Business Plan. Wholesaler Name: Territory: Date Prepared: For internal use only. Not for distribution to the public.

Transcription

1 Business Pan Whoesaer Name: Territory: Date Prepared: For interna use ony. Not for distribution to the pubic.

2 Deveoping a Business Pan is core to the ongoing stabiity and growth of your business. Taking the time to deveop a Business Pan can hep you: ASSESS your business and your competitive position in a rapidy changing marketpace FOCUS your time and marketing efforts for maximum impact and resuts ALIGN your activities to support the needs of your business going forward CHART a course for your success in the year ahead The intent and goa of your Business Pan deveopment is to create a detaied map for success in your territory. This is your opportunity to formuate and articuate a strategic and tactica pan for your business, so be specific in each area. Take the time to examine key aspects of your business such as determining your vaue proposition and mastering your vision statement. Pinpoint your territory profie and add tangibe operationa and financia miestones that aign with your goas. As you compete your Business Pan, share it with your interna and consider partnering with other whoesaers for tips from top producers and other best practices that can hep you take your business to the next eve. 2 For interna use ony. Not for distribution to the pubic.

3 Buid Your Business Pan in 4 Fundamenta Steps! STEP 1: ASSESS your business and competitive position Take a ook back Year in Review Consider the year ahead Outook Review your territory Determine your vaue proposition Craft your mission statement and vision Perform a SWOT anaysis Determine your saes goas List your saes goas by Broker/Deaer STEP 2: FOCUS your time and marketing efforts Identify your oops Segment & rank your producers Determine your New Rep acquisition strategies Identify centers of infuence and referra sources STEP 3: ALIGN your activities to support your growth Determine your strategy to work with your interna whoesaer Aign your time with your saes activities Aign your budget with your saes activities STEP 4: CHART a course for your success Track your quartery saes by Fund Track your quartery saes by Channe assess focus aign chart For interna use ony. Not for distribution to the pubic. 3

4 assess focus aign chart STEP 1: ASSESS your practice and competitive position Take a ook back Year in Review How has my business changed over the past 12 months? Externa events that negativey impacted my business this year were Externa events that positivey impacted my business this year were Successes and areas of improvement in my business incude 4 For interna use ony. Not for distribution to the pubic.

5 assess focus aign chart Consider the year ahead Outook My outook for the economy and the financia services business is My outook for the advisors I do business with is My outook for my territory is My outook for the competitive environment in my territory is For interna use ony. Not for distribution to the pubic. 5

6 assess focus aign chart Determine your vaue proposition What is your vaue proposition? What do you offer Advisors that no one ese can? What are the unique benefits received from working with SunAmerica Mutua Funds? 6 For interna use ony. Not for distribution to the pubic.

7 assess focus aign chart Craft your mission statement and vision This is the core of your strategic direction your vision statement shoud express your vaue proposition and a forward ooking direction of where you want your practice to move. It shoud embody and articuate how your strengths transate into tangibe competitive advantages. Anayze the consistency between how you define your business and how you present your services to potentia cients what are your strengths and how do you best connect with your market? Take a moment to think about how your Advisors might define your stye. Deveop your mission statement: TIPS: Keep your statement simpe and cear, yet targeted and we thought out Consider if it can be easiy repeated by your cients to hep you generate referras Limit your statement to two or three sentences Highight the strengths that differentiate you Once you have crafted your mission statement, be sure to take the time to deveop a 30-second eevator message you can use when prospecting in your community. If you need hep, use your feow whoesaers as a sounding board. For interna use ony. Not for distribution to the pubic. 7

8 assess focus aign chart Perform a SWOT anaysis To hep you identify gaps in your practice, anayze your Strengths, Weaknesses, Opportunities and Threats. Sampe SWOT anaysis Strengths Great reationship-buiding skis Exceent presenter/pubic speaker Soid interna whoesaer Opportunities Have oya Advisors/need to cutivate referras Good contacts and reputation Soid reationships with most COIs Weaknesses No formaized business/marketing pan Shotgun approach to business deveopment Office organization/time management Threats Bear market in stocks or bonds Territory needs to continue to evove and grow Perform a SWOT anaysis of your practice beow: Strengths Weaknesses Opportunities Threats 8 For interna use ony. Not for distribution to the pubic.

9 assess focus aign chart Saes goas by fund Previous Year Next Year s Goa Saes Goas Saes of Saes Saes of Saes Equity Funds subtota Income Funds subtota Other subtota Tota For interna use ony. Not for distribution to the pubic. 9

10 For interna use ony. Not for distribution to the pubic. Saes goas by Broker/Deaers List your top target firms. Remember the rue and focus at east 80 of your time and resources on these top target Broker/Deaers. Previous Year Next Year s Goa Wirehouse/Regiona Saes Tota Saes Tota subtota Independent subtota Other subtota Tota assess focus aign chart 10

11 assess focus aign chart STEP 2: FOCUS your time and marketing efforts Identify territory oops Focused marketing can be a key to growth and can hep you better everage your time and resources. There are many potentia target markets on which to focus. Begin with what interests you the most, or where you may aready have contacts. As you think about target markets, here are some questions to ask yoursef: Do I spend the majority of my time in a particuar channe or firm(s)? Given the choice, where woud I spend my time? Do I spend the majority of my time in a certain area of my territory? Am I meeting a the top producers in my territory? You may aso want to consider the type of Advisor you enjoy working with and fee most quaified to target. Where does your personaity and ski set best overap and connect? List the firms where I spend the most time List the areas in my territory where I spend the most time For interna use ony. Not for distribution to the pubic. 11

12 assess focus aign chart Strategicay pan your quartery oops Based on the anaysis of your territory, strategicay pan your oops to target the areas that can produce the highest saes potentia. Determine the Base City and target communities for each area. Aso, cacuate the number of days it wi take to see (appointments, drops, etc.) every top producing advisor during that rotation. LOOP 1 Base City: # of Days: of Qtr LOOP 2 Base City: # of Days: of Qtr Tota # of Days: Tota # of Days: LOOP 3 Base City: # of Days: of Qtr LOOP 4 Base City: # of Days: of Qtr Tota # of Days: Tota # of Days: LOOP 5 Base City: # of Days: of Qtr LOOP 6 Base City: # of Days: of Qtr Tota # of Days: Tota # of Days: 12 For interna use ony. Not for distribution to the pubic.

13 assess focus aign chart Segment & rank your producers Now et s ook at your business. Segment a of your producers over the ast 24 months into four categories: Patinum, God, Siver and Bronze. You wi be evauating each producer based on production and consistency in writing new business. Patinum producers are your Top Producers or VIP Producers who consistenty write a miion pus in new business. God producers are your steady, dependabe producers who consistenty write business. Siver producers write business every now and then. By segmenting your business and ranking your producers, you wi be abe to effectivey focus on the peope who can grow your business PLATINUM Name (Last, First) Tite, Firm Production For interna use ony. Not for distribution to the pubic. 13

14 assess focus aign chart GOLD Name (Last, First) Tite, Firm Production 14 For interna use ony. Not for distribution to the pubic.

15 assess focus aign chart SILVER Name (Last, First) Tite, Firm Production For interna use ony. Not for distribution to the pubic. 15

16 assess focus aign chart Determine your new rep acquisition strategies The first step in buiding an effective acquisition strategy is to identify the key prospects to ca on. This information wi hep you strategicay focus your time and resources on high vaue targets who can hep ead to a substantia increase in saes. Now et s rate and rank the A prospects in your territory. A prospects being a top prospect who has the potentia to generate significant saes. By identifying your A prospects, you wi be abe to better aign time and saes activities. Rate and rank your prospects A PROSPECTS Name (Last, First) Firm Office Location Current Fund Production, if known For interna use ony. Not for distribution to the pubic.

17 assess focus aign chart Centers of infuence Centers of infuence in your territory can be a great source for referras. Identify individuas at each of your focus Broker/Deaers who may hep you grow your business in the year ahead. 1 Name (Last, First) Tite, Firm Address (City, State, ZIP) Phone For interna use ony. Not for distribution to the pubic. 17

18 assess focus aign chart STEP 3: ALIGN your activities to support your growth Determine your strategy to work with your interna whoesaer A typica characteristic of a high-performing saes team is the cear understanding of the roes and responsibiities of each team member. By setting cear expectations for both you and your interna, you wi be abe to deveop an accountabiity system that ensures a activities necessary to grow your business are being done. Roes and responsibiities EXTERNAL INTERNAL 18 For interna use ony. Not for distribution to the pubic.

19 assess focus aign chart Deveop your activity pans Create specific activities for you and your interna partner to perform that wi hep you achieve your saes goas. Activity #1: Objective: Competion Date: Action Pan for Whoesaer: Action Pan for Interna Partner: Activity #2: Objective: Competion Date: Action Pan for Whoesaer: Action Pan for Interna Partner: For interna use ony. Not for distribution to the pubic. 19

20 assess focus aign chart Aign your time with your saes activities Now et s aocate your time for next year. Take a few minutes and determine the numbers of days that you pan to aocate to the foowing Saes Activities, respectivey. I. Tota business days 243 II. Business days NOT cosed for hoidays 237 III. Office days IV. Vacation days V. B/D conference attendance VI. In fied meeting days VII. Weekend work days VIII. SAAMCO saes meeting 6 A. One-on-one advisor meetings B. Group advisor meetings C. Entertainment events D. Cient seminars E. Other (specify) Tota Saes Activities 20 For interna use ony. Not for distribution to the pubic.

21 assess focus aign chart Aign your budget with your saes activities Once you have estabished your revenue goas, you may want to take a few minutes to project your expenses for the year ahead. (Of course, not a expense categories incuded beow wi appy to you and your practice.) Budget Projection Auto 0.50 cents Trave Airfare Lodging Meas Professiona Deveopment Conference/Seminar Fees Continuing Education Memberships/Dues Subscriptions Entertainment Sports & Other Events Dining Other (specify) Marketing/Promotion Postage Birthday/Hoiday Cards Cient Appreciation Gifts Cient Events/Seminars Co-op Marketing Other (specify) TIP: A common rue-ofthumb is that you wi need to spend about 5 of your current income on marketing to maintain your current production. This percentage shoud increase to 10 to 25 of your income goa if you are ooking to grow your practice. Tota Business Expenses For interna use ony. Not for distribution to the pubic. 21

22 assess focus aign chart STEP 4: CHART a course for your success Equity Funds Income Funds Other Saes Goas Saes Goa Per Quarter Tota Saes of Goa Reached 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Overa Saes Tota Saes Goa Per Quarter Tota Saes of Goa Reached 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Wirehouse/ Regiona Independent Other Broker/Deaer Saes Goas Saes Goa Per Quarter Tota Saes of Goa Reached 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Overa Saes Tota Saes Goa Per Quarter Tota Saes of Goa Reached 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 22 For interna use ony. Not for distribution to the pubic.

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24 S5157BPL (10/11) For interna use ony. Not for distribution to the pubic.