More often than not, entrepreneurs run their business by ‘reacting’ to their inbox. Don’t fall into that trap. Take control of your business with a strategic business plan for entrepreneurs. Don’t let your inbox control you. Trying to run a business without a conscious, strategic plan leads to chaos. Learning by trial and error will cost you a lot of time, energy, and money.
How a Strategic Business Plan Empowers You:
– Get clear about the vision you have for your company.
– Identify the steps required to make your vision a reality.
– Work from a place of being proactive instead of reactive.
– Make informed, confident decisions about your business.
– Save time figuring out what you should be focused on.
Even if you have had a strategic business plan for entrepreneurs in the past, you will need to create a new one each year. Before you do that, however, it’s important to revisit your vision for the upcoming year. Don’t assume it will be the same as the vision you had for the previous year. It may have changed, or it may need to change based on a variety of reasons. Once you are clear about your vision, take the time to review the previous year’s accomplishments and take note of where you didn’t reach your goals and the challenges you encountered. Then, build your new plan by looking at each section with a fresh perspective.
There Are Two Parts to a Strategic Business Plan
Part 1: The What
What is the current reality of your business, and what is your future vision? At a minimum, Part 1 should include:
– Review of last year’s accomplishments.
– Brand positioning and your company values.
– Current business challenges.
– Your product roadmap.
– The systems you have in place.
– Sales and strategic goals for the upcoming year.
– Key performance indicators (KPIs) to measure success.
KPIs are essential for tracking your success. For each goal, set a KPI so you can measure your progress and know when you’ve succeeded.
Part 2: The How
How are you going to turn your future vision into reality? This part outlines the steps for making that vision happen:
– Organizational structure (current and future).
– Infrastructure needs (tools and systems).
– Tactics to achieve your strategic goals.
– Marketing and sales strategies to drive business growth.
Once you have identified your tactics, build them into your calendar or a project management tool. Be sure to assign an owner and set deadlines for each task. If you’re a solopreneur, I recommend reviewing your tactics with an accountability coach. You will also need to align your budget and cash flow to ensure you can execute the tactics you’ve planned.
Timing Your Plan
The best time to create your strategic business plan for entrepreneurs is in October. By this time, you’ll have a good sense of how the current year is progressing. You can then make any necessary adjustments and start the new year with a solid plan. However, if you haven’t started yet, there’s still time to get started now!
