3 Keys to Writing a Strategic Business Plan That Unlocks Your True Potential

3 Keys to Writing a Strategic Business Plan That Unlocks Your True Potential

I want to present to you today an exact process for writing a strategic business plan. A process that potentially gives you the best chance of operating successfully no matter what business you are in.

Before we do this - I have a question. Why should you plan? Simple Answer really. Research suggests businesses with a workable written current plan achieve 63% higher growth than those in business without a plan.

I am sure in theory you know this to be true as well. Clearly having a plan to success for anything is better than no plan. This applies to life, building a house or running a business (as well as most significant other tasks in life).

Step 1 in Writing a Strategic Business Plan - Your Business Analysis

Starting point for planning is to take stock of your current situation. What is the current data or measurement around:

a) financials (profit and loss and balance sheet) on a monthly and year to date basis.

b) number of current customers and those that have used us over the past 12 months.

c) what is the current number of leads per month.

d) what is the conversion rate from lead to sale (measured over time).

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e) what is the average spend per customer over the previous 3 months.

f) what is the debt level, how many creditors, debtors.

g) team members - how many, how are they going?

Ideally prepare and compare all of this with last year's data. What is this really telling you?

Is business getting better or worse for you?

Step 2 In Writing a Strategic Business Plan - Analyse Your Sales and Market

Break up your total sales into product groups or specific products or services. Compared to the previous year are sales getting better or worse?

The next step is to break this data down into what types or groups of customers (the demographic). In other word who are your purchasers for each product and overall?

In most enterprises, 80% of sales come from 20% of customers. So who are your 20%?

Where are they and how do we attract more of them?

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Step 3 In Writing a Strategic Business Plan - SWOT Analysis and Write the Plan

SWOT is an acronym for Strengths (of the business), Weaknesses (of the business), Opportunities (of the market) and Threats (of competition and the market overall).

This is a perfect time to SWOT after completing steps 1 and 2.

Writing the plan becomes easier if you have completed all the steps so far.

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The plan itself should included

Vision for the future (3-5 year goals)

b) New products/ services strategies over time - what will we do?

c) Marketing strategy for lead generation, repeat business strategy and increasing the average spend strategy.

d) financial targets and strategy

e) sales strategy - what sales and conversion strategy and call plans?

f) Systems / Policies and Procedures: What new technology is required over time? Make a list of technology, accounting, customer service, measuring and review strategies to improve.

g) Team: How will you build a great team? What needs to improve? What is the communication between all of you like? How will you improve this?

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Having a business plan format that is relevant to your specific situation and simple to implement is the cornerstone to success. You see business plans are not just for starting a business or to focus on obtaining funding. These are two primary reasons for planning but there are many more reasons.

Statistics already prove to us from various studies that you are more likely to succeed if you have a business plan. Studies from all around the world highlight the fact of increased business success equals good planning. One Australian study of small business indicated that the enterprise with a strong but simple and current business plan will be 15% more likely to succeed over the long term. This was based on a sampling of over one hundred small businesses.

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The other reasons why you must have a current business plan are:

1.Focuses leaders and team members on internal operations.

2.Focuses on the objectives to be accomplished (the goals and targets) and a step by step strategy to get you there.

3.Allows a focus on all areas of the business. A business plan format covering all 10 areas of business is particularly valuable.

So as a business coach, I focus on 10 key areas of every business I work with. I have found this is a very powerful formula which I will outline below. This is relevant to every business regardless of industry.

An important point: It is fine to construct a large business plan for starting a business or to obtain funding but a more successful way to go for business growth is to complete 90 day action plans of 2-3 pages in length every 90 days.

The benefits of constructing a simple business plan format for the next 90 days are too many to mention here. But here is what you should include.

10 Key Items to Include In your 90 day business plan format.

1. Leadership: How will you lead yourself and your team? What is the big vision for 3-5 years down the track for the business? What is the vision for the next 1 year in your business?

2. Management: How will you spend your time? What strategies need to be implemented here to ensure efficiency for yourself and team? How much time will you spend working ON the marketing, sales and growth aspects of your business per week?

3. Financial Targets: Taking a 3 month view what will be your turnover or revenue per month? Your expenses forecast and most importantly, your profit targets per month?

4. Marketing strategy: What specific strategies will you target for lead generation over the next 90 days?

5. Marketing strategy for Increasing the Average Spend: Increasing the average spend should be measured. How will you increase this and what strategies will you implement over the next 90 days?

6. Marketing strategy for Repeat Customers: Exactly what strategy will you implement over the next 90 days to get more customers coming back again and again?

7. Planning: Do a 90 day plan every quarter forever and focus on it weekly or daily to plan out the next item to be implemented.

8. Systems: What internal procedures need to be written down, improved on or fine tuned?

9. Team: What training, learning and communication will you do as a team to improve the business over the next 90 days?

10. Sales: How can you improve your conversion rate from prospect to sale? Will you measure this and exactly what will you implement over the next 90 days? What are the sales targets per month? You need to include these crucial answers in your own business plan format.

Constructing a business plan format like this every 90 days means rapid focus on the key performance indicators which bring on success. Try it yourself and reap the benefits.

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