Ask any successful entrepreneur how they started their business and most would say it took months and months of strategic planning… most would say that the initial planning was only, well….the start. Every few months or every few weeks even may entrepreneurs’ asses and evaluate their initial success and failures. The article I’m posting this week is about how to start a company and the initial strategic planning involved. I know, usually I post information on how to come up with a business name or the importance of branding but, I think that planning is just as important.
In fact the article states that the strategic planning for the business is one of the most overlooked ideas by first time business startups and one of the most important. I’ve worked at many small businesses over the years and I have to agree with the article, that business don’t just grow on a text book modest chart, they grow sporadically and suddenly then not at all. Planning for these growths and slides might be the most important thing you can do.
That said, here at Brandings an initial strategic planning consultation is just part of the complete brand packages that we offer along with Trademark Screening (Preliminary), Etymology Analysis and Design Development Analysis. Please see How It Works, (http://brandings.com/shop/how_it_works.php) for the complete packages available.
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Starting a Business? Why You Need to Know Strategic Planning
If you are launching your startup with plans for significant growth, strategic planning will be your new best friend. The term planning merely indicates the broad ideas for where you want your venture to go, the strategic part implies using all available information to determine and manage the intermediate steps it will take to get there. Strategic planning is the difference between a startup that is stuck in the microbusiness realm and one that breaks out into a thriving company.
Failing to implement strategic planning is very common, especially among first-time entrepreneurs. Often, these business owners sort of just go with the flow and assume the details will reveal themselves, and take care of themselves, as needed. Unfortunately, this philosophy is far more likely to leave you in the weeds than be successful. Most businesses grow in sudden, step-change bursts rather than in a smooth, upward curve. This means that you need to be ready for these growth spurts before they come or you will be caught off guard.
Strategic planning starts with a well-defined goal, such as increase revenue by 20% in six months. Make more money is not a well-defined goal because it doesn’t meet the SMART standard – specific, measurable, agreed upon, realistic, and time-based. As you establish long and midterm goals for your venture, ensure that each includes the factors of a SMART goal. Next, each goal is broken down into the specific steps, or objectives, that are necessary to reach those goals. For example, to increase revenue within the next six months, it may be necessary to hire another salesperson, evaluate the inventory system, engage in targeted marketing, and step up the networking. For each of these objectives, there are likely a number of specific tasks necessary to accomplish each one.
Strategic planning is the process of defining each of these goals, objectives and tasks such that you and your staff are constantly working to improve the business. Financial planning is an integral part of strategic planning. The bottom line of business is the bottom line, so you must be intimately familiar with the money in order to set the best goals and accomplish the right objectives for the venture.
Strategic planning shouldn’t be just an annual chore where the obvious is restated in an official memo. Rather, the most successful companies are in a constant state of strategic planning – setting schedules, completing tasks, evaluating outcomes, and resetting objectives. The strategic plan for the company should not be reviewed at a single meeting and filed away for the year. Everyone relevant to the objectives in the strategic plan should be aware of their role and why it matters in the big picture of the venture. Getting everyone to buy in is important to the success of any business planning.
Launching and running a startup is a chaotic, stressful endeavor. Left unchecked, it is easy to fall into disarray, especially when unexpected changes come along that disrupt the day-to-day of the business. Solid strategic planning provides the stability your business needs to weather the bad times and capitalize on the good ones. Take the time to incorporate ongoing strategic planning into your business model and you, and your business, will reap the rewards.
| About the Author – K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is founder of LaunchX and blogs about starting a business. Read more about the basics of business startup at our website and learn more about the LaunchX System, a complete business startup kit that helps you learn the basics of strategic planning while starting a business.Article Source: http://EzineArticles.com/?expert=K._MacKillop |
