Consider this a two-part process. First, do it for yourself and your own business. Then, with the expertise you will have gained, share that knowledge with your customers and suggest ways for both of you to move forward TOGETHER. The time you take to work on your business can be some of the best strategic planning you will ever spend to help make this year and next even more successful.
Strategy planning involves creating/updating and following a business plan and the marketing plan inside of it. Start by sitting down with your managers, employees, partners – even outside trusted advisors. Ask for their objective opinions about your business, how they perceive it and what improvements they would make to help your business, your employees and your customers. Start with these initial questions, use them as conversation starters, capture the input and organize it as you go:
Will my current path get me to where I/we want to be?
- If yes, how is it progressing, where are the roadblocks, what are the successes?
- If not, what are the reasons? What will it take to move in that direction?
- Does my current direction align with my new and long-time customers' needs?
- If yes, how can we continue to innovate and stay ahead of their needs?
- If not, what am I doing to identify opportunities as an ongoing process?
A business development mindset – genuine efforts to help your customers grow their businesses and be a key part of that growth along the way – can be a great mantra for you and your strategy teamwork.
Step 1: Establish/Update a Business Plan and stick to it
A business plan describes the entire business including marketing information, financial information and management structure. It does not need to be a huge document that never gets reviewed or updated, but it should contain the basics –with one of the most important being the goals you would like to achieve and how you plan on getting there. Research, evaluate and always record your thoughts. Organizations that do not grow are often too busy working IN their business and not taking some time and effort to work ON their business. It takes a mix of both – but as I mentioned previously, working ON your plan can be one of the single most effective strategies for success.
Step 2: Research strategic development resources to help you
To help you write a sound business plan, check the Canada Business Network website at www.canadabusiness.ca/eng/125/138/. You'll get information on what is essential and what should be included in each section of your plan. There are also free templates, writing guides, sample plans, etc. The U.S. Small Business Administration also has a helpful, self-paced 30-minute online course well worth viewing at http://app1.sba.gov/training/sbabp/index.htm.
Step 3: Develop and create your plan
The basic parts of a business plan include corporate, financial and marketing information. Corporate or business information includes:
1. Description of your Business
2. The Market
3. Competition and Feasibility
4. Location of the Business
5. Management
6. Personnel
7. Application and expected effect of loan or investment
8. Summary
Financial includes information on:
1. Sources and Application of Funds
2. Capital Equipment and Furniture
3. Projected Balance Sheet
4. Break-Even Analysis
5. Projected Income Statements
6. Cash Flow Projections
7. Existing/New Business Specifics
8. Supporting Documents
Marketing includes information on:
1. Market Research
2. Target Market: Who do you plan on going after?
3. Product/Service
4. Competition
5. Mission Statement
6. Marketing Strategies
7. Pricing
8. Positioning
9. Branding
10. Budget
11. Measurable Marketing Goals
12. Monitoring Your Efforts
In the next issue, we'll expand on these three key areas and get down to some specifics you can consider as you develop your strategic plan further.
