Haines Watts’ latest For Love or Money research shows that a business owner is twice as likely to be running a fast growing business if they have a detailed plan in place. That detailed plan will ensure that they reach their goals with a little bit more speed and certainty than they would if they hadn’t got a detailed plan in place.
Get a higher perspective
It’s very important that a business owner has a strategic plan which will allow them the time to distance themselves from the day to day running of the business and view the business from a bird’s eye perspective. Taking the time out to do this, as an owner and potentially a Board of Directors is vitally important for the business.
Go further than a financial forecast
Many small businesses will only have a financial forecast due to banking requirements or even, just because they feel that they have to. However, a strategic plan goes a lot further than just ticking boxes.
What the plan should cover
Primarily a full strategic plan will address the position of the business against its competition, its market place and its product offering. Leading on from that, is how the business is fixed and focused internally, in order to deliver some of the external goals. Internally that will all be about putting a management team in place that have a common purpose, aligned with the business owners’ objectives.
What it can achieve
Having a full strategic plan in place and working and communicating it effectively with the management team will undoubtedly increase the enterprise value for the business over the longer term and help you achieve your goals.
What sort of business plan do you have?