Strategic Planning for small business to grow and be profitable
Do you want to grow your business?
Moreover, is your business giving you what you want out of life?
To grow a business, you need to follow the right path. Small business can grow faster with the right roadmap and strategic planning. Buzzwords such as strategic planning, grow my business and getting to the next level are often sprouted by business coaches and the like. They are easy to say, but for many small businesses, it is a lot harder to implement.
“Small business should be fun and provide opportunities for the owner to build wealth and lifestyle.”
Yet, many business owners feel like it is a marathon to run their business. Long days, always putting out fires and no downtime for you is what some business owners grapple with every day. In this case, growth becomes a far distant concept and years go by, and the business becomes stagnant or dies a natural death.
“It should not be this way, and it is why a strategic plan for business growth is essential for both growth and balance of working life.”
Many small businesses grow organically but often don’t think they are large enough to implement systems. Let’s debunk that myth. Every business large and small need targets, plans and systems. Systems improve the running and value of your business. Starting today, you can make your small business work for you, improve your lifestyle and ultimately your long-term wealth. Begin by implementing a managed 90-day plan that addresses the issues that will make a difference in your business.
Don’t get me wrong; it is not business plan with lots of graphs, pictures and fluffy stuff that sits on the bookshelf. It an action plan to implement, use and update.
For business growth to happen you need three components with your plan:
- A desire to Grow
- A plan that has action
- A measurement program and a navigator
Where to Start?
Growing your business means different things to different people. Increasing revenue does not always result in an increase net profit. In fact, real Growth vs Bad Growth comes down to a strategic planning and where the growth needs to be tailored. Look at the margins and continually develop systems and ideas. Sometimes the hard decisions need to be made.
Decisions around :
- Unprofitable products and service
- Staff who are not performing
- Customers who are nice but don’t pay
- Outdated premises and equipment
A plan should look at internal and external growth. Internal growth is like fruit on a tree and can be easily harvested. This includes offering better service, increase margins, new or expanded products to existing customers or just harvesting the customers better to get a better growth per customer
External growth requires more effort. Like the farmer that plants his crop. Sow the seed, water and growth will come.
The list is endless, but each pain point has a financial impact on the business bottom line and growth. Eliminate a pain point, and the change should be a positive one.
We recommend running a high-level business check and reviewing all aspects from the business. The outcome is simple. You should, after deep diving into your business be able to set a clear pathway. Don’t fall into the trap like many small businesses that slither like a snake with no desired direction. Your long-term should include achievable goals. Formulate your 90-day action plan with desired and results that make a difference.
So what should I be aiming for?
There is not one size that fits all. Here are some examples of what some of our small business clients are seeking from planning:
- Stopping the noise and having the team focus, team includes staff and close family members who work in the business
- Time away from the business with no disasters and timeout
- A better sales process
- An exit plan to move forward and obtain growth in the business
- Just better cash flow and not getting into trouble with the ATO
- More productivity from employees
- Better promotion of their business and marketing plan
- Replace equipment and cash flow planning
Okay, so I set an action plan what will be some of the real outcomes I should see in my business!
- Improved profitability,
- increased revenue and sales direction,
- Better business guidance and alignment,
- Less stress on the owner, and better lifestyle
- Greater accountability to performance to yourself and to and from staff
- Better financial management. Review of the business model.
- A long-term exit strategy for the business to realise its worth.
Now is the time to start. Happy to sit down over a hot coffee and discuss a program that helps you. Our Growth and Exit planning program can be built for you