Step 4 of Building a Better Business: Creating a Strategic Plan for Future Business Growth

Welcome to Step 4 of our comprehensive series on building a better business. Now that you’ve defined your business aspirations, it’s time to forge a clear path towards achieving them. Let’s delve into the critical step of making a strategic plan to guide your business toward future growth.

Define Personal Business Goals:

Start by aligning your business goals with your personal aspirations. If, for instance, you aim for a $100,000 annual income plus a family holiday, and your overheads are $100,000, your gross profit target becomes $200,000. With a 50% gross profit margin, your annual sales goal would be $400,000. Ensure your plan is intricately linked to achieving your personal desires, such as earning $100,000 and enjoying a six-week holiday. Read more about personal business goals here.

Rules for a Solid Plan:

Keep it Concise:
Your plan should fit on one page, double-sided if necessary. Watch this video on creating a one page business plan.

Set Clear Annual Goals:
Limit your main goals to four for the year, breaking them down into 90-day goals and actions to maintain focus.

Identify Key Performance Indicators (KPIs):
Choose up to five KPIs that will have the most impact on your goals.

Share with Your Team:
Ensure your team’s goals align with yours. Help them define actions and KPIs for their contribution.

Visibility Matters:
Keep the plan visible, tracking progress and celebrating successes with your team along the way.

Quarterly Reviews:
Regularly review your plan, completing 90-day actions and updating goals each quarter. External accountability can enhance commitment.

Your strategic plan is the cornerstone of your business, providing a step-by-step guide to achieving your desires. Your business is meant to serve you; don’t become a slave to it. For assistance in creating your strategic plan, get in touch.

“Hope is not a strategy.” – Anonymous

On Tuesday 13 February from 8-9am, Sharp Accounting will be running our Building a Better Business in 10 Steps Seminar. This will be held at our offices here in Ballarat. Click here to find out more and register at no cost.