Many businesses all over the world have suffered tremendously in 2020 because of the coronavirus pandemic. A lot of businesses were shut down and people were downsized. However, does it really just have to do with the pandemic? Or does it also have to do with how much effort business owners put into strategic planning?

This episode marks the second part of the ‘Strategic Planning for Business Success’ mini-series with Kim Archer from BDR, a company that provides training and coaching services to the HVAC industry. Today, we will learn the importance of strategic planning in preparing for contingencies, how to effectively build a business roadmap that can lead to business success, and how to build a roadmap that’s easily achievable for you and your team.

Convert crises into opportunities and tune in to today’s podcast episode.

What’s Discussed in This Episode:

1. How strategic planning prepares you for contingencies [05:11]
   • The compounding effect of operating without a business roadmap [07:04]
   • Complacency is what makes businesses fail  [08:03]
   • Business planning is like exercise [09:34]
2. Understanding the depth of your financials is essential in business planning [10:16]
   • The first step in running a business is knowing how to [11:23]
   • Understanding financials is critical to your business success [12:16]
3. Most businesses fail because of cash, not their ability to make a profit [14:20]
   • Don’t waste a crisis [16:56]
4. How to build a business roadmap [17:37]
   • Determine how much you need to retire and when [18:05]
   • Determine how to get to your desired net profit [19:25]
   • The essence of using an organisational chart and sharing it with your team [22:27]
5. How to translate business goals into net profit [24:11]
   • Transactional costs and generating the most gross profit dollars [24:46]
   • The ‘Grow, No Grow’ strategy [25:28]
6. The value of mind mapping [27:28]
   • Mind mappi

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