Plan Today For Phenomenal Growth in 2010
At the end of the year, business owners come to business coaches for advice because they haven’t created a solid business plan or they created an unrealistic plan that didn't bring in positive results. It's vital that business owners develop an actionable plan with specific goals and objectives that support their financial and performance targets. As 2009 winds down for the small business community, the fourth quarter becomes both a time of reflection and action as planning for the New Year becomes a priority. Business owners, who managed to rise out of the economic thick fog caste over the global business world in 2009, can learn from their tenacity to stay afloat and use the fourth quarter to position their business for strong ROI growth in the coming year.
There are many approaches one can take to create a strategic business plan for the New Year. Writing a well thought-out and organized strategic plan dramatically increases your odds of creating a great financial year. However, the basics are simple. Start by doing a SWOT analysis or a review of your businesses Strengths, Weaknesses Opportunities and Threats. Once the analysis is complete, you can then create goals and objectives, prioritize action items and identify the measurement tools needed to gain insight as to how they are meeting their goals.
Your strategic plan should also clarify or re-clarify the mission of your company as well as state your long and short-range financial goals. Once these details are defined, you can then include a detailed tactical plan or list of activities that will get you to reach your revenue goals and financial objectives.
Time spent today on revitalizing a strategic business plan, creating and then adhering to short and long term business goals, and identify new opportunities like strategic partnerships, will all add to positive ROI growth for 2010. Set key performance indicators (KPIs) such as quarterly profits, cost savings, customer retention that can be viewed, measured and monitored. KPI’s in a business, no matter what size, specifically measures how well a company is performing. KPI’s are typically developed to complement a company’s main business goals and they should be the components of the company that have the greatest impact on success or performance.
One strategic partnership business owners should consider is to align themselves with a business coach who brings objectivity and accountability to the relationship. An experience business coach will guide you through the process of creating a strategic plan and/or help you stay on course with your existing plan. And, a key benefit of partnering with a business coach is that they will hold you accountable to your financial and revenue objectives.
