Tips For Successful Business Planning
At PrimeAdvisory we’ve worked out that failing to plan usually means planning to fail. For years now we’ve diligently set aside time to create a business plan each year, which is then supported by smaller 90 day plans called Quarterly Themes. Given our tagline is about “keeping you on-track” it’s critical that we walk the talk ourselves and have a process to do so.
This commitment and discipline to planning and tracking results has helped us consistently achieve consecutive year on year growth. The best plans are one’s that are simple, have clear metrics within them and that are easily understood. That’s why we choose to base business plans on a simple one-page format. We like to use Verne Harnish’s One Page Strategic Plan as our template.
This system for business planning keeps everything in the business plan aligned with:
- The core values of the business
- The purpose of the business
- The Big Hairy Audacious Goal (BHAG) the business is focused on
As we’re already starting the new financial year with a fresh new one-page strategic plan, we thought we’d share how we’ve managed to make planning work so well that we’ve stayed on-track to achieve our goals for several years running.
Read “Scaling Up”:
All the directors of PrimeAdvisory have read Scaling Up, by Verne Harnish. This has helped us define the key decisions we need to get right:
The book also provides a practical framework for how to define what it is that we need in those key areas. With this guide we can focus on the big picture.
Get clear on why you are in business and the rules for how you operate:
Otherwise known as purpose (why you are in business) and values (the rules for how you do business). The book outlines a way to ensure your purpose and values are meaningful and authentic to your business.
Get clear on what your Big Hairy Audacious Goal (BHAG) is:
This is where it get’s exciting! To help energise and align the entire organisation, it’s key to have a goal that’s measurable but also momentous! This is when it’s time to think big and define a big goal that you can work towards in say 10 years’ time.
Make sure you’re measuring what matters:
It’s important to spend the time you need to make sure that the KPI’s you put into your plan line up. Ideally, they are directly aligned with your brand promise which is supported by your core values and purpose. These metrics can then be used to focus your teams and measure their success. Then when those critical numbers have been hit you have appropriate rewards in place to celebrate the success.
Keep everything accountable and make sure there’s always ownership:
To get to where you want to go it’s important that you know who is responsible for achieving the results you are after and what actions are to be undertaken by whom to get it done. Good communication on who is responsible for what will also make sure there’s no confusion.
At PrimeAdvisory we have extensive experience in guiding business owners to stay on track with their goals. If you would like assistance with facilitating and structuring your own one- page strategic plan, contact us.