GHJ’s Guy Harris asks if the traditional business plan is fit for purpose anymore and suggests a much better, more effective and proven alternative, in the first of a series of articles on making sure your business is fighting fit.
Some companies we meet have business plans that are long, boring and full of spreadsheets. They’re full of pages that cover what needs to happen, but barely a few bullet points are dedicated to how.
Often, they’re six months out of date, but sometimes it’s years. And in truth, most businesses we meet don’t have a ‘business plan’ at all, yet many of them are not just surviving but growing in the most trying and turbulent of times.
It makes you wonder what, exactly, is the value of a ‘business plan’?
There are 2 simple questions every growing business needs to be able to answer:
Although these businesses may not have a traditional ‘business plan’, we’ve learnt that all of them have one thing in common. Without fail, they can all answer these 2 simple questions;
- How much growth will come from existing customers and how much will come from new?
- Which customers and which products or services have the most growth potential?
And they use these two simple, but powerful insights to drive their marketing and their sales. It means your sales team doesn’t waste time chasing the wrong prospects or missing obvious opportunities that are under their noses. It means marketing has a clear brief and doesn’t have to revert to a ‘spray and pray’ approach.
Once you think of your ‘business plan’ through this simple approach, it becomes common sense. Actually, we call it ‘uncommon’ sense. We guarantee it will help any business to supercharge their growth or improve their profits.
For more details on how GHJ can help you grow your business visit ghj-planningday.com
Come back next week for more tips from experts GHJ on how to make your business fighting fit.
Connect with us: LinkedIn: @GHJ
Who are GHJ?
We help business owners to generate more growth and more profit, quickly and cost effectively. Our mix of business strategy, marketing and sales expertise has helped some of the UK’s most ambitious businesses achieve significant growth. As entrepreneurs ourselves, with a history of buying, managing and selling successful businesses, we understand the unique and varied challenges facing business owners. Our senior management team has significant experience in managing ambitious and growing businesses at every stage of the journey. It allows us to provide you with relevant, actionable and effective advice based on first-hand experience. We provide leadership, advice, support and confidentiality. Wherever you are on your journey, we can help you take the next step.