If you’re thinking about planning the future of your business, then you’re probably wondering where to begin, but you should start by acknowledging your role in the company and asking yourself ‘do you work ‘in’ or ‘on’ your business’?
This may sound like an odd question, but the answer shows whether you’re thinking long-term about the future of your business (‘on’ the business) or whether you’re bogged down by the day-to-day operations of the company which will mean that you have no time to work on the bigger picture (‘in’ the business).
Be honest about what you spend most of your time doing – if you realise that you’re working in the business, then take a step back and think about your role as a leader.
Take the time to give your business a clear sense of direction. If you’re concentrating too much on the daily labour yourself, it can be easy for the business to stagnate.
What if you’re stuck working ‘in’ your business?
Ask yourself why you’re doing each of your tasks and figure out whether someone else can do it. Free up time to concentrate on the bigger picture and prioritize things that you should be doing.
Once you can work ‘on’ the business, ask yourself the following questions:
- What is the company’s vision?
- Where are you now in relation to that vision?
- What steps do you need to take to achieve the vision?
This may seem straightforward, but you’d be amazed at the number of leaders who get wrapped up in the day-to-day and are unable to think on a larger scale. These questions break down the thought process into manageable stages.
Implementing your vision
Most businesses use this to structure a business plan with quantifiable objectives to work towards, allowing the vision to define your business strategy. You can then plan the minutiae of your company’s day-to-day activities and the overall business behaviour.
This incorporates factors such as decision-making and customer interaction and will help to promote employee commitment.
Try not to overstretch your capabilities; you should be realistic about achieving your objectives, and what’s required to achieve them. It’s critical to work in collaboration with key personnel so that your strategy is shared with stakeholders and colleagues.
Once you’ve finalised your plans, ensure that your vision will be achieved through your long-term goals. Carry out a regular review by considering these common factors:
- What you’re selling
- What makes your business stand out from others
- What sales opportunities do you have and how they’re implemented
- Whether your sales plan is supported by your marketing strategy
- What your business culture is
- How your staffing is structured
- What capital and other resources do you need
- Whether your financial projections will sustain your goals
This will help you to be mindful of your vision and will prevent your business from hitting a roadblock.
Our team at BHP Consulting have all successfully run businesses, and we understand that every business is unique. Our practical approach to supporting our clients enables us to share our real-world experience to positively impact the performance of your business. To arrange a call or an exploratory face-to-face meeting, please click here.
