• Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • CONTRACTORS
  • ENGINEERS
  • RADIANT & HYDRONICS
  • INSIGHTS
  • MEDIA
  • RESOURCES
  • EMAGAZINE
  • SIGN UP!
cart
facebook instagram twitter linkedin youtube
  • PRODUCTS
  • FEATURED PRODUCTS
  • CONTRACTORS
  • BATH & KITCHEN PRO
  • BUSINESS MANAGEMENT
  • HIGH EFFICIENCY HOMES
  • TECHNOLOGY
  • WATER TREATMENT
  • PMC COLUMNS
  • PMC COLUMNS
  • Dave Yates: Contractor’s Corner
  • John Siegenthaler: Hydronics Workshop
  • Kenny Chapman: The Blue Collar Coach
  • Matt Michel: Service Plumbing Pros
  • Scott Secor: Heating Perceptions
  • ENGINEERS
  • CONTINUING EDUCATION
  • DECARBONIZATION | ELECTRIFICATION
  • FIRE PROTECTION
  • GEOTHERMAL | SOLAR THERMAL
  • PIPING | PLUMBING | PVF
  • PME COLUMNS
  • PME COLUMNS
  • Christoph Lohr: Strategic Plumbing Insights
  • David Dexter: Plumbing Talking Points
  • James Dipping: Engineer Viewpoints
  • John Seigenthaler: Renewable Heating Design
  • Lowell Manalo: Plumbing Essentials
  • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
  • RADIANT COMFORT REPORT
  • THE GLITCH & THE FIX
  • INSIGHTS
  • CODES
  • GREEN PLUMBING & MECHANICAL
  • PROJECT PROFILES
  • COLUMNS
  • SPONSOR INSIGHTS
  • COLUMNS
  • Codes Corner
  • Natalie Forster: Editorial Opinion
  • Guest Editorial
  • MEDIA
  • EBOOKS
  • PODCASTS
  • VIDEOS
  • WEBINARS
  • RESOURCES
  • INDUSTRY CALENDAR
  • DIRECTORIES
  • PM BOOKSTORE
  • CE CENTER
  • MARKET RESEARCH
  • CLASSIFIEDS
  • EMAGAZINE
  • EMAGAZINE
  • ARCHIVE ISSUES
  • CONTACT
  • ADVERTISE
  • PME EMAGAZINE ARCHIVES
search
cart
facebook instagram twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
    • FEATURED PRODUCTS
  • CONTRACTORS
    • BATH & KITCHEN PRO
    • BUSINESS MANAGEMENT
    • HIGH EFFICIENCY HOMES
    • TECHNOLOGY
    • WATER TREATMENT
    • PMC COLUMNS
      • Dave Yates: Contractor’s Corner
      • John Siegenthaler: Hydronics Workshop
      • Kenny Chapman: The Blue Collar Coach
      • Matt Michel: Service Plumbing Pros
      • Scott Secor: Heating Perceptions
  • ENGINEERS
    • CONTINUING EDUCATION
    • DECARBONIZATION | ELECTRIFICATION
    • FIRE PROTECTION
    • GEOTHERMAL | SOLAR THERMAL
    • PIPING | PLUMBING | PVF
    • PME COLUMNS
      • Christoph Lohr: Strategic Plumbing Insights
      • David Dexter: Plumbing Talking Points
      • James Dipping: Engineer Viewpoints
      • John Seigenthaler: Renewable Heating Design
      • Lowell Manalo: Plumbing Essentials
      • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
    • RADIANT COMFORT REPORT
    • THE GLITCH & THE FIX
  • INSIGHTS
    • CODES
    • GREEN PLUMBING & MECHANICAL
    • PROJECT PROFILES
    • COLUMNS
      • Codes Corner
      • Natalie Forster: Editorial Opinion
      • Guest Editorial
    • SPONSOR INSIGHTS
  • MEDIA
    • EBOOKS
    • PODCASTS
    • VIDEOS
    • WEBINARS
  • RESOURCES
    • INDUSTRY CALENDAR
    • DIRECTORIES
    • PM BOOKSTORE
    • CE CENTER
    • MARKET RESEARCH
    • CLASSIFIEDS
  • EMAGAZINE
    • EMAGAZINE
    • ARCHIVE ISSUES
    • CONTACT
    • ADVERTISE
    • PME EMAGAZINE ARCHIVES
  • SIGN UP!
ColumnsBusiness ManagementGuest Editorial

The 2020 business planning season is right now

By Jim Hamilton
Get laser focused in your business
September 3, 2019

Creating a strategic business plan is a vital annual step for your organization. As you go through the process, you’ll have goals you want to achieve and important decisions to ponder. In this quarter’s column, I’ll walk you through the key components of creating your 2020 strategic business plan.

 

WHY HAVE A STRATEGIC BUSINESS PLAN?

Zig Ziglar, one of my all-time favorite writers and speakers, said, “You can start where you are with what you’ve got and go to wherever it is you want to go.”

You’ve already got an organization. Your strategic business plan is a road map for everyone on your team to follow. It ensures you’re all focused on the same destination point. 

A strategic plan allows you to be proactive in controlling your business, instead of reactive. It articulates your goals, how you’re going to achieve them, and directs your company’s actions. It will help you establish and measure the success of your business.

 

EVALUATE YOUR BUSINESS

When spearheading your company's strategic planning process, it’s important to start with a thoughtful evaluation of where and who you are, where and what you want to be, and what you need to do. You don’t need to conquer this alone; consider networking with contractors outside your service area for ideas and best practices. 

 

EVALUATE YOURSELF

Are you ready to take your business to the next level?  If not, that’s okay – perhaps you first need to patch up holes in your current processes. That’s perfectly normal. You don’t have to grow in revenue to create your strategic business plan. Know yourself. Know your weaknesses. Know what you need to improve. 

You shouldn’t try to outgrow your current revenue projections if your business isn’t profitable. Bottom line: You need profits to grow. If you’re finding yourself in a low-to-no profit situation, you still need to plan for how you will get out of that hole.

 

WHAT ARE YOUR GOALS?

Think about your goals for your business. If you want to be successful, write them down. Writing your goals out helps you see if they are:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Timely

The very act of writing your goals down also helps you make a commitment to them. Set your goals however you like – you can establish short-term goals for a week, month, quarter or even a year. You can also set long-term goals for three to five years into the future.

Always start with the end in mind. Where do you want to be in x years? Then think about how you’ll get there. What action steps do you need to take to achieve your goals?

 

STAFF INPUT

Involving your key employees in the strategic planning process will pay off tenfold. Why?

Because adults don’t like to be told what to do. If you make a strategic business plan and show it to your employees, it’s your plan – they don’t have any reason to care about it. If you include your employees in the planning process – when they contribute their part to building the strategic plan – they become willing participants in carrying out the plan. Your plan becomes the company plan, not just the boss’s plan.   

 

REMEMBER: PLANNING IS A DYNAMIC PROCESS 

Your company’s strategic business plan is your road map to achieving your vision, but your company's long-range plan must be understood as dynamic. It reflects beliefs that exist currently, but as these beliefs change, the strategy must change as well.

During the formation of your strategic plan, it’s important to create different options that can be activated based on external conditions, such as the economy, that are out of your control. Monitor external factors and adjust your plan accordingly.

The time to plan is now. You’ll need time to implement all the changes you’re planning before the year starts. 

What are you waiting for?

 

KEYWORDS: business coaching Nexstar Network

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Hamilton   copy

Jim (Bone) Hamilton is a business coach with Nexstar. He has spent 36 years in the plumbing/heating/cooling/electrical service industry, and has purchased and transformed 28 underperforming companies into profitable businesses, each in less than a year. For more information on how you can get rapid results, go to www.nexstarnetwork.com or call 888/240-STAR.

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • Worker using the Milwaukee Tool SWITCH PACK drain cleaner

    Pipeline profits: Drain cleaning, pipe inspection create opportunities

    Drain cleaning and inspection services offer lucrative...
    Green Plumbing and Mechanical
    By: Nicole Krawcke
  • Uponor employee, Arturo Moreno

    The reinvestment in American manufacturing and training

    Plumbing & Mechanical Chief Editor Nicole Krawcke and...
    Plumbing News
    By: Nicole Krawcke and Natalie Forster
  • March 2024 Women in Plumbing hero image of woman engineer overlayed by circle of hexagon shapes with numbers from 1 to 10

    Celebrating 10 Influential Women in the Plumbing Industry

    Celebrating Women's History Month and Women in...
    Plumbing News
    By: Nicole Krawcke
Manage My Account
  • eNewsletters
  • Online Registration
  • Subscription Customer Service
  • eMagazine
  • Manage My Preferences

AI can boost efficiency and profitability for plumbing, HVAC contractors

AI can boost efficiency and profitability for plumbing, HVAC contractors

IPEX celebrates grand opening of new Florida distribution center

IPEX celebrates grand opening of new Florida distribution center

Bell & Gossett Illustrates Path to Net-zero at AHR Expo

Bell & Gossett Illustrates Path to Net-zero at AHR Expo

NIBCO Press Solutions

NIBCO Press Solutions

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Plumbing & Mechanical audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Plumbing & Mechanical or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • J.J. Keller CMV vehicles on road
    Sponsored byJ. J. Keller & Associates, Inc.

    The dash cam game-changer for small business safety

Popular Stories

Heat pump of air-water technology for the home.

Rethinking Heat Transfer: Why 'Natural' Isn't Always Ideal for Air-to-Water Systems

Bath & Kitchen Pro 2025 Cover 900x550 hero image

eBook | Fifth annual Bath & Kitchen Pro

Solar rooftop on apartment condo building in Nashville, Tennessee. Production of clean ecological electrical energy. Renewable electricity with zero emission.

The Age of Deregulation? Proposed Changes to Federal Energy Efficiency and Water Conservation Standards

2025 Bath & Kitchen Pro eBook

Events

November 13, 2024

Future Proofing MEP: Navigating the 2026 High Efficiency Water Heating Standards

Join our deep dive into DOE’s new standards so you can future-proof your MEP practice.

EARN: 0.1 ASPE CEU; 1 AIA LU/HSW; 0.1 IACET CEU*; 1 PDH

View All Submit An Event

Poll

Will business be up or down in 2025?

Do you anticipate business in 2025 to be up or down in comparison to 2024?
View Results Poll Archive

Products

The Water Came To A Stop

The Water Came To A Stop

See More Products

Download the FREE Water Conservation, Quality & Safety eBook: Plumbing Trends Increasing Safe Water Availability

Related Articles

  • Jim Hamilton

    The success of your business is in your control

    See More
  • Jim Hamilton

    Selling at the right price

    See More
  • Jim Hamilton

    The words you say can ruin your business

    See More
×

Keep your content unclogged with our newsletters!

Stay in the know on the latest plumbing & piping industry trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
    • Supply House Times
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

search
cart
facebook instagram twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
    • FEATURED PRODUCTS
  • CONTRACTORS
    • BATH & KITCHEN PRO
    • BUSINESS MANAGEMENT
    • HIGH EFFICIENCY HOMES
    • TECHNOLOGY
    • WATER TREATMENT
    • PMC COLUMNS
      • Dave Yates: Contractor’s Corner
      • John Siegenthaler: Hydronics Workshop
      • Kenny Chapman: The Blue Collar Coach
      • Matt Michel: Service Plumbing Pros
      • Scott Secor: Heating Perceptions
  • ENGINEERS
    • CONTINUING EDUCATION
    • DECARBONIZATION | ELECTRIFICATION
    • FIRE PROTECTION
    • GEOTHERMAL | SOLAR THERMAL
    • PIPING | PLUMBING | PVF
    • PME COLUMNS
      • Christoph Lohr: Strategic Plumbing Insights
      • David Dexter: Plumbing Talking Points
      • James Dipping: Engineer Viewpoints
      • John Seigenthaler: Renewable Heating Design
      • Lowell Manalo: Plumbing Essentials
      • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
    • RADIANT COMFORT REPORT
    • THE GLITCH & THE FIX
  • INSIGHTS
    • CODES
    • GREEN PLUMBING & MECHANICAL
    • PROJECT PROFILES
    • COLUMNS
      • Codes Corner
      • Natalie Forster: Editorial Opinion
      • Guest Editorial
    • SPONSOR INSIGHTS
  • MEDIA
    • EBOOKS
    • PODCASTS
    • VIDEOS
    • WEBINARS
  • RESOURCES
    • INDUSTRY CALENDAR
    • DIRECTORIES
    • PM BOOKSTORE
    • CE CENTER
    • MARKET RESEARCH
    • CLASSIFIEDS
  • EMAGAZINE
    • EMAGAZINE
    • ARCHIVE ISSUES
    • CONTACT
    • ADVERTISE
    • PME EMAGAZINE ARCHIVES
  • SIGN UP!