By Clinton Fraser, Director Tax & Business Services | Davidsons Business Advisors
At the March SBIA roundtable we explored the big issues and concerns that keep SME (Small Medium Enterprise) operators awake at night. In doing so, we contrasted industry research with those in attendance in considering the top 5 concerns for SME.
It was no surprise that SME industry research was consistent with SBIA attendees in that planning for the future was critical. Only one-in-five of those that completed the industry survey had a documented business plan.
Business owners are searching for ways to adapt to change and become more efficient in the current changing and challenging economic conditions. They just need the right plan in place to succeed. In identifying the calls to action, we explored the concept of a ‘One Page Plan’.
Many have had exposure to preparing a business plan. A document the size of the bible that consumes a tremendous amount of energy and time. When it is complete everyone pats each other on the back and the plan gets put in a draw and never sees the light of day again. The thought of preparing a business plan can be so intimidating that we just don’t bother even though we know we should. Sound familiar?
Adapting the concepts from Verne Harnish and his book Mastering the Rockefeller Habits, a business plan can be documented on a single page that can be displayed as a visual reminder to all your team on a daily basis of where you are, where you are heading and how you are planning to get there.
A One Page Plan provides clarity and sense of purpose for your team and aligns individuals with whole of business goals and objectives. The One Page Plan is a living document that can quickly be updated on a quarterly or bi-annual basis to ensure it remains fresh and relevant. It will flesh out the tactics and strategies to guide your future business success.
The One Page Plan will document:
- Your Why (watch Simon Sinek’s TED Talk https://www.youtube.com/watch?v=IPYeCltXpxw)
- BHAG (Big Hairy Audacious Goal)
- Core values
- Brand Promises
- Targets, Goals and Actions including your Big Rocks
- Key metrics and critical numbers
The planning pyramid concept of the One Page Plan will sync your long term goals with daily decision making.
If the concept of a One Page Plan resonates with your business please contact Clint Fraser to discuss further.
Clint Fraser is a Director in Tax & Business Services at Davidsons Business Advisors based in Torquay with a portfolio of clients in the surf industry firstname.lastname@example.org