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Category - Strategic Planning

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1
Planning Is About Gap Analysis
2
Strategic Plan Or Business Plan?
3
What Plans Do I Need?
4
Creating Strategy – What Are Your KSI’s?
5
3 Secrets of Entrepreneurship

Planning Is About Gap Analysis

 

 

There is a common misconception that planning is all about the future.

Huh? Wait – Planning is not about looking ahead?

That’s not what I mean – I mean, planning is not all about the future. It is about the present and the future.

Planning is all about gap analysis – where are you now; where do you want to go, and how do you bridge that gap?

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Strategic Plan Or Business Plan?

I get a lot of questions about planning and one of the most common errors I find is that people get mixed up between strategic pans and business plans.

In my opinion, a good forward looking business needs both. The reason is that one cascades from the other, but people get confused and talk about strategic plans when they really mean business plans.

That’s why I created an easy to understand business planning process flowchart which you can download for free.

It explains what the difference is, but also, how one flows from the other.

So, what is the difference?

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What Plans Do I Need?

It’s an old saying but oh, so true!

Business startups don’t plan to fail, they just fail to plan.

About 80% of startup businesses fail within the first three years. Yet, of the startups that had a plan, and stuck to it, less than 10% failed in the first 5 year period.

So clearly, you stack the odds on your side if you take the time to map out your business strategies before you start your business.

But what plans should you be formulating?

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Creating Strategy – What Are Your KSI’s?

Are you dying to know what are your KSI’s? Well hold on a minute…

Really what I want to discuss is how you choose the right strategies when you are planning. You’ve probably taken some time off and wrote your Vision, Mission and Values Statement, and then detailed what this means in your day to day activity; you’ve probably brainstormed your Strengths, Weaknesses, Opportunities and Threats, and worked out your goals for the year. But now, how do you choose between all the ideas to find the most critical strategies?

That’s where your KSI’s come in, or Key Strategic Issues.

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3 Secrets of Entrepreneurship

This blog post is entitled, “3 Secrets of Entrepreneurship”.

Really? Only three?

Well, yes! These are the top three things you must get right if you want to be a successful entrepreneur. They are the three key strategic issues because everything else comes and cascades from these three secrets. All the work you have to do is to ensure you get these three secrets right. I don’t care what kind of a business you own and operate, whether it sells products or services, whether it’s lifestyle or technical, whether it caters to men or women, whether it’s online or bricks and mortar, whether you’re a solopreneur or you do or intend to hire a huge team.

You have to get these three things right.

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