Businesses tend to avoid doing their annual business plan thinking that it is an arduous task that does not accomplish much. Formulating your annual plan is, however, critical to your business success and if done correctly should be quick, easy and generate bottom line results.
Rather than creating a business plan that achieves no results, other than to gather dust, you should be writing a strategic and operational plan. The words ‘strategic’ and ‘operational’ are important as they give purpose and results to the plan. Your annual plan needs to be strategic so that you know where you are going and what you would like to achieve from your business or division. The plan needs to be operational so that it will tell you how to get there. It will determine the strategies and goals that need to be achieved to reach your end point.
Strategic business planning is about deciding on the future you want for your business or division and then deciding how you intend to obtain that future. If you have been in business for a number of years and your results each year are much the same as the year before then obviously something will have to change if you would like to see an improvement. It comes down to the saying: If you keep on doing what you have always done you will get what you have always got. Read the rest of this entry »