Why Business Planning is Important for Business Growth
Article by: Sara Pantaleo
It is important to understand where you want to see your company in five years and how various factors will impact it. Building time into the schedule for this type of thinking can help your company grow.
Business planning is a thinking process; the value is here more so than a piece of paper with a plan. When you spend time planning, the value lies in considering your business from different angles and deciding what actions will make it successful for yourself!
No Direction is a Path to Nowhere.
When you go through the planning process, figuring out what needs your attention will be easier, ensuring you have a clear direction.
You can focus on important tasks rather than spending time trying on unfounded ideas and tasks that may not work or may actually not be that important for your company. There are many ways in which businesses struggle when they don’t have a clear plan—from spending too much energy worrying about things at hand without thinking ahead enough. Hence, nothing works as initially thought, getting overwhelmed because there’s no end goal! The solution? Planning! With an organised approach, we’re able to put our total effort into essential responsibilities; this gives the company a clear direction and ensures the ship is being steered somewhere specific.
Critical Thinking and Seeing Beyond the Day to Day
With a plan in place, it becomes easy to work backwards and create efficient lists for the week or day rather than reacting to whatever pops up daily and simply putting out fires. Then you can focus on what really needs to get done each period from a strategy point of view to move you in the right direction long-term, as well as take care of the day-to-day operations.
Making Things Happen
Planning is essential to making sure you can plan for your business’s future and make smart things happen. If there’s no strategy in place, it becomes tricky when faced with new challenges and opportunities that may come down the line – which means having a plan will allow companies more room and less stress on their plate! Planning out what needs doing and by whom, as well as when, can save time later because instead of trying to figure everything else out as we go (which never works), all the team needs to do is ensure they are crossing off those objectives from the plan as they go. This will ensure that your company always moves in the right direction and makes the right things happen.