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Business strategy planning

Can't see the wood for the trees? Time to get back to basics.

When was the last time you looked at your business plan?* The one that you spent hours - if not days - producing when you started the business, hoping that you'd done enough to persuade the bank or other lender to take you seriously. While it may have seemed an exercise in box-ticking at the time, and long since consigned to the back of the filing cabinet, it's essential that you revisit it at least annually. Dusting off and reading your thoughts and plans as you embarked upon setting up your business is a good way of benchmarking your progress.  

One of the first items on your business plan would have been your mission statement. These few sentences would, ideally, have summarised your business strategy:

·         What do we do?

·         How we do it?

·         Who do we do it for?

·         What value do we bring?

The questions you should ask yourself now, then, are:

·         Does your mission statement answer those questions?

·         Perhaps more importantly, does it still answer them?

·         If it was created more than five years ago, is it relevant to today's tougher business climate?

·         Does it take into account the way people do business today? The rise in ecommerce? Localisation?

As many of our clients have discovered, creating or redefining a business plan can revitalise not only your business, but also your workforce.

Need inspiration? You can read the mission statements of the Fortune 500 companies at http://www.missionstatements.com/

*If your immediate reaction to this question is "what Business Plan?" then it could be a good time for a business planning meeting with us.

Call us on 01628 631056 or complete our contact form to arrange a meeting.