Managing Your Businesscontent.nsaspeaker.org/Chapters/Academy/09Managing... · Cons: • Expensive...

NSASpeakersAcademy

Managing Your Business

© 2012 National Speakers Association 1

Module 9: Managing Your Business

What is the VISION STATEMENT of your business? (describes what your business does)

Ex: I will provide (describe services) to (describe customers)

Examples of known vision statements:

• • •

My vision statement:

What is the MISSION STATEMENT of your business? (Why does your business exist?) Ex: My business exists to: (purpose)

Examples of known mission statements: • • •

My mission statement:

Is There More Than Managing Me?In a word, yes. Managing a successful business requires a strategic approachversus a merely product-focused approach. Often, YOU are the primary product in aspeaking business. It’s important to think about and work ON your business, ratherthan just IN your business. Your answers to the following questions will help youbetter understand your business.

2 © 2012 National Speakers Association


" What sales revenue do I want per year? What profit margin?

" How many speaking engagements do I want per month/year?

" How many, if any, employees do I want in my business?

" When do I want to achieve NSA membership? Certified Speaking Professional (CSP)?

" If writing a book or creating a product, when do I want these to be ready to sell?

" What other objectives do I have for my business? As Lou Heckler says! “Design your speaking around your business. Not the other way around.”

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What sales revenue do I want per year? What profit margin?

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How many speaking engagements do I want per month/year?

How many, if any, emplo

When do I want to achieve NSA membership? Certified Speaking Professional (CSP)?

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yees do I want in my business?

When do I want to achieve NSA membership? Certified Speaking

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yees do I want in my business?

When do I want to achieve NSA membership? Certified Speaking

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As Lou Heckler says“Design your speaking around your business. Not the other way around.”

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! ! ! ! ! ! !! ! ! ! ! ! ! ! ! !

If writing a book or creating a product, when do I want these to be ready to sell?

What other objectives do I have for my business?

!s Lou Heckler says“Design your speaking around your business. Not the other way around.”

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If writing a book or creating a product, when do I want these to be

What other objectives do I have for my business?

“Design your speaking around your business. Not the other way around.”

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If writing a book or creating a product, when do I want these to be

“Design your speaking around your business. Not the other way around.”

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Business ObjectivesThe goals of your business may be as unique as your personal speech or speakingstyle. What do you want for your business? What are your reasons for putting forthyour time, effort and energy in creating a business in the first place? How will youknow when to celebrate and when you can say you have been “successful”? Thereare no right or wrong answers to the questions below.

KEY QUESTIONS:

Will you be seeking outside funding for your business? ____ YES ____ NO

Is your goal to build a profitable business that might be sold? ____ YES ____ NO

If you answered yes to the above questions, a formal written business plan is in order. There are many books and resources and even software available to facilitate the process of determining and recording the following nine areas that will make up your business plan.

1. Executive Summary 2. Company Description 3. Target Market 4. The Competition 5. Marketing and Sales Plan 6. Operations 7. Management Structure 8. Future Development 9. Financials

Adapted from Business Plan in a Day. Ronda Abrams. The Planning Shop.

Do I Need a Business Plan? There are a wide variety of opinions about business plans in all industries. Somespeakers create plans; some wing it. Some build businesses, and some simplybuild audience exposure. Your choice to have a business plan is just that—yourchoice. However, there are a few key questions that will help you determine thedepth and detail of any plan—formal or informal—that you create for your business.





What Goes in My Business Plan? The exercise of writing a business plan, even if you are not formally presenting it to a bank or external funding source, will help you determine important elements ofyour business. The more clarity you have when you begin, the stronger foundationfor growth you will have built. Let’s see how much you already know and in whatareas you may need to grow.

1. Executive SummaryThis section summarizes your entire plan and succinctly addresses each section.The recommended best practice is to write this section LAST once all other sectionsare clear.

2. Company DescriptionThis section includes the name and location of your business, as well as theownership, history, products and services you provide, industry you serve and howyour company is currently funded.

Company Name:

Company History:

What qualifies you to be the successful owner of this business?

Products and services provided:

Primary funding vehicle: (i.e., personal savings, revenue, loan, etc.)

What Goes in My Business Plan?

3. Target Market

This section specifies where you sell and to whom and why they buy.

What is your geographic target market?

Who are your customers, and why do they buy from you?

What does this mean your business needs to have or do?

4. The Competition

This section identifies who else does what you do and how you are different and better. There may be other speakers who speak on your topic or even havea similar message, but how is your service or product different than theirs?

5. Marketing and Sales Plan

This section is for you to identify how you will reach your target market and then sell them your product or services. Often a marketing plan is a separatedocument from the business plan, but you should begin to formulate your basic strategy here.





What Goes in My Business Plan?

6. OperationsThis section describes how you will run your business. Do you have any operational advantages or disadvantages? If so, list those here.

Are there any operational advantages for running the business out of your home?

_____________________________________________________

_____________________________________________________

7. Management StructureThis section lists those in your business who have management authority andwho will be able to make decisions that affect revenue or profit.

My Name: ______________________________________________________________

My Title: _______________________________________________________________

Other Managers: ________________________________________________________

8. Future DevelopmentThis section serves to shed light on and record your long-term goals for thebusiness and its growth. Much like your objectives and goals, this section wouldfocus on where you plan to go versus where you are or have been.

9. Financials This section will be comprised of profit-and-loss statements, balance sheets,cash flow statements, and projections for income and cash flow. Though theseare needed for a formal business plan, they may not be handy in the beginning.Using accounting software will help you manage and create these reports, aswill a bookkeeper or accountant. Financial statement needs may also bedifferent depending on the structure you choose for your business.

!! SOLE PROPRIETORSHIP Pros:

• Easy to start (just start) • Easy to keep records

Cons: • Unlimited personal liability

(you can be sued for everything you own)

• Limited capitalization (all you) Questions:

!! PARTNERSHIP Pros:

• Easy to start (better written) • Additional capitalization (all the

partners’ assets) Cons:

• Unlimited personal liability (for all partners)

• Loss of complete control Questions:

!! LIMITED LIABILITY CORPORATION (LLC) Pro or Con:

• Profits and losses flow through shareholders

Pros: • Easy to operate (no formal

meetings or reports required) Cons:

• Expensive to form • Possible annual fee • Limited life (dissolves upon

death or bankruptcy) Questions:

!! CORPORATION Pro or Con:

• C-Corp – P and L stay in corp. • S Corp – P and L flow through

to shareholders Pros:

• Limited personal liability Cons:

• Somewhat difficult to operate (formal meetings and reports required)

• Possible annual fee • Can be expensive to operate

Questions:

What is My Business Structure? Choosing a business structure is important for tax purposes. Review the brief prosand cons below and check the box of the structure you would prefer. Then considerconsulting an attorney or your tax advisor for more information.





• Set up a separate bank account for your speaking business (Usually a fictitious business name filing is required)

• Set up a credit card that is strictly used for business expenses

• Consider setting up a way to take credit cards

• Consider taking money online (e.g., PayPal)

• Consider establishing a trust account for deposits

(A trust account should avoid probate, and it is a best practice to keep a trust log in case anything happens to you (sickness or death).)

Date I will establish my bank account:

____________________________________________________________

Try the KISS method with your money. Keep It

Simple and Separate!

• Set up a separate bank account for your speaking business(Usually a fictitious

• Set up a credit card that is strictly used for business expenses

Set up a separate bank account for your speaking business(Usually a fictitious business name filing is required)Set up a credit card that is strictly used for business expenses

Set up a separate bank account for your speaking businessfiling is required)

Set up a credit card that is strictly used for business expenses

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• Consider taking money online (e.g., PayPal)

• Consider establishing a trust account for deposits

(A trust account should avoid probate, and it is a best practice to keep a trust log in case anything happens to you (sickn

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Consider taking money online (e.g., PayPal)

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Putting Money in the BankMany times entrepreneurs, even those who teach financial topics, are not the bestmoney managers. It is important to know where your business money is going andwhere it will go when you no longer control it. Keep these tips in mind, and forhomework, set up a bank account for your business.

Pre-program questionnaires often include:

a. Date of engagement b. Timeframe of engagement c. Audience makeup d. Desired outcome e. Clarification of client’s needs (i.e., do they need you to be funny, inspiring or

content-focused?) What other questions might you want to know about your audience or client before arriving?

1.

2.

3.

4.

5.

Engagement contracts often include:

a. Date of engagement b. Location of engagement c. Fee d. Transportation and ancillary expenses e. Deposit requirements f. Cancellation policy g. “Act of God” clause h. Repetitively phrased section templates

Essential Forms and ContractsForms that reflect your brand and gather valuable information will help you maintain credibilityand establish all the information you need to conduct business. Consider drafting your ownversions of these pre-engagement forms and contracts.





A. Paper-based record keeping systems

B. Electronic-based record keeping systems

C. Record keeping for speakers

1. Presentations/training/facilitation/coaching

Where do you keep copies of your presentation handouts? Where do you keep copies of your electronic presentation? Where do you keep copies of your coaching notes? Where do you keep detailed notes of client conversations?

2. Tracking income and expenses

What system do you use to track incoming funds? What system do you use to track outgoing funds?

3. Customer notes and information

What system do you use, or how do you keep track of your customer information?

A. Paper

B. Electronic

Paper- stemsbased record keeping sy

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stemsbased record keeping sy

C. Record k

1. Presentations/training/facilitation/coaching

Where do you keep copies of your presentation handouts?

Where do you keep copies of your electronic presentation?

Record keeping for speakers

Presentations/training/facilitation/coaching



Presentations/training/facilitation/coaching



Where do you keep copies o

Where do you keep detailed notes of client conversations?

2. Tracking income and expenses

What system do you use to track incoming funds?

Where do you keep copies of your coaching notes?


Tracking income and expenses


f your coaching notes?



What system do you use to track outgoing funds?

3. Customer notes and information

What sysinformation?


Customer notes and information



Customer notes and information

tem do you use, or how do you keep track of your customer



What sysinformation?




Keeping Track If you offer a guarantee or cancellation policy with time limitations for rescheduling,you will want to keep track of your documents. Servicing current, past and potentialclients will also help you create more business and ask for referrals, but how will youkeep track of all of your information?

Are your processes: • Documented • Backed up • Electronically stored or paper based

WHAT DO YOU DO NEXT?

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How Does the Work Flow? Much as there are processes you follow when you buy something or ordersomething from a company, customers will find it easier to work with you if there is aclear process. How do customers flow through your company? How do you processbusiness and in what order? How do you follow up?





Hardware Checklist !! Computer

!! Tablet

!! Printer

!! Scanner

!! Fax

!! Mobile Phone

!! Portable Devices

!! Presentation Remote

!! Chargers

!! Other:

Software Checklist: !! Word Processing Software

!! Presentation Software

!! Email

!! Texting

!! Dictation

!! Voice to Text Feature

!! Apps

!! Backup System

!! Time Management

!! Appointment Setting

!! Customer Contact Management

!! Newsletter

!! Auto Responders

!! Blog

Do you need to develop an equipment/software acquisition plan? What is your greatest immediate need?

Technologically SpeakingManaging a business has its own set of challenges without technology becominganother key area you manage. But manage it you must, and learning to use it moreeffectively and efficiently will help you save time even if it takes time upfront to learn.Having the technological tools to run and manage your business will allow you towork through some of our industry’s issues (i.e., travel, staying in touch, timemanagement) but also help you keep your mind on what you do best.

Managing Your Business Homework

Congratulations on the completion of your MANAGING YOUR BUSINESS Module. Your journey may have begun today or sometime ago. Wherever you began, chances are you now have homework to keep up the momentum.

My homework from this session is:

• _______________________________________________________

• _______________________________________________________

• _______________________________________________________

• _______________________________________________________

• _______________________________________________________

• _______________________________________________________

• _______________________________________________________

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• ___________________________

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___________________________

_____________________________

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journey may have begun today or sometime ago. Wherever you began, chances are you now have homework to keep up the momentum.

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Module. Your go. Wherever you began, chances are

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