5 Types of planning every small business needs to succeed

Photo courtesy of Pixabay.com user Coffee

Photo courtesy of Pixabay.com user Coffee

Small business entrepreneurs are familiar with start-up planning, exit strategy planning, and strategic planning. Of course, being familiar with – and actually performing key business development planning – is quite different. As planning pays off, and business grows, many entrepreneurs become victims of their growth causing them to ditch the business planning process that set off their business growth.

The business planning process dilemma
Without an ongoing, active planning process, it’s easy to become disorganized and unfocused. Distractions, interruptions, and unplanned requests of others create competing priorities for your time. Sadly, this misaligned approach leaves the most critical business growth activities unfinished.

Your business gets stuck in neutral while precious time is spent on lesser-valued activities. Even though you’re getting things done, you want to make sure you’re doing the right things to ensure your small business growth. Are you ready to shift gears?

The importance of planning
To succeed in an “interruption economy”, an active, ongoing planning process is essential for small businesses. Active, ongoing planning is the kind of planning that allows you to focus on the critical activities that move your business forward.

An ongoing planning process is known to save time, reduce stress, incite happiness, and spark greater satisfaction. Plus, you’ll worry less about having time to address the important business growth initiatives.

Spoiler alert! Discipline and leadership required to implement!

Types of small business planning
Planning for business growth requires intention. Skills required for planning on purpose – keeping on top of things – moving your business forward strategically and intelligently – have changed over the years. Just as we upgrade our operating systems to keep our computers performing well, we also need to upgrade our planning skills.

An active, ongoing planning process consists of 5 phases:

  1. Annual strategic planning – Your annual strategic planning process provides the framework for decision-making that translates into daily action that keeps you focused.
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  3. Quarterly planning – Small business planning conducted quarterly accomplishes two critical objectives:
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      It establishes focus for the upcoming three months.
      Gives you the opportunity to realign or readjust your planning practice.
  5. Monthly planning – Staying on top of what’s working – and what’s not – in your small business is a vital part of your business growth process. Like a plane on autopilot, planning monthly allows you to make the necessary adjustments to keep you on the right track.
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  7. Weekly planning – Small business entrepreneurs have one thing in common – the desire for more clients. Obtaining more clients requires careful planning. Strategic thinking and planning conducted weekly make sure client acquisition remains a top priority.
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  9. Daily planning – No matter how much business planning makes your stomach turn, the success you’ll enjoy in your business is worth every queasy moment. Set the tone and direction of every day with a well-thought out plan for how you use your resources.

Planning is the most important activity for your business. It keeps your focus razor sharp and helps use your time wisely to complete the projects and initiatives that move your business forward.

Are you ready to grow your business?

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Guest bloggers for the TDS Business Blog.

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