CRITICAL SUCCESS FACTORS FOR A THRIVING, PROFITABLE AND SUSTAINABLE BUSINESS.

Business PlanHow have you drawn up your Business Plan and Strategy for 2017?

Do you have an implementation plan that is being assessed daily, weekly and monthly?

If a consultant or the CEO has presented you with a business plan, then, in my opinion you are planning to fail.

The business plan should be designed around the requirements of the shareholders or owners and their required return on investment which could be financial gain or a specific outcome to grow, diversify or consolidate.

This should be implied through the Vision, Mission and Core Values – which should be clearly understood by all the employees in the business.

However, the plan itself should involve the team, the leaders (Directors or Leaders in the business, including the informal Union shop stewards and representative employees).

The Business Plan should be strategic and SMART in its implementation:

SPECIFIC: for example:  grow the business turnover by 10%, reduce costs by 5% with 15% ROI.  Employees should be able to visualise the “Goal” and understand the progress on a monthly and quarterly basis.  Successes should be celebrated and areas for development shared by the team.

MEASURABLE: Key performance areas (ALWAYS CUSTOMER SERVICE FOCUSED) should be clearly stated qualitatively and quantitatively:

ADMIN 100% accurate reporting and forecasting
LEGAL COMPLIANCE Focussed Substantive Compliance.
BUSINESS DEVELOPMENT If you want your business and profits to grow you must maintain, sustain and increase your client base.
FINANCE To Achieve RXXX Sales, XX% GP and XX Return on Investment

Manage Income, Quantify Waste and Manage reduction of Waste and Innovative Cost Saving.

HUMAN RESOURCES Optimal management of Human Capital, Meaningful Performance Management, Employee Engagement, Best Practice Solutions
MARKETING AND SALES SWOT Analysis, New Customer Recruitment, Specific Marketing interventions, Networking, On line Strategies.
OPERATIONS Each area of operations should be regarded as individual yet integrated Sub Business Units – each with their own Strategy aligned to the overall strategy.
TRAINING AND SKILLS DEVELOPMENT Training and Skills Development is critical. The biggest threat to any business is the lack of Succession Planning and effective Management and Leadership as well as specialists in each area.

Value adding, meaningful training and skills development will give the Business a Competitive Advantage and ensure engaged and productive employees.

RISK All risks should be identified with preventative measures and contingency plans in place.

 

ACHIEVABLE:  All goals, objectives and implementation must be challenging but achievable agreed to by all the team members and will also then be REALISTIC.

TIME BASED:  Successful individuals, organisations and businesses have Short, Medium and Long Term Plans.  In my opinion we should also have daily, weekly, monthly and yearly plans for at least 100 years!

If you need assistance to design or re-align your Individual or Business Plan connect with our Life Coaching or Business Coaching division.

Leadership is the ability to inspire ourselves, our team and business partners to achieve what they thought was impossible. Leaders need to innovate and constantly challenge the status quo for continuous improvement and to always exceed internal and external customer expectations. – Carolynne Bornhutter – 2017.