Managing a business can be hard, especially if you are a Small Business owner doing…
7 Key Steps to Help Your Small Business Thrive – Part 2
Managing a business can be hard, especially if you are a Small Business Owners doing it all alone. To grow your business and reach your goals, it is vital that you spend time working “ON” your business rather than “IN” your business.
Strategic management, particularly planning is a vital element in building your thriving business. The strategic mapping and planning process is the foundation for which your business is built up.
You can’t build a house without solid foundations. The same principals apply to business. The strategy is the starting point which lays the groundwork for you to build upon. It’s the starting point for you to have clarity and direction. Clarity and direction on what you want to achieve, the goals for your business. The following graph outlines the seven-step framework to use when strategic planning.
In a previous article, I shared the first 4 steps to building a driving business, here are the last 3 steps:
Step 5 – Your Team
Once you define your strategic direction, ensure your finance, operations, sales, marketing, administration, manufacturing, product development, and all other departments are moving together to achieve your business’s goals. Consider the performance of each team member, to ensure their contribution is clear to the strategic plan. Analyse the performance of each team member, to ensure their contribution is clear and aligned with your goals. If it’s not, you ought to decide what actions you’ll take, and work on a performance management plan with this individual. To be successful in business, it’s imperative you have the right people on your team. A & B Players will support you in achieving your goals.
Step 6 – Success Roadmap
Develop the stretch targets and goals for your business. These are your long-term objectives that take years to achieve. Determine your stretch goals initially. These stretch goals will influence and assist in defining your intermediate and immediate goals and targets.
Think about the following as a starting point:
- Where do you want your Business to be in 3 – 5 years?
- What do you want from your business, that doesn’t exist yet?
- What do you have in your business, that is not serving you well?
- What are your top 3 priorities in the next 12 months?
- What is one thing will you do to get started on each goal in the next month?
Step 7 – Action & Implementation
In the final step, you are establishing the – WHO, is doing WHAT, and WHEN? You’ll see the big picture in terms of key accountabilities. You’ll identify the missing pieces. You’ll connect the pieces into an action plan for successful implementation.
Every successful business knows that strategic planning is integral to their success. If you want to build a thriving business, you need a strategic plan, end of story!
Read the first 4 stages here. Once you’ve reviewed all of the seven steps, I urge you to think about and start creating the strategic roadmap for your business today. Set the foundations, gain clarity, set the direction and start building your thriving business.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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