A business plan is usually used to initially start a business, obtain funding, or direct operations. A strategic plan is primarily used for more established businesses for implementing and managing their strategic direction.
Strategic Planning continues to be high on the list of items taking up mental space for business owners and founders. According to the BStar Business Report for 2020-21 there are a several areas that business owners are concerned with
- Planning for and Managing risk, plus
- Having someone to guide them through the process. some who helps them design a strategic plan and then help them move forward with it.
Here’s the thing – this is no surprise.
We all know a strong strategic plan is needed for a successful business. So why is it still the highest concern?
Many business owners are great at their “trade” but appreciate that sometimes they lack all of the necessary business skills to manage their business effectively and/or to take it to the next level.
It can be a real challenge especially as it is very easy for business owners to get bogged down in the day to day operations of the business ie working “in” the business and therefore they struggle to find the time to work “on” their business which would actually help identify and resolve some of the day to day challenges and improve their business
The general response from Bstar SME business reports is:
‘We would love to have a proper growth plan, we know we need some direction. But – at the moment, it is just about selling as much stuff as possible!’
In many cases, business owners concentrate their efforts on day to day operations of their business, without analysing their performance.
This means, they genuinely don’t know if they are doing well or how to improve their business.
It’s simple – a strategic business plan.
This is crucial for a business’s success. You need something that outlines your goals. And provides a framework to help you work towards achieving them.
A good business plan answers three important questions for the business owner:
1. Where we are now?
2. Where do we want to be?
3. How are we going to get there?
However, the best plans are only as good as the implementation of them.
There is a far greater chance of success when responsibility can be spread. This can be done by using staff, or external experts, to assist in the process.
DFK Everalls offers Business Coaching & Advisory services, including Planning and Strategy Implementation.
We can help you to create and document a detailed strategic plan. A sensational document, that will become your roadmap for running your business – and growing it into the future.
Here’s an idea – What about a Strategic Planning Day?
A Strategic Planning Day is a great start towards getting your business on track.
We make sure your business goals are consistent with your personal goals, we make sure you understand the purpose of your business and help you develop the vision.
We then work through where your business is now and help identify and prioritise the areas for improvement and finish the day with a Strategic Plan on a Page that identifies exactly what needs to be done to get your business running smoothly towards achieving its goals.
We facilitate this day for you, to keep everyone on track and make sure things go smoothly.
If you would like to find out more about business planning, contact us today. We would love to be part of your journey.