Strategic planning for entrepreneurs - Finding focus in your business and life

Entrepreneurs are a lot of energy. Constantly reaching more and find new opportunities. These traits are what makes successful entrepreneurs. Unfortunately, they are also the traits that can ruin a business that otherwise has a bright future. While not limited to entrepreneurs, large companies often face the same problems, are those that embody this energy is lost.

Do you find yourself tired, worn out, or often frustrated because you're not making the progress that you want and expect? Why continue to stumble on this road when there's a better one? Why not work to develop a healthy business and healthier? Usually it is because we do not know another way. Well you're in luck today. There is a tool at your disposal, one that you've already heard, but that probably just is not on the radar screen.

One tool that is the perfect remedy for unhealthy work habits is underused, misunderstood, and when used, often implemented poorly - Strategic Planning. I know, I know, I can hear the groans already, but read on. If you have a bad impression of strategic planning, you have not seen it done right or experienced the benefits that derive from it properly.

The strategic planning promotes focus, a goal that many of us desperately need. You can define your goal and develop a plan to achieve it. If done correctly, you have clearly defined goals, a clear direction to achieve these objectives, and a set of performance measures that let you know how you're progressing. This clear path reduces the stress on your business, about you and your customers and suppliers. Everyone knows what to expect and what is expected of them.

When you arrive by car, not just walking around aimlessly, stopping to look at everything interesting, you see? Or know where you're going before you even get in the car, make sure you know the way, and make sure you have enough gas and not going to break down the road?

If you can plan a trip across town, do not you think it would be a good idea to plan your journey in business and success in life? Your business and your life are far more important that a disk across town, so it's worth the effort to do some 'planning. Do you think that a formal and detailed plan to limit, to tie their hands, or sap your creative energy? Think again. Your strategic plan should be flexible. It is not a rigid doctrine from which it can not be diverted, is a road map that gives you direction. When you come across a new opportunity, what have you done today? Vai to it? Vai with the excitement and adrenaline rush that I was fired? What do you do for your business, and what does it do for you?

How do you evaluate new opportunities that come your way? If you do not have a plan, any new opportunities must be evaluated independently. If you have a well developed strategic plan, it is possible to evaluate these opportunities against them. If the occasion in line with your plans and helps you achieve your goals, you can accept without any anxiety. If it does not fit, something that at least has to be assessed against to help you decide if it's worth changing the current course to pursue.

For your business, a strategic plan has four dimensions.

Products and Services

Markets

Financial

Structure

Entrepreneurs should add a fifth element, life goals. Life goals are what you want to reach for you, your family, your employees and your community. Your plan will include a timeline, and I always say to go with your ultimate goals at the end of that time line and work backwards. For small businesses and entrepreneurs, a plan in two years might be appropriate. If your business is more mature, or your products and services have a long life cycle (eg real estate), three years or more is probably better.

Products and services include your current offers, new models and extensions, and new lines of business. Markets can be geographic, demographic, or however it is possible to differentiate between clients improve sales and profits. The financial element is often missed, even by large organizations. The financial component includes revenue totals, sales by product line, and total profits and margins by product line. If you actually plan a targeted growth and profits, you are much more likely to reach them not just expecting them to happen. The structure will look like your business so you can achieve your goals. The addition of employees or partners with the necessary skills to achieve your objectives, management structure and reporting them, and relationships with suppliers and customers within the structure.

It 's important for employers to include in their overall life goals. If you want your company to support you so that the spouse should not work, you must plan for it. If you want your employees to get the balance they want in their lives, you must plan for it. And if you want to give back to your community, whether in time or money, you must include that in your plans.

Nothing stops you, you just looked at your strategic plan. Do not expect to have all the information you need or until you understand. Start and adjust as you move forward. You can obtain benefits immediately, and will only increase as you progress.

Copyright July 2007, Steve Novak