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