Crafting a Plan for the Future

Every business owner is continually planning the future of his or her enterprise. The process is never-ending. However, there are also those times in the lifecycle of any business when it’s valuable to approach this process in a more formal manner.  In so doing, the following are touchstones that provide clarity for both the owner(s) and the business at hand.

1. As an owner or owners – where are you today in your relationship with this enterprise, and how must your personal situation factor into the business’ plan for the future?

• Fresh & excited > Engaged & determined > In need of renewal > Ready to move on.

• What new ideas, or personal / professional interests are calling you now?

• What is your timeframe for staying personally involved, and how will you handle succession issues for this business?

 2.  How is the business performing today?

• Look at each business segment and income stream individually, as part of a whole.
  Financial performance         Staffing/management        External resources               
  Marketing Program              Market Potential                Opportunities for growth       
  Facilities and Equipment      Strategic relationships      Sales and distribution

  3.  What could the company look like – compared to other successful operations?

• Who are the industry leaders, and what might we learn from their operations?

• What new business models might fit and enhance life, operations, and success?

• How can this business be more aligned with the owner’s long-term goals?

  4.  Is the Senior Management Group prepared to move the company forward?

• Who are the key players – internally / externally?

• What is their level of performance and potential for growth and development?

• What advisors are involved? How accessible are they and how are they being utilized?

• What perspectives or skill sets are needed to support the owner’s plan for the future?

• How might the process of strengthening and developing the executive group look?

 5.   What can we learn now from generating a Draft Strategic Development Plan?

• Where does the plan feel too big or too small?

• How does it align with our original sense of purpose and vision?

• Do we possess the resources and commitment required to make these ideas real?

  6.  Whose input and perspective would take this thinking to the optimum level?

• Take the plan to the next level by getting informal and formal input on the thinking.

• Use this opportunity to enroll new advisors who can provide new input and perspective.

• Share the plan with internal / external stakeholders, and professional advisors.

  7.  Formalize the Strategic Plan – as needed

• Revise and formalize the strategic plan – if doing so provides additional value.

• Break it down into projects and phases – with individual project plans as needed.

• Consider what internal and external communication about this plan will be valuable.

• Create a structure to maintain a positive sense of movement and accountability.

• Establish a timeframe to assess progress and revise the plan.