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Strategic Business Planning: How to Put Your Business Plan into Action

Strategic Business Planning: How to Put Your Business Plan into Action


Hey guys! This is Justin Goodbread with Financially
Simple. So I’m in the Heritage Investors conference
room. As you know, I do own Financially Simple,
and I do own Heritage Investors. And I want to share something with you that
we’ve been dealing with strategically in our office. So we’ve just completed our 6 month strategic
business planning meeting. What that entails is locking everybody in
our office in the conference room. You can see posters behind me on the walls. The board here in front of me is cluttered
with all sorts of activity. But basically, for the last 2 days, we’ve
had the whole team in the office to deal with strategic planning. And that’s what’s on my heart, so I’m gonna
share with you on Friday Perspective. So, what is strategic business planning? First of all, it starts with a vision. Where do you want to be? In our case, we were dealing with what do
we hope to accomplish, or what are we going to accomplish, I should say, by the end of
the year? So by December 31st of this year, what specifically
are we going to accomplish? So that entails some planning. Interestingly enough, there’s some research
done by the TAB institute, the T- A- B- institute, and they say that 38% of business owners,
um only 28% of business owners, do planning of any type, any type of planning, much less
strategic or long-term growth or all different types of planning. However, 78% of business owners view that
planning is vital. So we have 78% that say planning is vital,
but only 38% of those actually do planning. So what is strategic planning. What are we talking about? Well, basically, you start off with a current
assessment. It’s where is the company at today, and what
specifically are we trying to accomplish over the next, in our case, 6 months? And what specific actions are we going to
deal with, and how are we going to quantify it when? So that’s strategic planning. So what we start off with was an assessment
of the organization. We dealt with here’s the numbers of Heritage
Investors. Here’s where we’re having some success. Here’s where we’re having some failures. Once we go through that, then the whole team
begins throwing insight into where do we want to be in 6 months. Now, I’m the business owner. I’m laying out, “Here’s my goals and my passion,”
but the whole team can at least see the way I think, and they could get scared with that,
but they could see the way I think. And by doing that, we can get the whole team
on the same page. So the results of this last 2 day session
was this. We now have 3 specific actions behind me on
the board here. Three. No more than three. We have 3 specific things that we’re gonna
try to accomplish in the next 6 months, and for each one of these items, there are 3 specific
items which we’re going to do. So for example, one of our…look behind me
here…one of the things we’re trying to do is free up some of my time. We’re trying to deal with that. My time is…I’m working 60, 70 hours a week,
so we’re trying to free up some of my time so I can do more things for you guys. How are we going to do that? Well, on this board over here, we’re going
to implement 2 new systems, and we have 4 members of our organization who are going
to work on implementing those 2 new systems. And we know exactly what has to be done, and
it lays out detail, in writing, what has to be done in the next 6 months. So we know what a win is. So let me ask you this. As a business owner, when’s the last time
you set your team down and did strategic planning? Maybe not necessarily finance, not necessarily
marketing planning, but I’m talking about strategic planning on where your company is
today, and get all the team members pointed in the right direction. You’re like, “Justin, dude, I don’t even know
how to do that.” Hey look, if you need help, I actually do
this as part of our Financially Simple team. We take a two day event for business owners. We get the whole team together. Lock us in a room, and I can guide you through
this two day strategic planning event. If you’re interested in that, reach out to
me and call me, and we’ll make it happen. Reach out to me on Twitter, whatever. Hey, if you wanna know more about planning,
check out the podcast. So I just recorded episode #76 and 77. Those are recording here this week. After hours, I do some recording late in the
evening. Go ahead and take a look at the podcast. In the next two weeks, episode #76 and 77
will be released, and we’re dealing specifically with what is planning in business, and more
importantly, what are the three types of planning, and how do we accomplish them. So guys, this is Friday. I hope you had a rockin’ week this week. We’ve had an unbelievable time doing planning
for our team. I’m wishing you the best. Get with me on FaceBook, Twitter, LinkedIn,
Instagram. Reach out to me with questions. We’re gonna start answering questions here
during the week during these live events. So guys, ya’ll go out and make it a great
day. Enjoy your weekend. Get some rest, relaxation. We’ll talk to you on the flip side.

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