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Business planning for a successful future

Daniel Bugeja

Develop a practical plan leading to strong financial performance

Business plan aimed for business growth

Having a business plan in place is crucial for any business especially one that is in its initial phases of growth. Such business plans outline the theoretical planning of the product or service, is ample in sales projections, has various business performance measurements and business growth graphs, and is focused on attaining specific business goals. Putting together such business plans is commonly viewed as a time-consuming and tedious task, however, it is a necessity especially if seeking bank loans or funding since these would be highly dependent on having a proper business plan that would financially make sense.

This kind of business plan can differ greatly to the actual action plan aimed for your business growth. The former serves as a theoretical underpinning of the final vision, a hypothetical case study in which you list the expectations of your projections and growth plans, which is then most likely put aside once no longer needed. A business plan which defines and an actual action plan is more based on how things would be set in motion to achieve the desired results, with various business strategies for different business scenarios that need to be implemented, reviewed and optimised along the way.

Your business plan needs to be a live working document that serves to fulfil a series of needs within the operations involved to successfully run your company. Having a strategic business plan in place which has been crafted and directly worked upon will eventually form to be the essence of your thinking and would greatly benefit your business by giving you a clearly defined customer audience, helps with sales mapping for your products or services, aligns forecasts with market trends and with existing and new customers, and establishes sales targets.

How we can help with your business planning?

With plenty of experience in risk assessment, forecasting growth and improvements, and action planning, we can help you with forging a business plan that would suit your needs and prepare your company for growth. By establishing a practical business plan that can be put into action, you will have a working strategy that aligns the reality of your operations together with the goals in mind. Your employees will have a strategy in place which they can understand and begin to follow, even before the various practices and procedures start being implemented into the core of your business model. With the entire team working towards the same clearly defined business goals, you will be able to reap results and help your business with moving forward and properly prepare for growth.

Implementing your business plan

Creating a solid business plan can come at any stage your business might be in, regardless if it’s a new start-up, a small family business or a well-established company. By gradually implementing habits and procedures into the running of your daily operations, you will be able to reflect on previous performance and experience and work on improving practices towards future growth.
Together we will be able to help you with building a plan for your business that will:

  • Use market research to define your markets and set realistic goals
  • Develop the proper marketing strategies that will help you attain these goals
  • Map sales and analyse data to track progress and notice trends
  • Competition analysis through gathered data
  • Overhaul processes and improve systems
  • Review pricing policy and draw up financial forecasts
  • Develop training plans to grow and improve your teams
  • Establish quality procedures to maintain market share

Having this in a single manageable, integrated business plan will give you and your employees a sense of where the company currently is, to where it projects to be and the directions and action plans on how to get there.

Author: Daniel Bugeja

I’m Daniel Bugeja, your local business doctor for Malta

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