The Importance of Business Planning
Article by: Sara Pantaleo
An effective strategy and plan are key to success in any business. Plans can help you set goals for your company and develop the best strategy for your organisation’s future, so it’s worth taking your time to develop a solid business plan. Planning is key to making sure your business strategy will be a success!
Setting & Communicating Goals
A sound business plan should ensure a high communication and transparency level. Strategic planning is essential to any business but often fails when communicating these goals to your wider organisation. It can be challenging for those outside decision-making teams to understand why they should care about your goals; this part of developing a plan is worth carefully planning; with the right communication, the strategy will likely succeed.
To have a successful communication plan to back up your strategy goals, mission, vision and so on, it’s essential for the message to be clear and concise without being too simple or complex to get a wider buyer in.
Some of the ways this can be achieved are:
- Have a company-wide meeting.
- Detail matters. Think through how any changes may be perceived; people often react negatively to change, so this needs to be thought through, and anything of this nature can be addressed immediately.
- Go over the Company’s history and vision and how the plan will help drive everyone there. Ensure everyone is aligned around the values that drive the team forward. We need to talk not only about how strategy plays a vital role in growth but also give context around what has led up until now and the challenges faced by this company. In doing so, your team will understand why any changes are necessary.
The lack of a strong business plan usually causes small businesses to fail. You must develop one because it will help avoid many potential problems in your company and ensure everything goes smoothly for years to come!
The most important decisions a business owner can make are based on research and information from an effective plan. That’s why it is critical to have one in place before starting your own company, so you know what could go wrong or right when things really matter! Strategic planning minimises blind spots and mitigates risk.