Advice & Help

Below are documents valuable for use in your business:

1) Template – Business Action Plan to help you in your business

Business Mentor Action Plan Template

You need an action plan template. This template will help you get things done in a way that is organized and efficient. This action plan template will help your business or organization accomplish all that you need.

This action plan template includes a space for you to list what needs to be accomplished. Next, the action plan template has space for you to fill in the name of the one who is responsible for accomplishing that action. Next, there is a space for you to fill in the deadline for the action.

After you have filled in all of the above there is space on the action plan template where you can list the resources that will be needed in order for that action to be accomplished. Next, there is space to share the potential challenges that may come about while the action is being completed. Finally, there is a space to list the result of it all.

This action plan template allows you to carefully plan any task that needs to be completed and helps you to take care of things in a way that is organized and well thought out, making it easy for your company or organization to stay on top of things and get things done. This template will help you to succeed and accomplish every single thing that you set out to accomplish.

2) Template – Fully Functionable Cash Flow Template for:

  • Forecasting the next 12 months of your cash flow
  • Recording actual cash flow month by month
  • Analysing the forecasted cash flow with actual results

Graham-Scallan-Business-Cashflow

Top tip

The cash flow forecast template will help you identify any potential shortfalls in your cash, as well as identifying where your actual results are far from the predicted and likely to cause a problem, highlighting the need for adjustment in your business planning. More cash flow advice: Extended Cash Flow Advice

Valuable Business Questions below:

  • What problem does your business solve?
    Why you need to know: If you don’t know the answer to this question, how do you know if your product or service is working? It is one of the most basic questions that every business owner should ask themselves, even before they launch their business.

Where to find this information: Ask your customers why they choose to buy from you (it will also help improve your customer relations).

  • How does your business generate income?
    Why you need to know: What parts of your business are the biggest revenue drivers? If you want to cut back on costs and boost revenue, this will help you understand where you should be focusing your resources – and where you should potentially cut back.

Where to find this information: Monthly profit and loss statement under revenue.

  • Which parts of your business are not profitable? 

Why you need to know: Resources are limited. Your business should only support the sales of things that actually make money.

Where to find this information: Monthly profit and loss statement under revenue, cost of goods sold and net profit by item.

  • Is your cash flow positive each month?
    Why you need to know: Again, your resources are limited. So if there’s an area of your business that is generating a negative cash flow, you may need to reevaluate your business plan.

Where to find this information: Monthly profit and loss statement under revenue, cost of goods sold and net profit by item.

  • What is your pricing strategy and why?

Why you need to know: Customers pay for value. It is difficult to make a large gross profit on a commodity.

Where to find this information: Split test new, higher prices with customers.

  • How much time do you and your management team spend on generating revenue?

Why you need to know: If you are not generating revenue because all of your money is spent on payroll, then your overhead is too high – and a high overhead sinks companies in the long run.

Where to find this information: Review your payroll and categorize each employee as income-generating or overhead. Be honest.

  • What is your client retention rate?

Why you need to know: If your business lets old customers leave as you bring in new ones, then you are not building a stable company. Your goal should be to increase both new and repeat customers.

Where to find this information: Track individual customer revenue year to year, and monitor how it changes.

  • Will your customers refer other people they know to your company?

Why you need to know: Marketing is expensive, and getting referrals from existing customers is a cheap alternative.

Where to find this information: Ask your customers. If you get a new customer from an existing one, keep track of it so that you can give those recurring customers special offers – and an incentive to refer more customers.

  • Who are your most valuable customers (and which are the most costly)?

Why you need to know: Those revenue-generating customers may be monopolizing your resources and preventing you from being able to service others and increase profitability.

Where to find this information: Review your gross profit by customer, and ask your employees which customers are the biggest abusers of company resources.

  • What is your social media strategy?

Why you need to know: The World Wide Web can be a worldwide waste of time. Social media must be part of your marketing strategy, but it also can be a huge time suck.

Where to find this information: Set Google Alerts or DEX Reputation Management to sample social media mentions and determine which critical success factor your social media strategy supports.

Answer the following questions!

  • What can you do that will most impact your business today?
  • What’s preventing you from accomplishing your goals?
  • Why do you want this?