9 Elements to Developing your 2016 Business Plan

It’s that time of year again! The days are shorter, it gets dark at 4:30 and the phones are quieting down. Sounds like it’s time to work on a 2016 business plan! At Summit, we coach to plan annually and update quarterly. Here are our top 9 Elements to consider for your plan:

1. Identifying your Vision: As a business leader, your primary objective is to see through the fog and identify where you want your company to go – this means creating your company’s vision. Your vision is a picture of a desired future state. I like to use a three-year vision point. It’s a time frame that’s within reach. Your company vision should be specific enough that it guides you towards opportunities that suit it best.
2. Revisit your Mission and Core Values: Your mission is your purpose, your company’s polarizing force and reason for existence. Your core values will set the company culture of your business. It’s your job to establish and maintain the culture.
3. Re-assess your Strengths, Weakness, Opportunities, and Threats ( S.W.O.T Analysis): This is both an internal and external assessment of your world. You’ll want to solve for your weaknesses, be aware of the threats and capitalize on your strengths and opportunities. Weaknesses prevent you from achieving your vision. Consider involving your team when conducting the SWOT analysis. It promotes buy-in.
4. Identify your KPI Goals (key performance indicators): This would include feet on the street (employees), revenue, gross profit, net profit, and Net Promoter Score goals, to name a few.
5. Develop your Marketing Schedule: Don’t start marketing when times are slow. Plan your marketing activities and budget by month.
6. Recruit like you Market: Develop an outside the box plan to recruit employees. You’ll want to brand your company to potential employees.
7. Develop your Action Plan: Your Action Plan is your year one road map towards the accomplishment of your vision. Review your weaknesses. What projects should you do to improve them? This is the What, Who and When table.
8. Develop your Budget: Let’s make your business more predictable. Companies that spend time on budgeting have more consistent and sustained success.
9. Communicating your Vision: It takes a team to reach the Summit. You can only get there with help from your key employees. Without them on board, you can’t climb the mountain.

Now, open your calendar and schedule “focus” time to work on your plan.

Have a great day!

Brian Nolan