3 August

Blog_Article3

Execute your business plan like a superstar

This third and final article about effective strategic planning in your business will look at what your business plan should include and executing it with the resources available through Bartercard.

What we’ve covered so far…

We’ve looked at the importance of effective strategic planning in your business – which is working ON your business as well as in it.

Working on your business will help you to map what you want to achieve, and how you will achieve it. This will form the basis of your business plan which is a living road map of your venture.

SWOT Analysis

A SWOT Analysis is a useful exercise to evaluate the strengths and weaknesses, opportunities and threats involved in your business. It will assist you in putting your business plan together and the steps to achieve your objectives. 

What your business plan should include:
According to Forbes.com (Business Plan Template: What To Include:), there are 11 key sections of a good business plan: 

  1. Cover page – allows potential investors to easily reach you 
  2. Executive summary – describes what your business does and the gap in the market it fills
  3. Company overview – where you are located and how and why you formed 
  4. Industry analysis – describes the market, the trends affecting it and your competition 
  5. Customer analysis – profiles your target customers 
  6. Competitive analysis – identifies your competitors and their key strengths 
  7. Marketing plan – describes your brand and your market positioning
  8. Operations plan – details the key operational processes your business needs to accomplish daily to succeed 
  9. Management team – outlines the organization structure to support operations 
  10. Financial plan – outlines how your company generates revenue
  11. Appendix – this should include your full financial projections and any additional details such as patent information and customer lists

Executing your business plan
With many leaders believing that to achieve the results, their organization simply needs to work harder, it’s no surprise that most strategic planning fails. When it comes to executing your business plan successfully, there are some general guidelines to stick to. 

Create a culture of execution
If you are putting most of your focus on strategy, shift it to execution. The strategic planning stage in business is usually shorter and more compacted than the execution, which takes place over a longer period of time and uses more resources. Enlist the right people to execute the strategic plan. Effective management should keep staff focused on achieving the results, rather than overloading them with tasks and to-do lists. 

Set accountability
Set a timeline for completing tasks and keep your team accountable for the outcomes. Continue to refer back to your business plan to ensure you are on track with your goals or to adjust them accordingly – a business plan is a living document not to be shelved. 

Outsource to the experts
Being an expert in your field allows you to offer a higher level of service to your customers, but you shouldn’t be executing every aspect of your business – such as accounting, marketing, PR, legal and SEO all in one. Outsourcing areas of your business to qualified professionals will make the execution more manageable, create better output and a higher level of service, increase efficiency and let you focus on what you do best. 

Using Bartercard to execute your business plan
Bartercard’s network of members includes business coaches, marketing and digital experts, financial consultants, accountants, copywriters and web designers so you have access to expertise where you need it. Bartercard will help you to conserve cash and offset expenses on professional services across almost every type of industry by using trade dollars to execute your business plan.

In a nutshell 

What’s available with Bartercard:

  • Products and services across almost every type of industry which can be purchased with trade dollars to reduce cash expenses and improve cash flow
  • Networking opportunities to grow contacts and mix with industry professionals
  • Attracting long term customers both in the barter and cash economies through referrals
  • Shifting slow-moving stock through Bartercard’s network of buyers and sellers
  • The opportunity to grow capital – every Bartercard member has access to an interest-free line of credit of up to $25,000
  • Expanding and diversifying your business with partnerships, new product lines and additional services to attract new customers, improve your existing offering and targeting new markets 

All and more are resources you have at your fingertips when you use Bartercard to execute your business plan.

So, when you are strategically planning in your business, don’t forget to put Bartercard down as one of your key resources. Every time you are about to spend money in your business, ask yourself if you can find it on Bartercard first. Look it up in Bartercard’s online directory, call your Bartercard Trade Broker and talk to them. They will relish in assisting you to improve your business and solve your issue. 

Gary Jaffer – Bartercard member
Founder & Principal Consultant
equilibrium9
+61 407 530 953
gary.jaffer@equilibrium9.com.au
www.equilibrium9.com.au

Gary coaches, mentors and provides business counsel to individuals and businesses throughout Australia. He is an accomplished facilitator and engaging speaker.