Business Planning

It’s check-up time for your business plan.

Many companies – large and small – have gone through the teeth-mashing experience of writing a business plan. Maybe it’s a strategic business plan, a business strategic plan, or perhaps you called it your marketing and strategic business plan as sort of a catchall. Whatever the term, you have probably taken the time at some point your business to write out the pearls of wisdom that would be the guide for your organization…then you placed it in a file somewhere and that was that. Now, during this economic crisis (yes, it is a crisis) you find that your business is struggling or your marketing just isn’t attracting new customers or vendors.

But look on the bright side, you and your company now have the time to reinvent and restructure your processes in order to survive. 

It is time to bring out that business plan, dust if off and review your business principles. Restructuring is as difficult as the start-up process because you must understand which elements are working and which are obsolete. Questions concerning customer retention, talent retention, technology updates, sales and marketing strategies, as well as leadership are all subject to evaluation. Are these elements still working, are they in sync with the current economy, is the pricing competitive, is our marketing attracting the right customers? In other words, a systematic review of every aspect of your plan – including your vision and mission statements – is in order.

I can attest to the fact that there are literally thousands of websites and books dedicated to the mechanics of structuring and restructuring a business plan. Most have excellent suggestions and procedures that facilitate your needs. But, a simple place to start is the tried and true form of SWOT (strengths, weaknesses, opportunities, and threats). It is easier to decide what kind of restructuring you need and which plan format is appropriate once you have an idea of these four elements within your business.

Basically, planning and restructuring are about using assessment tools to help you understand how your company’s internal operations are functioning within their external markets. The SWOT analysis is a well-tested form of assessment; however, there are many tools and formats to use in order to evaluate your current structures. Whichever you choose to help in the review of your business plan, the important step is that you are actually reviewing your business plan. As painful as that may be, it is necessary to the continued success of any business.

Please share you questions or comments concerning assessment or restructuring plans, we’d be happy to jump in and help you take your business to the next level.