Why Your Business Needs a Strategic Plan
Two questions we frequently hear from our clients in Saint John, Moncton, Fredericton, or in one of the smaller communities in New Brunswick is “Do I need a strategic plan”? and “How do I prepare a strategic plan”?
Our answer is always the same. Whether you’re starting a business, looking to expand or maintain your market – a strategic plan is a necessity.
A sound strategic plan will help you keep your company moving forward toward its ultimate goal, without losing site of the big picture.
You’ll realize the value of having taken the time to prepare a strategic plan for your business, when you experience the benefits.
These include:
- Making the decision-making process easier;
- Informing, motivating and involving employees;
- Making it easier to keep track of benchmarks and performance;
- Providing a framework for more detailed planning; and
- Stimulating change
A strategic plan describes:
- Your company;
- It’s products and services;
- The competitive environment you face;
- Your management team;
- The company’s financial health; and
- Business risks.
Why create a strategic plan? Before risking your capital and time, you’ll want to know that your business idea is not only reasonable but can generate the profits you expect.
In preparing a strategic plan, you’ll:
- Identify and fully describe your target customer and market, the features and benefits of your products and services and how you will deliver them.
- Validate that your ideas and plans are credible by throughly researching the needs and wants of your market.
- Examine market conditions, the number of prospects, customers and competitors, as well as potential sales volume. You’ll also develop a marketing plan that identifies how you’ll get your sales message into the market, the promotional methods you’ll use and a timeline for implementation.
- Identify your HR requirements for employees and managers needed to meet your projections.
- Create financial projections including startup costs, operating costs, revenue, and profit. A break even analysis for the first 3 to 5 years will also need to be included.
- Identify equipment and space requirements, including cost estimates.
- If you will be developing and releasing new products and or services, creating timelines for development and introduction to the market.
Your strategic plan becomes a roadmap and action plan as you build your business. You’ll know if you’re on track, or if adjustments have to be made. Without a doubt, it is a necessity.
A small investment in creating your strategic plan, can make the difference between success and failure. Starting and growing a business requires immense amounts of your time, money and resources. You can reduce your risk considerably by following a strategic plan created specifically for your business.
It does take time, research and analysis. And if you’ve never completed a strategic plan before, it can seem overwhelming. One of our core services is working with business owners just like yourself. Our Strategic Planning service can help you build the business you always wanted. We work with clients in Saint John, Fredericton, Moncton and all of southern New Brunswick.
Do you have questions on how to get started? Use the form below to request a Free Consultation or call Donna at 1-800-657-4067.