If you are anything like me, the shininess of a new decade has worn off just a bit and I realize that I am full-fledged into another year. This is the second full year of operations for The Entrepreneur’s Banker and just like the best entrepreneurs that I serve, it is time to commit to a plan for the next 12 months. In case you have not following me, every year I review my long-term (10 year) vision, set out my annual plan, along with the first quarter’s rocks (or critical objectives). My hope in publishing this is to 1) demonstrate a level of transparency, 2) encourage entrepreneurs (and wantrepreneurs) to develop a plan of action for themselves, and 3) get wisdom, feedback and accountability from you.
I want to send a shout out again to Gino Wickman, whose amazing work “Traction” is the basis for this exercise. You will notice that I have based my plan format on his Visual/ Traction Organizer. I customized the V/TO in order to fit where my venture is in its infancy stage. If you are not familiar with Gino and his great books, do yourself a major favor and invest in getting to know him and his work. It will change your business, it has mine.
So, without further delay, here is my long-term vision, 2020 Strategic Plan and my Q1 Rocks!
Overall Strategic Vision
Long-term Vision:
Nationally published, revenue generating, collaborative brand that focuses on empowering entrepreneurs to increase their profits, strengthen their leadership skills and define their strategic vision.
2020 Strategic Plan:
Grow The Entrepreneur’s Banker brand by providing authentic, expert and relevant content to entrepreneurs. This will be accomplished by writing and consistently posting articles on strategic banking and leadership.
Financial and Administrative
Long-term Vision:
Financial: The Entrepreneur’s Banker brand will generate sufficient affiliate marketing and customer purchase content to cover all operational costs and provide $10,000 to the principal for the purpose of attending 3 industry relevant conferences in a year.
Administrative: The Entrepreneur’s Banker operations will grow to a sufficient level to warrant a virtual assistant to coordinate the content delivery.
2020 Strategic Plan:
Financial: The Entrepreneur’s Banker brand will continue to be a non-revenue generating brand in 2020, with the goal of revenue generation happening in 2022. That being said, the articles and information provided by the brand in 2020 should be relevant to my clients and prospect. As such I would expect to have some tangential impact on my day-job from these efforts. The purpose of TEB is not to generate sales for my day-job, but I am looking as this opportunity through the eyes of an entrepreneur – effort that does not eventually lead to sales must be either strategic or discontinued. For now, this is highly strategic.
Administrative: The Entrepreneur’s Banker will continue to be an administratively lean organization (solopreneur model).
Q1 Rocks:
Financials: Pay to have the website updated to allow for a print friendly format and secure domain www.entrebanker.com (easier to spell than theentrepreneursbanker.com) and route all visitors to the existing website.
Administrative: I need to leverage tools better when it comes to planning The Entrepreneur’s Expert interviews and the social media posting. Therefore, my administrative rock will have two objectives. 1) determine if I can use a single planning tool to schedule my daily actives and my brand actives, if so – conduct an analysis of which scheduling tool would be appropriate. 2) use buffer to plan out at least 9 weeks of content during the quarter.
Sales and Marketing
Long-term Vision:
Sales: Generate sufficient income to result in $10,000 profit. Develop multiple revenue generating streams (online classes, professional speaking, one-on-one coaching). To this end, the brand will have no sales activities in 2020.
Marketing: Contribute to at least 2 of the following magazines: Entrepreneur, Forbes, INC, or Money. Maintain an active online community across the major social media platforms that is known for collaboration and engagement.
2020 Strategic Plan:
Sales: The model will continue to be brand building focused and as a result, income generation and sales will not be a goal in 2020, however I would like to start seeing some sales actives by 2022. Therefore the 2020 strategic plan will be to lay the groundwork for potential monetization in 2022. The strategic objective of 2020 will be to understand how similar sights generate sales and to explore potential conflicts of interest that may arise.
Marketing: There will be 4 major areas that I will continue to grow the brand in 2020. Connections on social media, content engagement, speaking events, and guest posting.
I will continue to maximize my marketing efforts on LinkedIn and Facebook. Based upon the operational tempo last year (i.e. how much time it took me to write, edit and post articles) I realized that I did not have the bandwith to add a 3rd SM platform. I will also be more focused on the increased in my network on these 2 platforms. Specifically, I am connected to 544 individuals in the Bryan/ College Station or Houston, Texas markets. While I think that there is value in having a global brand, it seems more impactful to make sure my content is being seen by those are in relatively close proximity to me. Therefore, I will have the following goals for connections:
- LinkedIn: 2,700 total with 1,000 in B/CS or Houston (12/31/19 count: 1,702 total with 544 in B/CS or Houston).
- Facebook: 1,500 total as I don’t know how to isolate the B/CS or Houston friends (12/31/19 count: 741 total).
- Content engagement will be judged not as a vanity metric, but rather as a way to refine my voice and information that is resounding with clients. This will further be defined by the following metrics: # of views per article (100); # of likes per article (20); # of comments per article (20 – knowing that approximately half of these will be my replies); # of shares per article (1.5). For a benchmark here are my 2019 results (of views per article (60.8); # of likes per article (14); # of comments per article (15); # of shares per article (1.0).
- Speaking events will be defined as either live events or podcasts. I am starting my own podcast in Q1 with the intention of publishing 20 episodes. Additionally, I want to be a guest on at least 4 other podcasts in 2020.
- Guest posting will be defined as writing at least 1 article for another website or publication in 2020.
Q1 Rocks:
Sales: Update website to have a clearer call to action to join my emailing list.
Marketing:
- Connections – LI: 1,952 total connections with 582 in the target markets (this represents 250 total new connections and 38 target market connections). Facebook: 931 connections (this represents 190 new connections)
- Content engagement – # of views per article (100); # of likes per article (20); # of comments per article (20 – knowing that approximately half of these will be my reply remarks); # of shares per article (1.5).
- Speaking events – execution on the 2 events that are already booked for Q1 and identification of at least 1 evet for Q2. I also will reach out to the planner of the speakers at the Bank on Purpose conference and discuss what needs to happen in order to lead a breakout session at the 2021 conference.
- Guest posting – identify 2 potential publications/ websites that I want to guest post on and reach out to the editors to determine what the process is for submitting articles for review.
Operational
Long-term Vision:
Deliver content daily across the major social media platforms; Build a 12-week queue of ready to post content.
2020 Strategic Plan: Post an article each week (book review, strategic banking, leadership, the entrepreneur’s expert). I have 59 articles that I have already written, some of that content can be refreshed, but I want to continue to write new articles that address concerns or questions that I am asked. Therefore, I want to have 1/3 of my articles to be refreshed from previous articles and 2/3 of my articles being newly written content. By the end of the year effectively use buffer or other SM planning tool to post to LI and FB at least once a day. Designate 2 days of vacation from my day job to specifically devote to writing content each quarter. Update website with new domain name, add a new picture and biography copy, correct printability issue.
Q1 Rocks: Write and post 9 new articles and 3 refreshed articles (at least 2 book reviews and 2 The Entrepreneur’s Expert). Identify and take 2 days of vacation (ideally making a 4-day weekend) with the specific purpose of writing/ working on the brand during the 2 days of vacation. Identify and engage the person to route the new domain name and correct the printability issue on the website. Update the photos and biography copy.
Wow! That is a lot. I am so excited for 2020 to be here so that I can play this game and crush it! I look forward to sharing with you my successes and setbacks.
Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Hit the connect button on LinkedIn or Facebook NOW and together we will work towards hitting your 10-year target. Along the way we will increase your profit, strengthen your leadership skills and define your strategic vision. This will lead to confidence in your path, freedom to dream up bigger targets and a strategic banking relationship. When we connect, tell me about your 2020 plan – specifically what is the objective you are most excited about accomplishing!
Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife and their wonderful son.
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College Station, Texas
(910) 257-8286