A business plan is one of the most essential weapons any successful business can have in their arsenal. But if it’s not properly utilised, reassessed and measured, this vital document may not be worth the paper it’s written on. Here is how a coach can help you stay the path to success determined by your plan.
As business coaches one of the most common mistakes we see is proprietors take the time to prepare a business plan with great initiatives, excellent structure and long-term results but then fail to account for and implement the strategies involved, instead allowing this document languish on the shelf of a store room.
The plan is partly the destination but also the route to where a business wants to go, including strategies to get there. The implementation of these strategies is key to success; if you don’t change the method you won’t change the outcome.
A coach can help review your business plan then hone and implement the strategies needed to attain the results.
If you can’t measure it, you can’t manage it, which is why goal setting and measurement are essential components of implementing your business plan. This involves fully understanding your plan, recognising any challenges ahead and establishing measurable outcomes like key performance indicators, and sales targets.
Then assess those outcomes against the business plan noting where the business has had success, where it’s fallen behind, and reset the schedule if necessary.
The direction you intend your business to take should be clearly communicated to staff. This happens via formal communication like policies, procedures and performance indicators, but also informally by talking with them about where the business intends to go.
Your staff are aboard the business bus not only for the journey but to reach the ultimate destination, so let them know the route you intend to take, the stops along the way and the end point.
Any business plan is a living document. That means it has to be considered as part of your day-to-day operations and updated regularly. A business plan will change over the course of its life. The destination may be the same but the strategies needed to reach it will likely need to be revised occasionally. That means taking the time to review your plan on a regular basis such as annually.
A coach can help
Business coaches can assist with devising, honing and reassessing your business plan. They can also help create the all-important strategies and measuring tools needed to implement it.