Expecting to succeed without a plan is an exercise in blind faith
So what’s the roadblock? Day to day management distractions, limited resources, competing priorities, a fear of being judged, lack of knowledge and good old-fashioned procrastination are common. We understand that business planning needs vary for every business; shaped by its priorities, its growth stage, its organisation structure, and its management style.
New entrants need to concentrate on proving the business case for their concept, growth phase companies look to accelerate sales and marketing initiatives, mature companies look to maintain their leadership in their sector. In all cases, a well-crafted business plan is the road map that helps you reach your next destination.
FAQs
Why do I need a plan?
Every company, no matter what their size, needs a plan to guide their efforts. It is the planning process that is so valuable as it makes you think strategically rather than operationally. You can look at the broad landscape, consider multiple scenarios, adapt your business model, and set exciting goals. Research shows that companies with a business plan grow 30% faster than those without.
What do you do with your strategy plan?
Your plan is the roadmap on how you meet your objectives. A good plan contains the performance indicators that help you manage the journey, whether it be growing your business or developing your organisational capability. It is an important tool to manage your team and guide your decision making.
Why is it important that the plan is written?
By committing your strategy to paper you are confirming the choices you made on the direction you want your organisation to go. You have committed to a roadmap for the future that you can share with your team. You have laid out the important initiatives you want to undertake and the measures that will guide your progress.
Who should be involved in the planning process?
This is one of the first important questions you have to address. Start with your key executive team as you’ll want buy-in from them all. Gain input from as many relevant sources as possible helps to counteract both group thinking and current biases. Don’t restrict your inputs to your current organisation.
What should go into a strategy plan?
It actually has to answer the 3 strategy questions: where to compete; how to win; what to do. A plan can be as short as a single page summary or as comprehensive a document as you like. It depends on 2 things: the nature of your organisation and the primary audience for the plan. The plan should contain enough detail so that the logic of the choices made is evident, relevant facts are cited and assumptions are detailed.
How often should you review your plan?
It’s a little like using a map, consult it as often as you need to. You’ll measure your progress against the planned performance indicators take corrective action if things aren't going to plan. Many organisations do this monthly or quarterly. Once a year you should revisit all the underlying premises for the strategy to ensure there have been no fundamental changes that would invalidate your approach.
How long does it take to develop a strategy plan?
From a half day interactive get together with a business owner to three-month program with a leadership team, we structure our work to suit your individual needs. We understand you have day to day priorities that must be balanced against getting the whole team involved in the planning.
When is the best time to create a plan?
If you’re reading this the answer is probably now! Whilst its traditional to time planning for the beginning of the year, financial or calendar, there is no time like the present to start the process.
How can Masterstroke help to develop a strategy plan?
Masterstroke wants to ensure you get the right planning support so that the final outcome is a potent tool to guide you and your organisation. We offer guidance, workshops and other resources so that you can end up with an affordable, actionable strategic plan with clear objectives, responsibilities, and performance.
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