Business planning is an essential process concerned with defining business goals, making assumptions and projections, identifying strategies and determining the resources to achieve those objectives.
Business owners may develop different plans. The following plans are however essential for all SMEs:
1. Tactical Plan – this covers objectives, assumptions, projections, strategies and milestones to be achieved within 3 months to 12 months.
2. Strategic Plan – this covers strategies and business positioning for growth in the next 3 to 5yrs
The planning process should be championed by the business owner.
Every fiscal year should commence with a business plan rollout session where key goals, expectations and milestones are communicated to the entire workforce.