At the beginning of every new calendar year,6 Effective Steps of Planning Your Business Articles many companies and organisations will usually devote the first few weeks for strategic planning. The top management will be busy with brainstorming sessions and strategic meetings to define the directions and goals in the new financial year.
Why is planning so important in most organisations?
“If you fail to plan, you can plan to fail” – this is a very common and yet powerful statement related to goal setting. Presently, no organisation could survive the competitive market without setting a clear goal and direction. This is like driving a car, if the driver does not know where he wants to go, he is definitely not going anywhere.
But far too often, many business owners started their business without having a clear plan in mind, resulting in 80% of the businesses fail within first five years of operations.
The next question you would ask is how to develop a plan that will help my organisation to continue to grow big and strong in the business world. Well, first you need to have an in-depth knowledge of yourself and your business.
1. Identify your business’ uniqueness – As the old adage says: “Plan your work and work your plan”. But before developing any business plan, you must first understand your own strengths and weaknesses.
The first element you should identify is your business’ uniqueness. What makes you unique and special that the customers want to buy from you and not from others? Could it be the niche products/services you are offering address certain needs of your customers? If you do not have one, then create it now!
2. Vision & Mission – For every successful business worldwide, they have a clear and specific vision. Your customers want to know the idea behind your business. Once they understand how you business benefit them, they will be attracted to your business concept and continue to support it.
McDonald’s vision is to provide the world’s best quick-service restaurant experiences to all its customers. With this in mind, McDonald’s went all out to spread its vision so all its customers will experience the quick-service which is the core of McDonald’s existence.
After you got your vision outlined, next you need to work on your mission statement. What you need to do in order to achieve your vision? In McDonald’s case “being the best means providing outstanding quality service, cleanliness and value, so that we make every customer in every restaurant smile.” The mission statement authenticates your vision which forms the foundation of your business