Skip to main content
 
 
 

How to Create a Strategic Plan for Your Business – Part 3

How to Create a Strategic Plan for Your Business – Part 3
Click to enlarge
Simon Chapman - The Alternative Board by Simon Chapman - The Alternative Board
Managing Director (Mid and North Kent) - The Alternative Board

28 Sep 2017

Keeping to a strategic business plan takes discipline and resolve.  CapitalSpace business development expert, Simon Chapman, explains two simple steps to keep the goals of your plan firmly in site – so you achieve your personal and professional ambitions.

Over the past three months we have focused on creating a Strategic plan and the five steps required to fulfil this:

Alongside creating your Plan and putting it into motion, there are two more steps that can help you implement it effectively and keep on track:

1          Bring in a Strategic Leadership Team

‘It’s lonely at the top’ is a saying often bandied about by business owners; in lots of respects it rings true, no matter the size of the business they are running and the support mechanisms they have.  To help ensure that your plan is actioned, reviewed and updated, then you may want to look at bringing in a strategic leadership team.

So who should be on your strategic leadership team?  Ideally there should be a mix of ‘visionaries’ and ‘actionaries’.   A visionary will look forward for the business and the potential it has, whilst an actionary will be more objective and focus on the current condition of the business and whether the goals and tasks are realisable.  If possible, also look at having on your team a mix of seniority amoungst the individuals.

The first 3 steps of creating a Strategic Plan are usually completed by the business owner; assistance from a Trusted Advisor, such as a Coach/Mentor, can be of valuable help to pull it all together.  When it’s completed, it’s time to call in the strategic leadership team; their role will be to examine it thoroughly and discuss the company and personal vision statements, as well as challenging and suggesting any modifications they deem necessary.  Bringing in this team early on in the process will help the business owners save valuable time and energy going forward.

2          Review the benefits of having a Strategic Plan

Sticking to your plan can take as much commitment as creating it.  If you find yourself flagging or deviating, take time to remind yourself of the benefits a Strategic Plan will bring to your business to help keep you – and your company – on track:

  1. The strategic direction and vision of your company will be clear to the entire management team.
  2. Your ‘personal’ and ‘company’ vision are defined and aligned.
  3. The business will have better focus, being able to move forward in the desired direction utilising its resources, time and employees’ efforts more efficiently. Lower priority issues will be less distracting.
  4. By involving the management team, you will gain commitment from them for the key points of each step.
  5. Yours strategic plan can act as a filter for any new products or services, operational plans, or new market opportunities being considered, prior to any implementation.
  6. The framework will be in place to make better and more effective decisions faster.

Conclusion

All businesses, even successful ones, can benefit from having a Strategic Plan.  Too often there is resistance from business owners about committing something to paper, citing various excuses such as ‘I don’t have time’ to ‘I’m doing well, why should I change?’ to ‘Planning is too restrictive for me’.  Even though you may have the best laid plan in your head, it is the process of creating your Strategic Plan and writing it down on paper that will help you avoid missing those vital elements that may or may not pose a serious threat to the success of your business.   

Communicating your thoughts and personal vision for the company and preparing a comprehensive and meaningful Strategic Plan is challenging – but it’s also an essential exercise. 

Your Strategic Plan will chart your business’s direction, helping you to shape its future and secure its growth and prosperity – every privately-owned business should have one!

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

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.