Consider hiring an assistant who can assist you with tasks that might be taking up hours of your day and could easily be delegated. So that's the Supporting Cast. What really matters is the side of it. It's, about the culture within your office and how people eagerly wait for 4:59 PM to arrive so they can go home and indulge in activities, like watching sports or Netflix... Perhaps your office culture is facing some challenges. Needs some assistance to improve. Is it a place where everyone wants to stay because they're having a time? Are they coming in with enthusiasm enjoying themselves laughing organizing potlucks exchanging gifts joking around? Does humor prevail along with competition and entertainment? Are people getting their work done while also being competitive? If not then maybe your office culture could benefit from a revamp to make it even better.
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