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Preparing Effective Business Plans An Entrepreneurial Approach
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The Importance Of A Business Plan: 10 Reasons You Need A Road Map For Your Business
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The 5 Stages Of Entrepreneurship
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For undergraduate and graduate courses in entrepreneurship This book is for the prospective entrepreneur who wants to understand the critical issues and feasibility of developing a business venture while developing a comprehensive business plan.
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Operating without a strategic plan is like sitting in the passenger seat of your business. You see yourself accelerating into overdrive and breaking one milestone after another. Eventually, though, you helplessly watch it drift off course or, worse, crash and burn. Strategic planning puts you behind the wheel. It serves as a road map that defines the direction a company should go, and helps leaders prepare for potential obstacles. Businesses and markets that lack this foundation and foresight are much more likely to be lost, stalled or ruined.
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What is Strategic Business Planning? Strategic planning is a systematic process of developing the direction of an organization. It also outlines the goals and actions needed to achieve that future vision, and outlines the metrics to measure success. By helping you refocus on your core purpose, your goals, your development, and your options, strategic planning brings you back into the “big picture.” It is the basis for business owners to achieve their vision, and communicate it to stakeholders in a strategic business plan and program. It is common to confuse a strategic plan with a business plan, which is used to start a business, obtain financing or direct operations and generally takes a year. The strategic plan, on the other hand, is about high-level thinking and is generally between 3 and 5 years. It can arise at any time and should be reviewed regularly. Key points to revise the plan include: when a company starts a new venture (such as a new product launch), the economy or competitive landscape changes, or new regulations or trends impact the business environment.
Taking the time to identify where your business and your executive team are headed (and how you’re going to get there) can help mitigate the risks associated with business growth. In fact, the strategic planning process can promote long-term success by strengthening these five key areas:
Having a clear picture of your company’s future, and a roadmap to get there, allows your company to be much more proactive. Instead of constantly reacting to external forces beyond your control, you can strategically make moves designed to help you achieve your long-term goals.
Strategic planning can help you anticipate unfavorable situations before they occur and take steps to avoid them. You can keep up with market trends and avoid common industry pain.
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Every company has a limited amount of human and financial resources. By detailing which activities are needed to achieve goals, a strategic plan helps you evaluate costs and means to allocate resources in the most efficient way.
CEOs must be selective about which new opportunities they invest in and which ones they avoid. The strategic planning process makes it clear when to spend and when to overspend.
The business landscape is changing at a rapid pace. CEOs must deal with new government regulations, changing workforce demographics, technological advances like Facebook, and economic uncertainty. A strategic plan puts these challenges into perspective.
The process of reviewing your company’s strengths, weaknesses and opportunities can help you overcome difficult situations. You’ll be ready to respond to a competitor’s new product launch, a technology innovation on your production floor, or an unhappy customer base. This level of predictability can lead to increased profitability and market share.
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A strategic plan is essential for communicating your vision to investors, managers, and employees. It ensures that all key stakeholders are on the same page, rather than fighting each other (perhaps unintentionally).
More than building consensus, the strategic planning process can improve performance. For example, it can generate restructuring ideas to help employees reach their full potential. Sharing realistic goals and metrics to measure them also motivates employees to continue their efforts.
Running a business is a messy endeavor; Many CEOs are familiar with the boom-bust cycle. And organizations that don’t have a solid foundation—like the one provided by a strategic plan—are the most likely to struggle.
According to a TAB Pulse Survey, business owners who say they have a high-quality strategic plan anticipate greater increases in profits and sales revenue over the next year than owners who do not have a plan.
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How do you build a strategic business plan? You can use a variety of frameworks, but generally the planning process involves four considerations.
Assess where your business is today. This may include reviewing and writing basic business information (such as key customers, financial documents) or…
Assess where your business is today. This includes reviewing basic business information (such as key financial documents) and writing or revising your vision, mission statement and core values. Do they still resonate with your vision?
Changes in circumstances, leadership or the market may require you to rethink the core of your business from time to time. Take the time to do some serious thinking to achieve something truly meaningful. You can also ask for input from your employees, a business owner advisory board, or a business coach.
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Avoid jargon when writing these basic business documents. What is the most idealistic version of your business? What are your most ambitious goals? What is the biggest vision of what your company can be?
A SWOT analysis is a tool for critically evaluating your company’s strengths, weaknesses, opportunities and threats. It can provide information…
A SWOT analysis is a tool for critically evaluating your company’s strengths, weaknesses, opportunities and threats. It can help you understand where your business should focus its marketing efforts, better understand your industry and customers, inform you of your competitive advantages, and inform you of potential threats to your growth.
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