Creating and Executing a Business Plan

Turning your ideas and aspirations into reality

Peter Richards
By Hadrian Perera

Coming up with a new idea is exhilarating and we tend to get exited with all the ways we can bring this concept to life. But what most fail to do is to plan and communicate. Most of the time we choose the beginning of the year or the start of the financial year as being the best times to do strategic workshops and business planning, but there is no real set date to do these. The most important thing is to start!

What is a business plan and why do you need one?

Once you have clearly identified your core Business, People, and Client (Customer) levers, the next step is to start creating a business plan. A business plan is a document that describes your business idea, your goals, your strategies, your market, your financial projections, and your timeline. It helps you to clarify your vision, test your assumptions, and communicate your plan to potential investors, partners, staff and customers.

Where do I start?

There is no one-size-fits-all formula for creating a business plan, but it’s important to start with the WHY.

Understanding your WHY defines your purpose. It helps provides direction for your business, promotes motivation, and builds resilience across your business.

Some of key questions to ask are:

  • Understanding where you at today (current reality),
  • Where do you want to get to (future state – vision)
  • How are you going to get there (system and processes).

What to include in the plan?

Documenting the above questions into a plan develops focus and structure.  There are some common elements that you should include.

How to execute a business plan?

Creating a business plan is only the first step. The next step is to execute your plan and turn it into action. Here are some tips to help you execute your business plan:

  • Set SMART goals that are specific, measurable, achievable, relevant, and time bound.
  • Break down your goals into smaller tasks categorised under Business, People and Client
  • Establish a project team and allocate these tasks to project owners.
  • Track your progress and results using tools such as spreadsheets, dashboards, or software.
  • Review your plan regularly and make adjustments as needed based on feedback and learning.
  • Celebrate achievements and reward those for their hard work.

Good execution of a strategic plan involves three key building blocks:

The Next Powerful Tool

Hosting strategic workshops and planning days are a great way to start documenting your ideas and vision. However, executing this plan and having quarterly check-ins/reviews keeps your team aligned and focused on the direction you want to go. Small steps of confidence build the momentum necessary for change.

Contact us to find out more about our Reach Program and how we can support your business with business planning.

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