It happens that today is a snow day in Northern New Mexico. This does not happen often and, when it does, I take advantage to achieve much needed planning time. Today, it is about the 2011 business plan for Dakin Business Group.
Business owners need to take advantage of times when business is not as brisk to do the often dreaded planning. This is true for business sellers as well.
No matter the terminology, there are several components that should be part of the plan:
• The long-range view for the business, perhaps out five years
• Shorter term strategies, perhaps 3 – 4, designed to continue advancing to the long-range view
• Specific goals that are part of each strategy and
• Objectives, or small steps to meeting the goals
Just recently I found the following website giving great advice about how the objectives should be structured.
Follow this link:
The SMART methodology puts a shape to each objective that helps the business owner to craft a plan that most anyone can understand. It means that she will clearly have a direction. Perhaps the year will flow just fine and the check up on performance in meeting goals will occur. If it does not, it is clearly recognizable and adjustments can be made to meet changing circumstances.
Working primarily independently, I like to tell someone my plan as part of the process of commitment. Telling at least key personnel is important. Many include these key staff in the planning. This helps to ensure all are pulling together during the year and loyalty is likely an outcome.
There is no time like the present to ensure your future.