28/05/2024

The CTO

The Best Chief Technology Officer

A Strategic Business Plan, Does Your Company Have One?

A Strategic Business Plan, Does Your Company Have One?

Did you know, 9 out of 10 Small Businesses fail within the first year? Unfortunately, companies are not successful by accident. Every company must have systems in place, thus yielding them the most profits, creating a happy staff and customers, and optimizing their status. At the heart of any true company should be a Business Plan.

What plan am I referring to? It’s a plan that every small business owner should take the time to establish. This plan will provide the “what and how” the company is doing at any point in time? It is called a Strategic Business Plan covering your total company operations.

It should be a “written” plan. It would include defining your business mission, goals, objectives, and what strategies you plan to use on achieving your mission, goals & objectives. It would also cover the tactics (systems) of how you’ll conduct your business covering a period of 12 months and less (short-term) and a period of three to five years (long-term). Whether it is a short-term strategic plan or a long term strategic plan it is truly your business road map.

The Strategic Planning process involves the creation of the company Mission Statement, a SWOT (an acronym for its four sub-parts: Strengths, Weaknesses, Opportunities, and Threats) or situational analysis, development of company objectives, which will determine the specific strategies, which are developed by action plans and systems (Money Management: accounting or record keeping, Budget System, Marketing System, Product Development System, Cash Flow Management System, and Customer Service System.

Usually the Strategic Business Plan is followed up with the establishment of an strong money management system (which relates to the accounting, bookkeeping) and also a strong budget system. These are essential to improving the bottom line and complying with government requirements such as taxes.

A great resource for establishing a detailed business plan for all web-based businesses is the Web Business Planner. It’s a wizard based software (fill in answers to specific questions) that will help you to develop and establish in numbers the various systems listed above, plus forecast projections based upon your Strategic Business Plan’s mission, goals, objectives and strategies for each specific product or product line. It is especially recommended for all digital product sellers (your own products or selling affiliate products).

Have you created this essential Strategic Business Plan for your business? It is imperative that you develop a business plan so you can have a concrete tool to organize your business. If you don’t document (write it down) your plan, then you may suffer miss-communication regarding goals, strategies, tactics, and objectives. You could miss out on future business and lose time and money.

Take the time to tackle this important business system and you will set your company up for a successful journey. The Companies that rise to the top and reap the rewards are those that have a Plan in place. Follow their lead and create your plan today.

To Your Success In All That You Do and Dream Of….

©Kim Parsley