|
Do you want to grow your business? Win the right clients?
Take your business to the next level? Then you need a
plan!
A business plan is useful at any stage of your career. It
is a strategic tool to ensure your actions are aligned
with your vision and goals. Having
written objectives and plans may increase your
likelihood of success. In essence, your business
plan is an action plan which will help you make
your goals a reality.
Developing your business plan will encourage you to think
deeply about your business and your strategy. Questions
to consider, include:
-
What do I do? What is my value proposition?
-
What is my competitive edge? Why should a plan
sponsor select me over other retirement services
financial advisors? Who is my competition? What are
their strengths and weaknesses?
-
Who is my target market and what is the market size?
-
What is my projected business plan (e.g. annual
sales income and growth potential)? What are my
action steps to reach my goals?
Vision
Your
plan should include a description of your current
business, but most importantly, focus on what you
envision your business to be in the future. What are the
types and numbers of clients you intend to have and how
you will get there. Be sure to set SMART goals
(Specific, Measurable, Action-Oriented, Realistic,
Time-Specific) and keep yourself and your associates
accountable for your progress.
Value Proposition
Document your unique qualifications, expertise, and core
competencies. Focus on the benefits to the plan sponsor,
not product features. Concentrate on plan sponsors’
concerns and how you meet their needs. Illustrate
results that improved key statistics, such as enrollment
percentages or deferral rates. By clearly defining your
value proposition and making it second nature to you, it
will be much easier to get an appointment when you
approach a potential new client.
Market Research and Analysis
Your
plan should include an analysis of the industry, target
markets, competition, and growth strategy. In this area
you will answer questions such as, who are my ideal
clients and why? What is the compelling need that my
services fulfill?
Services Description
Describe your current services, focusing on key
differentiators and core competencies. Having a
well-constructed value proposition for each service
offering is necessary to differentiate yourself from
other advisors.
Operations
This
section will detail how your business will run. Key team
members and resources should be identified. Be sure to
tailor your approach based on the needs of the decision
maker (e.g. Human Resources vs. Finance). In order for
your business plan to be used most effectively, it is
critical that it be tested and periodically reviewed.
Finances
Financial projections are estimates of what your future
financial positions will be. You need to really
understand the financial implications of your strategy.
Your projections do not need to be accurate to the
penny, but you should understand the different levers in
your business. As a result, if certain factors change,
you will know how it will effect your financial
performance.
Business plans take many different forms, for many
different purposes. Make sure your plan combines your
specific experiences and needs creating the tool you
need to grow your business. For a copy of MassMutual’s
Business Plan Development Guide, including an editable
template, please visit our advisor tools and resources
website at
www.massmutual.com/powertogrow
or call 866-444-2601.
For
Producer Use Only – Not For Client Distribution
© 2007
Massachusetts Mutual Life Insurance Company,
Springfield, MA 01111. All rights reserved.
www.massmutual.com
MassMutual Financial Group is a marketing designation
(or fleet name) for Massachusetts Mutual Life Insurance
Company (MassMutual) and its affiliates.
RS-11735-00
Return to Newsletter |
