Hints & Tips Blog
Planning for Your Business Future
When you think about the future of your business, how do you see it progressing? Are you able to translate this theoretical vision into a sound plan, directed by a coherent business strategy?
Most businesses set out with a basic plan to launch their company and consolidate its performance. They then have a set of key objectives needed to achieve further growth. A typical Business Plan or Road Map will include these objectives, together with a forecast of projected sales and detailed figures to back it all up.
These long-term plans are fundamental to your overall business vision. When thinking about the future of your business, though, you must also remember to plan for the minutiae of your company’s day-to-day activities and your overall business behaviour.
This sounds worse than it is. In essence, this kind of planning just requires a different approach. We’ve devised a three-step process that will help you break it down into manageable stages:
Step 1: Planning
- Clarify your vision so you know exactly what it entails
- Decide where you want your business to end up
- Determine how you’re going to get there
You need to answer these questions with detail and precision if you’re to get real answers. Your business behaviour depends on your honesty and objectivity, and setting out on the right footing will determine how the organisation and its members operate.
This incorporates factors such as decision-making and customer interaction and will help to promote employee commitment. As a leader, you should be inspiring, purpose-driven, challenging and focused on your collective future. Your company vision is the motivating force that will define your business strategy.
Step 2: Implementation
Once you’ve clarified your business vision, you must channel your ideas towards the implementation of your long-term plan and overall business strategy. You should focus on these goals in order to extrapolate your key initial objectives for achieving them. Wherever possible, you should aim to make these objectives quantifiable. You also need to take things one step at a time and try not to overstretch your capabilities. It’s important primarily to prioritise your objectives and be realistic about achieving them.
You’ll also need to work out what resources will be required to achieve these objectives and determine the decisions that must be made. It’s critical at the outset to work in collaboration with key personnel so that your strategy is shared with stakeholders and business colleagues.
Step 3: Re-evaluation
Once you’ve finalised your plans for the future, you need to ensure that your business vision will be achieved through these long-term goals. Carry out a review, taking these common crucial factors into account:
- What you’re selling
- What makes your business stand out from others
- Where you might find your business opportunities
- What sales opportunities you have and how they’re implemented
- Whether your sales plan is supported by your marketing strategy
- What your business culture is
- How your staffing is structured
- What capital and other resources you need
- Whether your financial projections will sustain your goals
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