jump start your professional practicetransformingwork.com/pdf/planbook2007.pdf5. identify your...

Jump Start YourProfessionalPractice:

Your Personal Success PlanBook

Developed by Carol GerrishBusiness Success Coach

www.TransformingWork.com

Price $20 US

Introduction

Congratulations!

You are on your way to jump-starting your professionalpractice by taking the time to read this book, to dream,and to work out the logistics of what it takes to makeyour business more successful.

Napoleon Hill, author of a popular book called “Thinkand Grow Rich,” interviewed wealthy entrepreneurAndrew Carnegie and asked him how he became one ofthe richest men in the world. Carnegie’s answer wassimple: develop a plan, write down clear goals (i.e., “I will make $1,000 inthe next month by offering the best customer service possible for mymanagement skills.”), and repeat it aloud every day.

There is a strong correlation, then, between strong, concise planning andcreating the business of your dreams. The power of words, written andvoiced, has proven invaluable in empowering the human mind of cleargoals and turning dreams into reality.

Regardless, many entrepreneurs neglect to take the time to plan. I wouldencourage you: to make your practice thrive, you need to dream big andplan well. It doesn’t mean getting bogged down into details so much,however, that you get too overwhelmed and fail to put your plan intoaction. Be as concise as possible, but allow room for change andadaptation so that you can take action!

Business planning doesn’t end in one session; it's a continuous process.Therefore, create a plan that is flexible. This workbook is your outline.Organize it in a three-ring binder or word processing file for easy accessand updating.

There are many approaches and formats to business planning – none areperfect, and none are magic – so let this book serve as one of manyresources to help you think through your goals.

Jump Start Your Professional Practice:Your Personal Success PlanBook

Developed by Carol Gerrish, PCC [email protected] LLC, Copyright 2007. All rights reserved. www.TransformingWork.com

This ebook may not be reprinted or distributed in electronic, print, web or other format without express writtenpermission.

Remember, too, that your plan doesn’t have to make sense to anyone butyou. Unless you are presenting a plan to someone for a particular purpose(such as a lender), it's only important that your plan makes sense to you.You are the one who will be executing it.

Finally, keep in mind that you are not alone in this! Use your businesscoach to clarify and strengthen your plan. Look to your coach for supportyou need to put your plan into action. That’s what coaches are for…

Carol Gerrish

About Carol Gerrish, PCC

As a success coach, Carol guides business leaders to achieve extraordinaryresults and fulfilling lives. She understands the personal and professionalchallenges of high-achievers and is committed to helping them focus theirunique strengths and talents to attain their “personal triple bottom line”goals – lives of balance, meaning and reward. She has been coachingexecutives and professionals since 1996 and is credentialed by theInternational Coach Federation as a Professional Certified Coach.

For additional information, visit the websitewww.TransformingWork.com




Table of Contents

E. Service FeesD. Key CompetenciesC. Features and BenefitsB. CompetitionA. Client Services

166. Package Your Services

C. ProspectsB. Practice SpecialtiesA. Target Market

145. Identify Your Clients

D. Startup BudgetC. Startup CostsB. Financial ReserveA. Personal Budget

124. Handle the Money

C. Practice TimeB. Life PrioritiesA. De-Clutter

103. Allot Time and Space

C. Odds and EndsB. Legal StructureA. Practice Name

82. Brand Your Practice

C. Practice GoalsB. MissionA. Vision

61. Set Your Direction

PageTopic




Table of Contents

C. PlanBook UpdateB. Personal DevelopmentA. Client Feedback

2810. Keep It Going!

B. Key IndicatorsA. Financial Plan

279. Monitor Your Success

C. Time ManagementB. Contact RecordsA. Financial Records

258. Streamline Operations

F. Communication MaterialsE. Marketing PlanD. Centers of InfluenceC. Contact PlanB. Conversation OpenersA. 15 Second Introduction

217. Promote Your Practice

PageTopic





The clearer your goal, the better your chance to succeed.~Anonymous

A. Vision

What is your image of your ideal future?

Your vision is the result of your head and heart working together. It isgrounded in reality, but focused on the future. It answers the question"WHAT do you really want?" It is an inspiring and compelling image ...and it creates the gap between where you are and where you want to be.Imagine a future time (2 years, 5 years, etc.) and list the key elements ofyour vision.

B. Mission

What do you offer that is unique? Who do you serve? What doyou provide?

Your mission answers the question "WHY do you exist?" Begin byidentifying (1) what you do (your service); (2) for whom (your market);(3) how you do it (your uniqueness). Keep refining until you have a short,clear, energizing statement.


Developed by Carol Gerrish, Professional Certified Coach [email protected] LLC, Copyright 2002,2007. All rights reserved. www.TransformingWork.com

1. Set YourDirection

� A. Vision

� B. Mission

� C. PracticeGoals


The clearer your goal, the better your chance to succeed.~Anonymous

C. Practice Goals

What will your practice look like in one year?

Be SPECIFIC!!! Outline the key components of your practice.



1. Set YourDirection

� A. Vision

� B. Mission

� C. PracticeGoals


Our grand business in life is not to see what lies dimly at adistance, but to do what lies clearly at hand.

~Thomas Carlyle

A. Practice Name

Give your practice a fitting name.

Your practice is a separate entity -- it is not you! Give it a name thatidentifies and reinforces how you want to be seen -- your brandpersonality. Some considerations:

Corporate search -- check with your state's Secretary of State

Trademark search -- http://www.uspto.gov

Internet name search -- http://www.networksolutions.com

B. Legal Structure

Limit your liability and protect your assets.

Research options available in your state at the library, consult an attorney,talk with an accountant. Consider issues of taxation, liability, control, andsimplicity to choose the best legal form for your practice.



2. Brand YourPractice

� A. PracticeName

� B. LegalStructure

� C. Odds andEnds


Our grand business in life is not to see what lies dimly at adistance, but to do what lies clearly at hand.

~Thomas Carlyle

C. Odds and Ends

Don't overlook other organization requirements.

Not all practices will need these items, and the list is not exhaustive.Determine which apply to your practice.

� Employer identification number (EIN)� Sales tax license� Bank account� Zoning restrictions; local requirements� Internet domain name� Internet service provider (ISP); E-mail set up� Post office box; mailing address� Telephone and fax numbers� Business insurance� Health and disability insurance� Credit card payment (merchant) account� Licensing� Professional Certification��



2. Brand YourPractice

� A. PracticeName

� B. LegalStructure

� C. Odds andEnds


You will never "find" time for anything. If you want time,you must make it.

~Charles Buxton

A. De-Clutter

Eliminate clutter and energy drains.

Identify items in your work and life that clutter your mind, your calendar,your space ... and get rid of them! Make "Do it ... Delegate it ... Drop it"your personal mantra. Get your Clean Sweep Assessment score above 80.

��

My Clean Sweep Score: ___________



3. Allot Time andSpace

� A. De-Clutter

� B. LifePriorities

� C. PracticeTime


You will never "find" time for anything. If you want time,you must make it.

~Charles Buxton

B. Life Priorities

Know the top five priorities in your life.

How do you currently spend your time and energy? How do you want tospend it? Stop now -- before they get lost in the shuffle -- and identify themost important areas in your life. Use this list as your touchstone forscheduling.

1)2)3)4)5)

C. Practice Time

Set boundaries around your work schedule.

Maintaining boundaries between work and play is important. Otherwiseyou may find yourself worn out from 60+ hour work weeks ... or enjoyinga flexible lifestyle but with limited professional success. Determine whatan ideal work-week looks like for you. What time each week is allotted toyour practice? Divide your time between Results (your core business),Remodel (marketing, development), Records (administration), andRecovery (personal time).

Evening

Afternoon

Morning

SunSatFriThurWedTuesMon



3. Allot Time andSpace

� A. De-Clutter

� B. LifePriorities

� C. PracticeTime

4. Handle the Money

Once you secure your wealth consciousness, trueabundance is just around the corner.

~Richard Carlson

A. Personal Budget

Be clear about your personal financial requirements.

Review your past expenditures and establish a budget. Know exactly whatincome flow is required to maintain your lifestyle. Take the opportunity tocut unnecessary expenditures.

Minimum income per month: $ __________

Desired income per month: $ __________

B. Financial Reserve

Determine your capital investment.

How much can you set aside for your practice right now? Use this capitalinvestment for startup costs and to pay your salary and other professionalexpenses during the first months.

Capital Investment: $ __________



4. Handle theMoney

� A. PersonalBudget

� B. FinancialReserve

� C. StartupCosts

� D. StartupBudget

4. Handle the Money

Once you secure your wealth consciousness, trueabundance is just around the corner.

~Richard Carlson

C. Startup Costs

Budget equipment and material expenditures.

Expect to invest $1000 to $10,000 to set up your office space.

Total

�

�

�

�

� Business Cards ($50 - $250)

� Stationery ($100 - $1000)

� Office Supplies ($100 - $500)

� File Cabinet ($50 - $300)

� Ergonomic Chair ($100 - $500)

� Desk ($100 - $1000)

� Scanner/Copier ($100 - $800)

� Printer ($100 - $1200)

� Fax Machine/Service ($100 - $300)

� Telephone Headset ($50 - $200)

� Answering Machine/Service ($50 - $200)

� Telephone ($50 - $200)

� Computer and Software ($1000 - $5000)

Your CostEquipment and Materials

D. Startup Budget

Draft a 90-day budget.

Use a spreadsheet to project cash flow for the next 3 months. Beconservative -- that is, over-estimate your expenses and under-estimateyour income. Include your financial reserve (item #2) as initial incomeand minimum monthly income (item #1) as salary expenses. As needed,go back and readjust until everything balances.



4. Handle theMoney

� A. PersonalBudget

� B. FinancialReserve

� C. StartupCosts

� D. StartupBudget


The real voyage of discovery lies not in seeking newlandscapes, but in having new eyes.

~Marcel Proust

A. Target Market

Who is your ideal client?

What are the characteristics -- traits, qualities, attributes -- of your idealclient? Be specific, be thorough. Include quantitative and qualitative traits.

Summarize your target market in 10 words or less:



5. Identify YourClients

� A. TargetMarket

� B. PracticeSpecialties

� C. Prospects


The real voyage of discovery lies not in seeking newlandscapes, but in having new eyes.

~Marcel Proust

B. Practice Specialties

What client problems are you the best at solving?

Identify those problems and issues faced by your clients for which you canprovide expert support and solutions. Name those situations that youprefer to work with.

C. Prospects

Whom do you already know?

Make use of your current network. Identify people you know who fit yourclient profile. Go through your network list again and identify people whomay not be prospects themselves, but who may know prospects. Thesepeople will be prime candidates for the one-on-one conversations andnetworking meetings that will jump start your business.



5. Identify YourClients

� A. TargetMarket

� B. PracticeSpecialties

� C. Prospects


What do we live for, if it is not to make life less difficult foreach other?

~George Eliot

A. Client Services

What services do you offer?

Considering your target clients and your specialties, identify the servicesthat you offer. Look for services that give you competitive advantage (youdo it better than others) or, better yet, competitive uniqueness (yourservice is not replicable).

B. Competition

What can you learn from competitors?

Competition shows up in various forms -- other service providers,do-it-yourself programs, prospects choosing to solve their own problems.Identify the competitors with the greatest impact.

LearningCompetitor



6. Package YourServices

� A. ClientServices

� B. Competition

� C. Features andBenefits

� D. KeyCompetencies

� E. Service Fees



~George Eliot

C. Features and Benefits

What value do you offer clients?

Features are the tangible, factual and easily identifiable characteristics ofyour services. Benefits are outcomes desired by the client. Go for abalanced approach. With only features, clients wonder "what's in it forme?" With a top-heavy benefits story, clients wonder if you can reallyproduce the results you claim.

Service BenefitsService Features





� B. Competition



� E. Service Fees



~George Eliot

D. Key Competencies

Know why clients should hire YOU.

Often the biggest competition is ourselves. If we can't be sure why clientsshould hire us, how they can be sure? List at least ten solid reasons whysomeone should buy your services.

1)2)3)4)5)6)7)8)9)10)11)12)13)14)15)





� B. Competition



� E. Service Fees



~George Eliot

E. Service Fees

What do you charge?

Pricing services is like pricing art -- it's often in the eyes of the beholder.And like art, price often denotes value -- we assume that more value isassociated with something of higher price. Consequently, lower pricelevels don't attract quality clients; in fact, cheap pricing is a sure way toscare prospects away.

Your price level will be an artful blend of three areas:

1. Margin-Based Rate

This approach looks at what you want to earn for time spent.

$Divide: c/ij. Billable Day RateMultiply: f x hi. Billable Day Factor

%100% - gh. Breakeven Rate

%What profit level doyou desire? (20% ison the 'edge'; 40 % isoutstanding success)

g. Profit MarginMultiply d x ef. Days Billed

%What percentage oftime do you bill?

e. Utilization Rate

How many workdaysare you available?(52 weeks x 5(?)days -vacation/holidays)

d. Available workdays$Add a + bc. Breakeven

$What are yourannual businessexpenses?

b. Business Expenses

$What is your desiredannual "salary"?

a. Annual Salary





� B. Competition



� E. Service Fees



~George Eliot

2. Competitor Rates

What do your competitors charge for similar services?

3. Value Pricing

What are your services worth to your clients? How much will you savethem? How much do your services add to their bottom line?

Standard pricing for my services will be:





� B. Competition



� E. Service Fees


If your approach to life is mainly one of "going with theflow", you're liable to find yourself being washed down the

stream, backwards.~Regina Sara Ryan

A. 15 Second Introduction

Prepare your "elevator speech."

Using your mission statement, target client definition, and lists ofspecialties, features and benefits, construct a USP (Unique SellingProposition) -- a simple one-sentence summary of how your service meetsa significant need for your target client.

_________________ (service) enables ________________ (target client)achieve _________________ (benefit) by ________________ (feature).

Rework this until it distinguishes you in a compelling, personable way.

B. Conversation Openers

How will you get past 'niceties'?

Be prepared for sharing what you do and how you do it with anyone,anywhere! Construct five powerful questions that will open upopportunities to discuss the value you bring to the world.

An example: (for an accountant) If you could streamline one area ofmanaging your finances, what would it be?

1)2)3)4)5)



7. Promote YourPractice

� A. 15 SecondIntroduction

� B. ConversationOpeners

� C. Contact Plan

� D. Centers ofInfluence

� E. Marketing Plan

� F. CommunicationMaterials




C. Contact Plan

How will you tell the world about your practice?

Choose a way -- phone, letter, e-mail -- to tell everyone you know(including friends, family, acquaintances, neighbors) about your practice.Keep it simple and personable, sharing why you are passionate about whatyou have to offer. Be specific -- make sure the receiver learns exactlywhat kind of situations or problems you are a great match for.

My contact plan:

D. Centers of Influence

Which few connections are the most meaningful?

People who know potential clients, or have ready connections toprospects, are your best advocates. These Centers of Influence (COIs) arepositioned to tell others about you and to refer you. Identify at least fiveCOIs and help them learn about your services.

1)2)3)4)5)6)7)






� C. Contact Plan







E. Marketing Plan

How will you get the word out?

There are hundreds of ways to spread the word. Choose three ways thatappeal to you and show you at your best. For each, identify goals and putspecific actions into place.

� One-on-one conversations and meetings� Casual meetings� Public speaking� Networking groups� Organization/association leadership� Volunteer service� Publish articles� Newsletter� Website� Public workshops� Advertising� Direct Mail��






� C. Contact Plan







F. Communication Material

Dress the part.

Equip your practice with tools and materials that communicate who youare and what you do best. Maintain a consistent professional imagethroughout.

� Logo� Stationery� Business cards� Presentation folders� Professional biography� Outline of services��






� C. Contact Plan





Don't agonize, organize.~Florence R. Kennedy

A. Financial Records

Manage the money flow.

Today's accounting software packages, such as QuickBooks andPeachtree, allow you to maintain organized financial records withoutextensive accounting knowledge. Look for a package that integratesinvoicing, income tracking, payroll, financial planning, and tax reporting.Avoid even more paper by considering which software package youraccountant uses. Just ask your accountant!

My accounting software: _______________________________

B. Contact Records

Your network is priceless.

Expect your current network of 100 to 300 people to double in size. You'llwant a way to easily maintain, update, retrieve and categorize (ex.prospect, client, centers of influence) contact information.

Choose a manual system (ex. Rolodex, index cards) or software solution(ex. ACT!, MS Outlook). Software solutions (including web-based Plaxo,Constant Contact) that offer the ability to integrate with word processing,scheduling, and e-mail are powerful tools for client and prospectmanagement.

My contact management system: __________________________



8. StreamlineOperations

� A. FinancialRecords

� B. ContactRecords

� C. TimeManagement


Don't agonize, organize.~Florence R. Kennedy

C. Time Management

Time is money.

As a professional, you are selling your expertise AND your time.Managing this precious resource is a must.

Implement -- and stick to! -- a time management/scheduling system, eithercomputerized (ex. MS Outlook, Act!, PDAs) or on paper (ex. Day-Timer,Franklin Covey Planner).

Become a time management expert. Take a class, read a book, invest in atime management learning program, work with a coach. Invest a bit oftime and money up-front to be more cost-efficient in the long run.

My scheduling system: _______________________________



8. StreamlineOperations

� A. FinancialRecords

� B. ContactRecords

� C. TimeManagement

9. Monitor Your Success

I really believe that if you know what you're doing, if youbelieve in what you're doing, you can make it -- in any business.

~Riva Yares, Art Dealer

A. Financial Plan

What financial reward can you expect?

Format a 12-month financial plan, with conservative income estimates.

B. Key Indicators

What is really important?

What few measurements will keep you focused on key indicators ofsuccess? Track or chart results each day, week or month. Keep your goalsand results visible. Some ideas:

� Prospect calls per day� Number of clients� Monthly billings� Outstanding quotes��



9. Monitor YourSuccess

� A. Financial Plan

� B. KeyIndicators

10. Keep It Going!

There's only one corner of the universe you can be certainof improving, and that's your own self.

~Aldous Huxley

A. Client Feedback

Learn from your clients.

Commit yourself to providing topnotch service by listening to yourclients. Outline your plan for getting feedback.

� Client calls/conversations� Feedback forms� Close-of-service survey��

B. Personal Development

How are you growing?

Remaining professional in all you do requires keeping up with the latestdevelopments in your field, advancing your skills and strengthening yourpersonal foundation.

Maintain your passion and advance your practice by putting into place atleast three short-term development goals and activities.

��

��

��

��How I'll Achieve ThisDevelopment Goal



10. Keep It Going!

� A. ClientFeedback

� B. PersonalDevelopment

� C. PlanBookUpdate

10. Keep It Going!

There's only one corner of the universe you can be certainof improving, and that's your own self.

~Aldous Huxley

3. PlanBook Update

Planning is an ongoing process, not a single event.

Set aside a few hours every month to review and fine-tune your plan. Schedule these important dates with yourself in advance.

My plan update sessions are scheduled for:

��

Congratulations!



10. Keep It Going!

� A. ClientFeedback

� B. PersonalDevelopment

� C. PlanBookUpdate

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