To start the business planning process you have to develop a Vision, Mission, and Values statement and do a complete internal and external evaluation of where your business, or planned business, stands.
Your Vision, Mission and Values, should be written for both you personally and for your business. You should refer to them regularly to help you focus on what you believe in, where you want to go personally and where you want your business to go. Your personal and business statements combined become your business' culture which will be significant as you go forward and build your business.
Once you have your Vision, Mission and Values statement in place and have completed your internal and external evaluation, the next step is to put together a SWOT Analysis for your business (SWOT=Strenghts, Weaknesses, Opportunities, Threats). You have to do some real soul searching on this and put the information on paper as honestly and in as much detail as you can.
With the SWOT analysis complete your next step is to define your goals and objectives.
Goals are the next step down from the Vision. Vision is the big picture. Goals are generally short term (1,3,6, 12 months). Goals need to be outlined for you and your business.
Objectives, sometimes confused with goals, are the specifics of how to reach each goal. Objectives are measurable. They should be established for the same time frame as your goals.
Objectives must support your goals. Both goals and objectives must be realistic and obtainable. Setting goals and objectives that are not realistic and obtainable increases the odds of failure and frustration.
Next is to define the strategies that will be used to meet your goals and objectives.
Strategies can be as simple as a one-page listing of each strategy to a multi-paged document defining each strategy and associated tactics in detail. you must review your strategies regularly.
Tactics are the specific steps you need to put in place to implement each strategy.
Tactics should be written, detailed and measurable.
Strategies and Tactics are dynamic and need to be reviewed weekly and adjusted based on results being obtained, or not being obtained, and other factors that may arise and potentially affect the end results you are seeking.
To complete your business plan you need to add your key staffs BIO's and your revenue plan which is a complete topic in itself.
In summary:
A business plan united by a clear vision, mission and values statement tends to accomplish far more in a shorter period of time than those without a clear statement.
Always hold firm on your vision, it should be the cornerstone of your operation, your guiding light.
Your Strategies and Tactics should be fluid. You always need to be forward looking. Being proactive in managing your strategies and tactics will give you the best chance of realizing your vision. If you are only reactive to changes or problems, you will not reach your objectives.
The key to a successful business plan is to jointly set the business strategy and tactics with all the key people involved, so that everyone is aligned with the Vision, Mission, Values and goals. This insures that the business goes forward with everyone working together, promoting the vision and mission internally, as well as externally. This gives the business the greatest chance of attaining it's goals.
Setting a business strategy requires an understanding of the company's history, in particular the past year, and then looking forward to the year ahead in detail and the next four years in general.
A business plan is only a plan. It is only as good as the people implementing it. ALIGNMENT IS KEY. Forces pulling together in the same direction, will accomplish much more than forces pulling in different directions. A team working together. This requires good business management.
The future will not happen if one wishes hard enough. It requires decision, it imposes risk, it requires action, it demands allocation of resources, above all human resources, it requires work. - Peter Drucker on Strategic Planning.
Learn more about the SWOT Analysis at http://www.bizstrategies.biz/swot-analysis.html
Business Planning, The Process - To learn more about this author, visit Andrew Nester's Website.
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Leanne Hoagland Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
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