In his speech to the CBI conference he went on to announce that the British Business Bank will help businesses cross this valley with the introduction of at least £100 million of new lending as part of its ‘Help to Grow’ scheme to be unveiled in the budget.
Good news indeed for SMEs looking to grow their business. But businesses hoping to take advantage of the availability of this new source of funding have just one month until budget day to ensure they have a robust strategic plan in place to be first in the line for a slice of the £100 million.
For many small business leaders, the day to day operational running of their business leads to an absence of any planning beyond the short term. Their time is spent ‘fighting fires’ instead of planning to ensure the fires don’t start.
However if the company is to grow a clear set of goals and objectives need to be established, together with a plan of how to achieve them, the resources available and the risks and obstacles it will face on the road and how to avoid or navigate around them.
Goals need to be carefully chosen and well communicated to succeed. The choice of how to implement the plan also works best with the full range of options on the table; making the best rather than the immediately obvious choices.
Here are a number of steps which can be followed in the planning process which will help you develop, test and refine your strategic plan.
1. Where do you want to get to and what are the landmarks to ensure you’re on the right track?
- Outline the key objective on which you need to focus, but be prepared to refine and refocus if the route becomes blocked
2. How do I get there? What are the possible routes?
- Once the objective is determined, examine the tactics which could be employed to achieve success. Evaluate and test each to find those which are most likely to work in your market.
- Research your options, plans live or die by information, avoid the temptation to rely on your gut feel.
3. What resources do I have that will help me?
- Examine the resources you have already and identify those which you will need and plan how to obtain them (personnel, experience, expertise, research).
4. What are the obstacles that will impede me?
- Identify all of the potential risks that will throw you off-course and if possible try to mitigate them, (how will your competition react?)
The answers to these questions will form the backbone of your strategic plan and, whether or not Mr. Cameron’s scheme to cross the Valley of Death succeeds, will provide a guide to help you grow your business and its future profitability.
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As experts in business planning, the team at Price Bailey is ideally placed to help companies plan to improve business profit and performance. Rather uniquely, our approach is to teach you methods that work to create effective plans and help you to apply them for yourself.
Contact us here.
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