Strategic Planning

March 13, 2022

Work on your business not in it, is a standard business management cliché, but what does it mean and how do you do it?

Most business owners are great at what their business was set up to do, whether that’s being a hairdresser, a plumber, running a restaurant or being an accountant.

The bit that’s harder and truly defines long term success is your ability to lift your head up, plan and delegate.

You may think that you can get things done better and more efficiently than anyone else. This may be true, but all the time you are spending doing jobs that other people could be doing is time that you are not running your business.

When you get bogged down in simple details that your employees could be working on, you are not being an effective leader. And as the leader of your business you are in charge of the big picture.

 

How to work on your business:

1.       Evaluate the things you’re doing and make sure they actually matter. We all have these assumed tasks. BUT do those things REALLY matter?

2.       Try to work yourself out of a job by delegating,hiring and using other services. Most of us start by doing 100% of the work ourselves. Start trying to work yourself out of a job in certain roles.

3.       Get clear about WHERE you want to go with your business and WHY you want to go there. What is your goal? Start with the desired result and work backwards.

 

In effect working on your business not in it and being a leader, means having a STRATEGIC PLAN for where you are going and how you are going to get there.

What is a strategic plan?

In the simplest terms, a strategic plan is an organisations plan to achieve its overall, long-term goals

How to develop a strategic plan

1. Determine your strategic position

You need to know where you are to determine where you need to go and how you will get there.

2. Prioritize your objectives

Once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals.

3. Develop a plan

Now it's time to create a strategic plan to successfully reach your goals.

4. Execute and manage the plan

Once you have the plan, you’re ready to implement it.

5. Review and revise the plan

The final stage of the plan—to review and revise—gives you an opportunity to re-evaluate your priorities and course-correct based on past successes or failures.