Within this section of our Information Centre, we have posts relating to Planning, and for Strategic Planning. There is a definite overlap between the two categories.
So what’s the difference?
The primary difference between the two subjects is purely the duration of the plan they create, so there will always be some elements that apply to both activities.
Strategic planning, as you’ll see on our related services page, ensures the business is heading in the right direction, and looks at the longer term future of a business. A Strategic Plan looks at the internal and external situation over the coming three to five years, sets goals and targets for the period, and from there outlines the strategies that will achieve them.
Planning is much more short term, and tends to look at the next 90 days, usually up to around a year into the future.
Regardless of the period you’re looking at, elements such as cash flow, pricing, finance and measurement all apply, which is why we have the overlap.
Effective Strategic planning can transform the performance of a business, if only because it focuses the minds of the owners, managers or the wider team on the targets and goals for the coming years.
Any ‘drifting’ or unfocused activity should stop, and all efforts should be clearly focussed on bringing The Plan to reality. As with a rudderless ship, a business without a clear Strategic Plan could end up anywhere!
Creating a Strategic Plan for a business for the first time can be challenging, particularly if there are several stakeholders. Reconciling differing agendas can be tricky, particularly where those differences may be significant. In this situation, some diplomatic facilitation can be all that’s needed!
Once you have your plan though, it’s important to keep it alive, with regular reviews, and potentially updates to it as the economic landscape changes, or the business develops or contracts. It should be a living plan, that you work towards, but not so rigid that it becomes unattainable.
Shorter Term Planning
For shorter term focus, we find 90-day planning to be really useful, as its a short enough period within which you can make real progress, but without feeling that you’ve been working on a project forever, which can be demotivating for all involved.
Similarly, ‘micro-projects‘ can be powerful, where you break down your larger projects into small, manageable stages, which become projects in themselves. The resulting sense of momentum prevents the feeling of overwhelm that can come from constantly looking at the end goal of a project. You’ve looked at it once, broken it down, and from there simply work through the smaller micro-projects, and the achievement of the final goal is almost a by-product when it arrives.
As we’ve mentioned above, there are elements of duplication across the two approaches, but hopefully you’ll find the posts and articles helpful. We’re very happy to explain further if you have any questions or uncertainty around the best approach for your business; please just get in touch!
How we approach planning the new year
Getting a head start on planning the new year can be a really smart thing to do. It can bring your family and team on board in a more positive way than ever before, and keep you focussed too. With that in mind, in this post I’m sharing the process that we use, and the benefits we’ve found from it.
Financial Alarm Bells
For business owners there are some circumstances that should trigger Financial alarm bells. These circumstances are the ones that should make you think carefully about your next steps, as they could affect the future security and success of your business.
What’s important for my Year End planning?
As another year end is coming close for lots of businesses, there are key actions that need to be part of your Year End planning to make sure you don’t miss opportunities to save tax, or to maximise your profits. What are they? Watch this to find out!
What can you claim if you’re investing in your business?
When you’re investing in your business, it’s not a decision that you take lightly, and it’s one that can make a major difference to your profits and your tax liability.
It’s important that any resulting tax relief claim is considered carefully…
Are you on firm foundations?
No resolutions here for the New Year, but a look at the Foundations that can help any business owner sleep better at night. Watch this to find out more!
What’s the worst that could happen?
With the Beast from the East and Storm Emma causing Red and Amber weather warnings across the UK this week, it’s a good opportunity to consider what other challenges could hit your business, and plan for the worst!
Growth vs Internal Challenges – Which should get your attention?
We’re always happy to act as a sounding board, whether for clients or contacts, as we can often provide an objective view. This week, one question stood out, so I thought I’d share both it and my answers. Watch this to find out more!
How much is my business worth?
This is a question we’re asked quite a lot! The truth is, a business value will depend on a range of factors and any valuation is only ever a guide for planning purposes.
Valuing a business is a complex business…
Related News Items
Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!
Each of our clients receives regular updates that keep them aware of changes and suggestions; if you’d like to receive those too, just click on the button below, add your details and we’ll do the rest!
Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
Would it help to chat?
If it would help to talk to us, just enter your details below and we’ll be in touch as soon as we can.
"*" indicates required fields