Setting Your Business Up For Success
Throughout history there have been numerous examples of great products and companies that ceased to exist.
Having an understanding of our products, customers and industry is a great place to start – but it is only part of the picture. With so many internal and external factors impacting business, it is often what we don’t see coming that can undo years of hard work.
Without a clear vision about where we are and where we want to go, effective risk management and consideration of the many factors that might influence this, we can find ourselves at the mercy of the business cycle. Relying on ‘Hopium‘ to get you through has never been an effective business strategy. Ever.
Don’t leave your future success to chance. Plan for it….
Getting The Foundations Right
Phase 1 – Uncovering your business potential
Setting up a new, or growing business to achieve the vision you have for it can be a daunting process. Where do you start, what do you need to do now, what can be left until later, and what factors do you need to consider in your decision-making? The list can be endless.
To keep things simple we will take you through the key aspects of the Business Planning process via our ‘Foundation Plan’. Designed to set your business up for success from Day 1, it takes away all of the white noise and confusion to help you focus on what matters most.
Step 1 - Create or clarify your Business Vision.
A vision is a mental image of what you want your business to be at some point in the future based on your goals and aspirations. Having a clear vision that all members of the team understand gives your business clear focus, prevents unwanted divergences and helps simplify decision-making.
Step 2 - Establish Your Business Goals
Goals enable the purpose or direction of your business. Once identified, they should be revisited on a regular basis to ensure they continue to support your Vision. They cover areas such as people, social, environmental, financial and other components unique to your business, in addition to strategic, operational and tactical considerations.
Step 3 - Evaluate Your Personal Goals
What is it that you are hoping to achieve through this business? Do you want to be an innovator, build a business to on-sell, hand down to your children or simply to provide a wage for yourself? The answer to these and many other questions are an extremely important (and often neglected) aspects of the success or otherwise of any business.
Step 4 - Confirm Your Business Values
Values should be at the core of every business action. They are what your business stands for, your philosophy, your reason for being and the collective standards of behaviour accepted by all. They help to steer your business, management and employees in the right direction, and provide clarity to your customers about the type of interaction they can expect from your business.
Step 5 - Identify & Prioritise Your Blockages
We all have them. Those things that hold us back, the systems that just won’t do what we need them to, the competitor who keeps enticing customers away, the financier who reduced our overdraft, or the employee who just won’t follow procedure. Whatever the blockage, see it, understand it and create a means of resolving it.
Step 6 - Create Your Plan
‘Few plan to fail, but many fail to plan’…
Business Planning, or Strategic Planning as it is also known is a critical part of the evolution of any business. Your Strategic Plan brings together all of the key components of your business and matches them to a suite of key business methodologies, metrics and tools to help you reach your goals faster.