There is nothing more I love to do than work with passionate and aspiring business owners to help them achieve their goals – and the way I like to do this is to introduce them to my Strategic Business Planning Process.
In last week’s blog 7 Key Questions to Guarantee a Brighter Business Future I talked about the importance of thinking strategically, the next step is to complete a Strategic Plan for your business.
The planning process gives your business a roadmap to grow and achieve your goals so you can start living your dream. It provides a framework to implement your strategy and measure its success, helping you stay on track and make quick decisions if you are derailed.
I’ve worked with many businesses and helped them implement business strategy processes that have seen them start a journey towards living their dream. It may seem overwhelming at first, but I challenge you to take your business through SEIVA’s Strategic Planning Process.
Step 1- Brainstorm & Discovery Workshop
Workshop to discover or rediscover your vision and ‘why’ you do what you do
- Purpose / Mission
- Your target client
- Market position
- Your Unique Selling Proposition (USP)
Step 2: Current State
Analyse your business’ current position by answering the following:
- Identify strategic issues to address
- Conduct a SWOT Analysis – Get your team to fill out a simple survey
- Define market opportunities and strengths
- List main threats & weaknesses
Step 3: Strategies & Priorities
Develop strategies & priorities that will allow you to realize your vision
- Use your SWOT analysis to set priorities
- Identify Strategic Objectives and set goals
- List 5 long term Objectives – To be achieved in 2 years
- List 5 Short Term Goals – To be achieved in the next 12 months
- Make them SMART – Learn more about SMART goals in last week’s blog Brighter Business Future
- Set Key Performance Indicators (KPIs) for you and your team – Ensure they are measurable and can be reported on
- Prioritise objectives into actions with timelines over the next 12 months
Step 4: Management Reporting
Translate strategy into management reports to measure performance:
- Design a financial model for up to 3 years in order to test strategy
- Design 3 way forecasts for the next 12 months
- Summarise KPIs into a dashboard report
Step 5: Resources
Align resources to ensure you have the people & money to achieve your goals
- Capacity Planning
- Assess people & organisational structure
- Align a Cashflow budget with a 1 year plan
- Staff Rollout
- Communicate strategy to your team, or better yet include them in the process
Step 6: Execute the Plan
Don’t rely on your memory, plan your implementation and follow up
- Set calendar reminders to complete action items
- Diarise accountability meetings quarterly and measure progress
Step 7: Re-Discover
This isn’t just a one-off process, as your business evolves your strategic plan needs to with it:
- Update your strategic plan annually
- Hold an annual retreat and return to phase 1
I get really fired up about strategy and planning because I know it works. A business can change very quickly when the owners are fired up, passionate and focused. Their energy becomes contagious and re-invigorates the team, leading to a better working environment and greater business performance.
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