Create a Better Business Plan
Creating a successful business plan relies on strategic planning. Strategic planning is a process. Let's look at the strategic planning process by using Business Growth Inc. as an example (This is a fictional company for illustration purposes only - any similarities to a real business is purely coincidental.)
A business plan starts with a mission statement such as: Business Growth Inc. is a growth Company…That is the initial pronouncement of the Business Growth Inc.’s Company mission statement, and indicates the tremendous importance of the planning process to the company. Business Growth Inc. is committed to a planning cycle which outlines a year-round process that ensures that the growth experienced by the company is controlled and managed.
The six keys of the planning cycle are:
- Objectives and Strategy Development
- Long range financial planning
- Current Operating plan development
- Measuring results
- Innovating process and strategy
Strategic planning is “the process of thinking systematically about the future, defining the company’s desired position in that future, and making current decisions to move the company in the intended direction.”
We view this plan as the basis from which all systems will be developed supporting the company’s Objectives and Strategies. It will also provide the foundation and guidelines for the development of the long term financial plan.
This business plan defines the future direction of Business Growth Inc. As a key manager or team player of this company, you are expected to know, understand and instill the mission statement within your area of responsibility. With everyone working together in support of the plan, you will most certainly achieve it.
If you are not achieving the results you desire in your business, it may be time to reassess your business plan. If this is the case, or you would like to learn more about the phases of business planning, contact Holt Marketing and Management Services today.