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Eight Steps To The Next Level – The Business Plan, "The Engine of Small Business Development"
This is the second in a series of articles that describe how small business owners and managers can drive their business growth and profitable development through the creation and implementation of a business plan.
I know that the common denominator among many small business owners is that “planning” is for larger and more important businesses and “they are too busy running their business to have time for planning”. Of course, many small business owners are “too busy” to run a business, but they ignore the risk and their own survival that “failure to plan is planned to fail”.
I believe that small business owners will benefit from being involved in this business planning process due to the nature of careful scrutiny and thought through the way their business is competitive and functioning. – and how it will be in line with their commitment of “what they want to do in business”.
This business planning process provides more profitability, a stronger business that provides real value to customers and the market.
The business planning process described in this article is the most practical and practical logical examination of a small business. The process is far from mystery or mystery, but focuses entirely on the realities of the small business environment (business, economy, competition, customer needs, wants and aspirations) as well as the commitment and allocation of company resources).
Business Planning Process – Eight Key Steps
For the past thirty years, I have successfully used the following strategic marketing and business planning processes. The following process consists of eight major steps that are continuous and continuous. I will describe the characteristics and functions of each of these steps.
This process applies to all types of organizations; Regardless of product size, service or industry … I have even used this process with national religious organizations.
1. Develop a mission and location statement
2. Situation audit
3. WOTSUP Analysis
4. Make assumptions
5. Objectives of development
6. Strategic development
7. Specify strategies and actions
8. Prepare forecast / budget / finance
1. Mission and Statement of Location
In relation to the definition of the purpose and mission of your business, there is only one focus, one starting point is the customer or consumer of your product / service. The user defines the mission of a function or business. The question “What is our mission or purpose?” “What business do we want to do?” So the answer is simply to look at your business from the outside, from the perspective of customers or potential customers. What users or customers see, think or believe at any given time must be accepted by the management of your business as a matter of concern.
By definition, the customer is buying the satisfaction of demand or want.
The following is a well-known and authentic example of a business mission that defines how a company operates.
Drilling equipment manufacturers define their mission as “determining the size of holes that customers need”. Their focus is directly on customer needs and not on the technical specifications of their products. They are customer focused and very successful.
Once the mission statement is complete, create a position statement for competitive advantage and prepare your unique USP – Sales Proposal. “Why businesses can offer more efficient and cost-effective solutions than competitors.”
2. Situation Audit – Internal and External
Status audits are descriptions and analyzes of past, present and future data (information) that provide a basis for continuing the business planning process. It is a preparation method for:
- Collection of relevant information
- Interpretation of its effects on the business environment (market conditions)
- Key Trend Analysis
- Forecasting of all relevant factors that may influence the activities of the company.
3. WOTSUP Analysis
The acronym WOTSUP stands for Weaknesses, Opportunities, Threats, and Strengths of Local Planning. This step flows from the fact base (situation audit). Weaknesses and strengths form an internal analysis, namely, “Where are we good and bad?”
On the other hand, opportunities and threats form an external analysis. From this analysis, objectives can be developed with specific action plans designed to overcome weaknesses and threats by exploiting strengths and business opportunities.
4. Make assumptions:
Assumptions make the plan possible. Without the use of assumptions, planning would be almost impossible. Since planning involves “the future of current decisions” and future events, it is almost impossible to predict with accuracy that does not fail. Assumptions make the plan possible.
5. Objectives of development
Common goals are the core of the business and marketing planning process. They deserve every last ounce of time and effort – often frustrating. The purpose is to form an umbrella in which the balance of the entire plan structure is constructed. Because of the important role they play, they have to think and express themselves in the most specific and realistic way. Simply put, the goal is … “What do you want to achieve?” The aim is to overcome the weaknesses and threats created in the WOTSUP analysis and to exploit opportunities and strengths.
6. Strategic development:
Once the goal is established, strategic planning is the next step in the process. The strategy must explain in a broad sense how the goal will be achieved.
7. Confirm the action program:
After the objectives and strategies are established, describe the work to be performed. Actions must be specific; Who does the work, how and when.
8. Forecast / budget / finance prepared:
Action programs, when completed, form the basis for budgeting. The cost of each activity and the revenue generated from the detailed activities generate the operating budget and cash flow for the business plan.
Many organizations confuse plans with budgets. One of the main purposes of budgeting is to ensure that businesses have sufficient financial resources to operate. Budget is about not failing, planning is about what is possible.
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