You've decided that you want to sit down and start putting together some plans for the business but how do you know where you need to go?
First you must assess where you already are. Do you already have some plans in place that you need to expand on? Do you need to create some plans to reach a goal of the business?
There are 4 different types of plans that businesses can utilise. First it's important to understand the difference between each of these plans.
These are the 4 types of plans:
Operational
Definition - An Operational Plan is a highly detailed plan that provides a clear picture of how a team, section or department will contribute to the achievement of the organisation's goals. The operational plan maps out the day-to-day tasks required to run a business. (Syndicate Room)
Strategic
Definition - A process in which a company's executives decide what they want to achieve and the best actions and use of resources for doing this. (Cambridge Dictionary)
Tactical
Definition - Tactical planning occurs after a business, team or individual has created a strategic plan that outlines general goals and objectives. A tactical plan describes the steps and actions that must be taken to achieve the goals from the strategic plan. (Hubspot)
Contingency
Definition - A plan that is made for dealing with an emergency, or with something that might possibly happen and cause problems in the future. (Cambridge Dictionary)
At ABL we have done lots of planning. We find that it is a great way of keep us on track and making sure we hit the goals we want to achieve as a business.
We've worked with different advisors at different stages of the business to really help us focus on the plans and the tasks these plans have brought to light.
The 4 different types of business plans have really helped to make sure we are covered for all eventualities.
From the Operating, Tactical, Strategical, and Contingency plans we have been able to break these down into yearly plans such as Marketing Plans and OKRs.
Now that you know more about the different types of plans it's important to establish which plans you already have and which plans you need to work on.
This can seem like a daunting task but speaking with others can help you. Philip Drazen runs The Business Exposure Group a peer to peer support group and says:
"Good advice is priceless. As a business owner you are expected to have all the answers. But it's impossible. Seek out some answers at The Business Exposure Group meetings and engage with other Directors who care enough to share their advice and experiences, like them feel revitalised again in business."
Speaking with other business owners about how they set up their plans can help you establish what you need to do. The Business Exposure Group is there for Business Owners to come together. If you'd like to know more about The Business Exposure Group you can do so here or get in touch with Philip.
Philip also runs The Entrepreneurs Club which provides its members with valuable professional and commercial contacts and services across a range of sectors and introductions to both private and institutional sources of funding.
Speaking to others and seeking advice can help you to figure out what stage you are at, create your plans or can help you put your plans into actions. Both of these groups allow you to connect and sense check your thoughts with those who can help you to grow your business.
Alex and Andy are both members of The Business Exposure Group and The Entrepreneurs Club and always come away from the meetings with some valuable business suggestions.
So what stage are you at and will you be seeking extra advice?
January is Planuary!