A business plan is the blueprint for the coming year that drives a business to achieve their longer term strategic objectives. Where a strategic plan can be reviewed annually but normally only undergoes major adjustments every two, three or even more years, a business plan needs to be reviewed annually and tailored for the year ahead.
Business plans always refer back to the strategic plan’s direction and which tend to span at least five years, often longer. The business plan plans include the desired outcomes, business objectives for next 12 months, 90-day sprints (key points to focus on), and implementation activity (tasks required) split into five key categories as follows:
All too often people think strategic planning is difficult because they don’t have a process to follow and business planning is a waste of time as it’s just words on paper.
If it’s not well thought through and is just a ‘tick-the-box’ exercise, then it will be a waste of time.
However, done properly, good strategic planning, business planning and business execution can make all the difference for a well performing, happy and profitable business.