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How to Create a Strategic Plan for Your Business – Part 2

How to Create a Strategic Plan for Your Business – Part 2
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Simon Chapman - The Alternative Board by Simon Chapman - The Alternative Board
Managing Director (Mid and North Kent) - The Alternative Board

18 May 2017

The best plan in the world is useless if it just sits in a drawer.  CapitalSpace business development expert, Simon Chapman, explains how to put your plan into action so you effect the change, drive and momentum you want in your business.

The strategic planning process provides an easy-to-use framework for mapping out your personal vision of your company whilst guiding you through all the challenges and opportunities that may arise throughout your journey.

In last month’s article, we focused on the first three steps of putting together a Strategic Plan for your business:

  • Your visions – Company and Personal
  • SWOT Analysis
  • The Company Plan

This month, we focus on the final two steps that will complete this process:

  • Making it Happen
  • Turning The Wheel

Step 4: Making it Happen

It’s all very well putting down on paper your visions for your business, SWOT analysis and Company plan, but the next three elements of ‘Making it Happen’ are just as important to ensure that your Strategic Plan is acted upon and that your plan doesn’t gather dust on the shelf or get lost within the many files on your computer.

Effective Communication

Depending on the size of your business, focus on sharing the Strategic Plan with all your staff or key employees so that they know the direction you are planning to take the business – and what involvement is expected from them – so they can assist you in achieving your vision.

Review and Modify

Where practical, aim to look at your plan and review it on a weekly basis; dedicate some time in your diary and modify where necessary.  No matter how much you plan for known challenges and opportunities ahead, there will always be some unexpected moments that crop up. Staying on top of your plan with a weekly review will allow you to factor these in.

Self-Accountability

As the business owner, the ultimate responsibility to ensuring the success of the Strategic Plan is yours; make yourself accountable.

Step 5: Turning the Wheel

The last element of the Strategic Plan is ‘Turning the Wheel’.  You didn’t become a business owner because you wanted to keep with the status quo or indeed have others guide your fate. It is down to you to take ownership over where your company is heading and the progress that it is making.  If, along your journey, you come across bumps in the road and you have to navigate around them, you will need to review your plan and make revisions.  If, at some stage, you do need to change direction – perhaps you lose a large client or a new competitor enters the arena – embrace your role as a leader.  As with your leadership, your strategic plan should be dynamic, forward thinking and flexible; only then will you be in a better position to respond to those unexpected moments and plot a new path.

In the final series of our Strategic Plan blogs next month, we will focus on the methods and benefits of creating your Strategic Plan.

To find out how   Capital Space business premises  could benefit your growing business,  call 0800 107 3667

Read the rest of our series on strategic plans for your business: 

The importance of strategic planning

How to create a strategic plan for your business - part 1

MEET THE EXPERT

Simon Chapman – Managing Director, The Alternative Board (Mid and North Kent)

Simon’s passion for helping the owners of small- and medium-sized businesses succeed led him to become the local owner for The Alternative Board (TAB) in Mid and North Kent.  Having held senior positions within the Fund Management and Banking Industries, Simon has wide expertise in devising and implementing strategies with business owners and their management teams. It is this insight and knowledge gained over the past 20 years that Simon looks to share amongst forward thinking business owners to help them strive.