We have all heard the old adage ‘failing to plan is planning to fail’. Every business should have a business plan. In essence, it is your roadmap for business success and if done properly can become a living document that projects 3-5 years ahead and outlines what you want to achieve and how you plan to achieve it.
Over the years, there has been a lot of commentary about the differences between business plans and business models. How do you know which one is better? Have business models killed business plans? To be honest this kind of thinking is too simplistic and frankly it is unhelpful for business. Let’s take a look at the issues in-detail.
What does strategic planning consist of? What each part entails? In this article we are taking a look at the structure and approach to developing business strategy for your organization.
There are two ways that organisations design their goals and objectives: mission and vision statements. These two statements are very different in nature but often confused and misinterpreted, which leads to false assumptions. Let’s take a closer look at what each one represents.
Previously on this blog have discussed the difference between the mission statement and the vision statement, as well as have taken a look at how to write the latter. Now it is time to talk about how to go about creating an effective mission statement, which is to define what your current goals, objectives and mission is as a business.
Vision statement is a vital part of long-term business development. Without a proper vision statement, you lack a clear definition of your objectives and ambitions. Let’s take a look at how to design an effective vision statement.
Business plan can take many forms, but they all have something in common. Whether you are starting a new venture, planning a partnership or developing a marketing campaign, you should always have a plan at every step of the way. There are four key reasons for that and we are taking a look at them here.
Scaling your business can be not just difficult, but incredibly overwhelming and scary. It is easy to focus on the wrong thing when starting to grow your business, due to the complexity of all the factors involved. So what tactic should first-time founders or entrepreneurs adopt tomorrow to start driving the business growth?
There have been many books, articles, opinions and debates written and argued over the years as to what is the best avenue for facilitating business growth. There is no doubt that many of them are, indeed, very useful and insightful, but ultimately, they all come down to one simple thought: “stagnation is the death of an organization”. Let’s take a closer look.
Ever-changing competitive landscapes necessitate that business managers and leaders challenge the way they think about their business and how they can capture and capitalise on opportunities to create value. As such, it is pivotal to have a sense of direction and focus, and one way of mapping out where your business currently is and where it wants to be is to use a business model framework.