VRS467 – Preparing for the perfect storm by creating a business success plan

VRS467 – Preparing for the perfect storm by creating a business success plan

This episode of the Vacation Rental Success Podcast is sponsored by HostfullyAn All-In-One property management platform that allows Vacation Rental Owners & Property Managers to handle all aspects of their business in one easy-to-use space.

We are heading into some challenging times.  Reduced demand, increased supply, and a growing pushback on rates may combine to create a perfect storm in 2023.  Getting ahead of the potential for trouble means you’ll need to be proactive in your planning strategy.

If you have never created a business success plan, now is the time.

Why should you have a business plan?  After all, if it’s just you, most of what you are doing is firmly in your head so why does it need to be written down.’

There are some very good reasons. 

Creating a written plan helps you think through all the aspects of your business and takes it out of your head!

When you eventually sell your business, having an annually updated plan will give you a sound foundation for a successful sale.

It will help you establish business milestones – set goals and lay out your long-term plans.

You’ll be able to understand your competition better, define your USP and determine your competitive edge.

You can assess the feasibility of the business – analyze trends, threats, and market fluctuations.

Documenting how will you make money and meet financial obligations (your revenue model) makes so much sense.

It will force you to research and really know your market.

Even if you never use it for seeking investment or a loan, and don’t plan to sell the business, this is one of the most valuable exercises you can do.  

In this episode you’ll hear:

Why you need to plan for 2023Why every business owner (including single property operators) needs to do thisWhat goes into a business success planHow to write an executive summaryWhere to find research dataThe value of identifying your competitive edgeWhat a SWOT Analysis can do to highlight areas to grow intoThe most important financial document you need right now