SME owners often see strategic business plans as a luxury for larger, more established companies. Caught up in the daily running of their businesses SME owners seldom take time out to ask some critical questions;
- How is my business performing?
- Is it performing to my expectations?
- What are my expectations?
- What is my vision for my business?
- And how will I get there?
A Strategic Business Plan is a vital tool for a successful business. It ensures that all of a company’s resources are assessed and organised to achieve a common goal. It’s the roadmap to success.
The common reasons for SME owners not preparing a robust business plan are, a lack of in-house experience, insufficient resources to carry out the exercise or not enough time available for a time-consuming process.
As a result, they find themselves reacting to the market, customers and competitors.
And this is where BMS Accountants can help. How much better would your business be if you set realistic goals and objectives for you and your staff? How much better would performance be with clear direction?
Benefits of Strategic Planning
- Creates a vision for the future.
- Develops common goals and objectives.
- Focuses on the key issues facing the organisation.
- Promotes a sense of purpose amongst management and staff.
- Identifies & maximises resources available to the organisation.
- Identifies core competencies of an organisation.
- Brings discipline and organisation while maintaining flexibility
Our 5 step approach to strategic planning is designed to bring immediate benefits.
Step 1 – Situation Analysis
This is the fact finding stage whereby we develop a thorough understanding of your existing business. We review the resources at your disposal, the competition and market place and we establish very clearly the current condition of your business and how it is performing.
Step 2 – Brainstorming & SWOT Analysis
Using the information from Step 1 we analyse the Strengths, Weaknesses, Opportunities and Threats relating to your business. We prioritise these findings as they will be critical in developing goals and objectives at a later stage.
At this stage we will also try to formulate what the vision is for your business.
Step 3 – Goals & Objectives
By developing goals and objectives we are essentially creating milestones for the roadmap to success. This integral part of the planning process will ensure we set what are known as SMART goals.
SMART goals are; Specific, Measurable, Achievable, Realistic, Time-Bounded
Step 4 – Developing strategies & action plans
Once the goals are set we need to develop a series of strategies which will indicate how you intend to achieve these goals. The action plans will lay out the steps involved in achieving the goals.
Step 5 – Implementation
Implementation is what gets results. This is the most critical part of the planning process. Regular feedback and monitoring of performance will be vital as you move forward.