Plan a Business in 7 Easy Steps
Building a successful business isn’t easy and it requires a strong end game. Planning your business requires a ‘Top Down’ approach in order for it to reach the goals you set out to achieve as a business owner. That means you make the decision about where you want the business to go and in what time frame and your team around you takes from that their objectives to make it happen. If done well, defining your workforce’s objectives will link to your business goals.
Having a vision and transparent, specific goals for your business will help you find like-minded employees to turn those goals into reality. This is a key concept that not many business owners consider when hiring people. If you already have employees but you feel like your business lacks direction, it’s probably because they don’t clearly understand your vision or goals.
Here are seven simple steps to strategically plan a successful business:
One. Document and review your Vision and Mission
You can call it whatever you want, but this step is vital to growing a successful business. You would not have started a business if there wasn’t a need. So start there: What is the need? Why did you start the business, and what does it look like, say, 10 years from now? Break it down into short (12 months), medium (3 - 5 years) and long (5+ years) term goals and include your thoughts on exiting the business when it’s time for you to settle down and help raise the grandkids. Reviewing these goals every 12 months will keep them relevant.
At some point you may invite other stakeholders to grow your business even bigger. Make sure you get their input too. Facilitating a planning session to discuss the growth of the business and review the Vision and Mission will get easier buy-in from your stakeholders, because they will have contributed directly to the plan.
Two. Do some research
By research I mean take a deep dive into your business to try and understand its strengths and weaknesses, and look outwardly to also understand your competitors and finally, consider the opportunities for your business. This is referred to as a SWOT (Strength, Weakness, Opportunities and Threats) analysis and it helps you to understand your place in the market. This may seem a daunting task but there is a plethora of information to be found on google about how a SWOT analysis can be completed.
Three. Consider and prioritise more than one strategy
I mean, one strategy is kind of limiting and you want the best chance of achieving your goals so cast a wide net! Tackle more than one issue at a time, basically. If you have a larger team then you’ll be able to assign champions to these goals, so prioritising more than one remains achievable. Developing a template to record your strategies will keep your strategies consistent when it comes to the planning process (see step five).
Four. Turn those goals into strategic objectives
You’ve heard of S.M.A.R.T goals, right? Apply that knowledge to this step. Take your goals and make them:
Specific
Measurable
Actionable
Realistic
Time Bound
This is where you’re going to say something like “We are going to increase our sales by $50,000.00 by the end of Q2.” Usually there will already be an idea of timeline handed down by the powers that be (or if you are the powers that be then you will already have an idea about when you want to achieve your objectives) so just make sure it’s realistic and consider whether or not it needs to be pushed out, depending on Capacity.
Five. Make a plan and make it happen
Pretend you’re in the army and it’s your job to, I don’t know, infiltrate enemy territory to rescue a high profile politician (ha!). How are you going to do that? How many people do you need? What tools do they need to carry out their job? What skills do they need? You see where I’m going here. Be specific with your implementation plan and define the who, what, when, and why this plan is being rolled out. The more people know here, the more your plan will be successful. Assign someone to the plan that will be responsible for accountability, someone with strong management and organisational skills that can make it happen.
Six. Consider capacity
Now, as great as it is to delegate the plan to an individual and then walk away, they aren’t going to be able to do this on their own and assuming they can is setting them, and your business, up for failure. Give them authority to choose who they need to successfully execute the plan and give them the best chance of success.
Seven. Review, review, review
This is probably pretty obvious. Touch base regularly to ensure the plan is on track and to tackle roadblocks, but also have a nice big planning session each year to assess success and move forward with new objectives.
This article was written by Shelley Breen. Shelley is passionate about and has been supporting Entrepreneurs and Small Business owners since 2007. She has a strong background in marketing, compliance and operations management. Shelley lives on the Central Coast of NSW with her husband, two sons, and recalcitrant dog ‘Baxter’.