Strategic business planning is crucial to all businesses. Business strategy is critical to achieving both the long term and short term goals of your business. It is a key competency for banks, investors and key strategic stakeholders. Clear, focused business planning will ensure marketing, advertising, product ranging, presentation, and staffing plans all work to the one common goal. Did you do a business plan when you started? Have you updated it lately? Is what you originally set out to do still relevant today? Does it need a change in focus? Does it just need a small Tweak?
What does a strategic business plan do for me?
A business strategy gives focus to drive your goals to achieve the vision you have for your company. The business templates for your business will be individually designed to suit your needs.
Why do I need a strategic business plan?
The right business strategy is instrumental in driving every aspect of your business. We guide you through the business planning process to create a plan specific to your business framework. It covers all factors that affect your business. We use three key processes to develop a strong business strategy.
Your goals – what you have set out to achieve
- To be the best business in your field,
- To have the widest range of products,
- To have the highest level of customer service,
- To have the best workplace practices,
- To have the best-trained staff
- To achieve higher profits
- To be the leader in your market
- What sets you apart from you competitors?
- Age group: Baby – Children – Teens – First Home Buyers – Retirees?
- Segmentation: Gender – Race – Activity – Demographics – Size – Geographic?
Size of market
- Australian Bureau of Statistics – Chamber of Commerce – Networking Groups – Council
- Bricks and Mortar – Online – Door to door
- Fixtures and fittings – themes – colours – props?
- Identify the avenues that are right for your consumer
- What are the most appropriate forms of advertising for your consumer?
- What training do they need? How much diversity do I need?
- What tools are needed to achieve the goals? Fixtures – equipment – computer systems?
This list is not applicable to every business nor is it exhaustive. It is a thought starter to some of the many facets that affect your business.
Business plans are developed from the research and analysis of the factors in each of the issues identified. This enables a focused strategic approach for each facet of the business, working towards the one clear goal. The Business Strategy is formulated, Financial plans set for short and long term goals and your passion for excellence is lit. Action steps are developed at every level of the business.
- Financial strategies
- Product ranging
- Marketing strategies
- Advertising plans
- Staff Training
- Collaboration with key stakeholders
- Process and Procedures
These plans are then clearly identified to all stakeholders in the business. This will ensure all staff from the base, casual or temporary staff member to the most senior officers of the business are all working in unison to the business needs to achieve your desired outcomes. These plans must be kept on track with TRAMS:
Timely: Work to an agreed time frame
Realistic: Set attainable short and long terms goals
Achievable: Aim high, within today’s parameters, expenses and economic climate
Measurable: Establish progress targets that encourage you to achieve
Sustainable: Manageable plans that work within the daily routine.
Ongoing business planning is essential. Regular monitoring of all actions plans is crucial to the final success. All plans formulated are designed to be measurable and accountable to the outcome. Modifications needed will be made as required at the six and twelve-month reviews after the completion of the project. The impact of any modifications needs to be measured against other facets of the business to ensure a maintained balance throughout the business. The monitoring in isolation of any one specific area without addressing the impact this has may cause an imbalance. Strategic business planning will give you the clear focus you need to steer your business in the right direction to achieve your desired goals.