How To Plan Your Route To Bed And Breakfast Success
When my daughter Cara was younger she used to ask us “Are we there yet?” less than two minutes after setting off on any car journey.
She honestly tortured Neil and I with an average of four “are we nearly there yet”s every mile the entire journey.
Whilst it drove us up the wall, I know she asked the question constantly because she didn’t really understand where we were going or how long it was going to take us to get there.
And that is the same situation for many B&B owners.
Too many don’t know where they’re going and they don’t know how long it is going to take them to get there.
My first questions when I’m working with new clients and members is “Where do you want to go with your business?” and “What is your big goal?” And time and again they don’t have a clear answer.
However, I’m writing this today because I had a one-to-one call yesterday with a B&B owner that was unusually crystal clear.
When I asked the questions their goal was very clear – to sell the business for a very precise figure in 5 years’ time so they can retire abroad. That kind of response makes my life very easy.
Once you know where a business is heading then it is much easier to map out how it is going to get there.
Taking yesterday’s example of a clearly defined goal, during our 1-2-1 we looked at what turnover and profitability might be required to sell the business for the target price.
We also discussed who might buy the business and what other key elements would be important in the business to them, like a proven marketing system, an established database and an excellent reputation.
We talked about what the business needed to look like in 5 years’ time and then worked backwards creating a step-by-step plan to take the business from where it is right now to where it needs to be in 2024 with some milestones along the way to keep everything on track.
Where are you going?
If I handed you a map and asked “What is the best way to get there?” the first question you would ask me is “Where are we going?”
It’s the same in your business. If you don’t know where you are heading then there is little chance of you taking the best route to get there.
You need to decide your destination first and when you would like to arrive BEFORE you map out your route. Once you know where you are going then it becomes so much easier to work everything else out.
If you are pedalling a bike and you are planning to get to Australia by lunchtime tomorrow then something needs to change. Maybe it is the destination, maybe it is the timescale, maybe it is the mode of transport but something has got to give (unless you live in Australia, of course!).
I see too many B&B owners pick up the map and choose a mode of transport without a firm destination in mind and that is such a dangerous thing.
It’s time to take action.
There’s never a better time than now to sit down and re-focus on your destination and when you need to get there by.
You may need to re-calculate your route taking into account any unforeseen obstacles to ensure you reach your desired destination on time.
If you are not crystal clear on your bigger picture then there is no better time than now. Allocate an hour or two in the diary this month, define what success means to you and then grab a pen and notepad and write everything down.
What is your big goal?
What do you want your business to look like in 12 months and or in 3 years?
Some of the things you need to think about are:
• How many hours do you want to be working?
• How much profit do you want to be making?
• What is your ultimate exit strategy?
• What does the business need to look like to make that happen?
Until next time, remember …
You need to know what you are aiming for before you can start to map out the most sensible route to take. And when you’ve done that – then create that map and pin it to your wall so you can easy follow every step you need to take.