DO YOU HAVE A STRATEGIC
PLAN FOR YOUR BUSINESS?
Your business plan documented your overall, long-term vision for the business which helped you to set up your business and its initial goals and objectives. It also assisted in setting up business structure and processes, products and services, financial resources and costing, staffing needs and all the basics which go into forming a business and getting operational. Your original business plan got you into the world of business.
Most business owners plan their day-to-day operations, but do not have a strategic plan. They operate their businesses from a constant place of reaction. A strategic business plan can help your business to survive and grow in the ever-changing business environment in which you operate. It gives more detailed direction and ensures that your business is going in the desired general direction. This plan should focus on the improvement of your business’ performance by identifying and exploiting opportunities, dealing with threats, and continually improving market share and profitability.
A strategic plan should focus on the following:
When should you review your strategic plan?
WHAT WORKED AND WHAT DIDN’T WORK
A good way to kick-start the review process is to look back over the last year and record both what worked and what didn't work. Consider the following areas:
Business Area: Operations
Business Area: Marketing and Sales
Business Area: Information Technology
How can you apply technological advances to develop digital products and services? This will lower the cost of ownership for your customers, enable you to deliver in real time and make it more convenient for your customers to transact with your business.
Business Area: Human Resources
One of the most challenging decisions to make is to determine how many staff to employ during difficult economic times. Once you have ‘right-sized’ your staff component, you can consider appointing skilled contract workers to fill the resource gap as business flows fluctuate. In this way you will be more flexible to respond to market movements.
Business Area: Management
Align all your actions with the business purpose, values, and vision. There is a direct correlation between performance and the alignment of employees to a higher business purpose.
RECOGNISE YOUR ACHIEVEMENTS
Take some time to think about what your business achieved in the last year. Don’t just think of the big successes. Small successes are often the ones that really indicate you’re doing something right.
RECOGNISE YOUR FAILURES
It is also important to examine where you missed the mark and identify what didn't work. If you don’t recognise your failures, they will probably occur again because you will not have the opportunity to learn from them.
CONTACT US TO FACILITATE THE CREATION OF A BUSINESS PLAN OR A FRESH STRATEGIC PLAN FOR YOUR BUSINESS!
Call: 063 6839231 or email: firstname.lastname@example.org
© JH Bekker 2022