Do I Need a Business Plan for 2024?
I have been in business long enough to know that there is no ‘one way’ to create a business that produces results for the owner(s) and their team. Having a ‘direction’ rather than a destination is important to assist you and your team to make the best decisions possible as the year progresses.
However, if you asked 10 employees what your company’s vision and action plan is for the upcoming year, could they tell you? Would you get 10 different answers?
If they can’t, or if their answers are not aligned, then I can almost guarantee your organisation’s growth and ability to scale is limited. Here’s why. Even if YOU have a clear vision of where you want your company to be in one, five or ten years from now, without a plan that unites everyone, that vision is just a dream.
A simple 1-Page Plan (1PP) makes it easy for everyone in the company to know where they’re going and what they need to do to get there, without being bogged down by an overly complex business plan possibly riddled with unclear and even contradictory statements. Here’s what a 1PP can look like.
The Components of a 1PP
The main components of a 1PP requires you to answer seven basic questions: who, what, when, where, how, why, and the often-challenging question, “But should we or shouldn’t we?”
What is the direction you wish to take your company over the next 5-10 years? A direction is better than no direction. Share customer type, employee numbers, type of work, standing in the marketplace, etc.
These are your “should/should nots”. It will list a handful of rules defining the boundaries for decision making. These core values will help you answer the question: “Should we or shouldn’t we?”
Wildly Important Goals (1 -3 years)
This describes what results need to be achieved in the next 12 months. Be specific (can it be measured?) and give it a time frame. From X to Y by when.
90-Day Actions (Quarter)
This details how your company plans to achieve its vision, focused on a measurable “next step” 90-day time frame.
This describes the theme, celebration, and rewards associated with the #1 priority for the quarter or year. The theme celebrations give everyone a definitive finish line and a chance to have some fun.
This outlines who is accountable for various aspects of the 1PP.
Key points to make it stick:
- Make it visual so that the entire team know the plan/direction.
- Keep you plan alive by discussing and evaluating the actions at least every 2-4 weeks throughout the 90-day period.
- Every 90-days, ask are we on-track or off-track with the annual plan and re-adjust as required.
For more guidance on how to make a 1-Page Plan (1PP) in your business, contact the team at PROTRADE United.
Written by Jon Mailer