When you’re deep in the day-to-day operations of running your business, it doesn’t seem like there’s time for strategic planning. But it’s the businesses that make time for planning who see long-term success and growth.
Within NAWBO’s membership, there are several consultants and coaches who help organizations do exactly this. NAWBO Focus recently spoke to two of them about the importance of planning ahead and the best strategies for determining your goals and the action items you’ll need to help you get there when you own your own business.
Nancy Chorpenning, Managing Partner, C-Suite Advisors
Nancy Chorpenning from Atlanta, Georgia, works with small businesses to manage their business and growth—and at the heart of that, she believes, is planning. In fact, she’s hosting a Webinar called “Plan is not a four letter word.” Here’s her advice for business owners on how to set the course for their organizations.
What is the biggest mistake most people make when planning for the future of their business?
Not looking at the time they take to work on their business as an investment. I hear a lot of people say, “I don’t have the time for this.” You don’t have the time not to do it. Strategic planning is an important investment that will save you untold misery down the road. People who don’t think they have time for strategic planning don’t understand the process. It’s really a management tool. It’s so essential to know where you’re headed and—even if it’s just for yourself—to write it down.
What formula do you use to coach businesses through the planning process?
When we first started our business, we used the One Page Business Plan developed by Jim Horan. We’ve modified that as we’ve used it, but regardless of what we use, our goal is to accompany our clients as they do the plan, not to do it for them. We are their accountability partner and guide. We start with your vision—and that’s the broadest possible statement we can have. Then, we focus it by determining what six words describe your mission. Next, we target what strategies you are going to use in the next one to three years to accomplish this mission. Finally, we pick apart objectives into specific deliverables and determine who is responsible for each and when it is due.
How can business owners get their employees on board with a strategic plan?
One of the most important reasons for doing a strategic plan is that you are then able to communicate it to your staff in a way that enables them to buy in and participate, instead of rowing against the stream. One thing you can do is to create a one-page plan for every member of your organization. This plan should contain the organization’s vision and mission and what strategies the employees participate in. It’s really a positive employee development and performance tool.
Loretta Love Huff, Executive Business Coach, Emerald Harvest Consulting
Loretta Love Huff started Emerald Harvest in 2000. She works in Phoenix, Arizona, as a speaker, executive coach and corporate trainer. Loretta is also the NAWBO Phoenix chapter president. Here’s her advice for business owners on how to set the course for their organizations.
What is the biggest mistake most people make when planning for the future of their business?
I think all business coaches would say that the biggest mistake is not scheduling time to plan. There was a study done by the Harvard Business School that revealed that 83 percent of the population doesn’t have clearly defined goals. Only 14 percent have defined goals and only 3 percent have those goals written down. What’s really interesting is that the 3 percent with written goals earn 10 times more than the 83 percent. It’s pretty dramatic. If you want to earn more money, you have to have goals and you have to write them down.
What formula do you use to coach businesses through the planning process?
I use what I call the BAR™ theory. The acronym stands for taking Beliefs and turning them into Actions and shaping our actions to drive our Results. When I work through the planning process with someone, I help them articulate their beliefs to accomplish them and then leverage those beliefs so they can accomplish even more.
My belief is that we all have more options than we generally see and more control than we tend to take. By replacing the beliefs that are in our way, people can take control where they’ve abdicated it or never taken it to begin with.
What are four things business owners can do to get started planning today?
- Step 1: Identify the goal that you’re aiming towards.
- Step 2: Assess where you are in relationship to that goal.
- Step 3: Take action toward the goal.
- Step 4: Create an accountability mechanism.
I’d like to clarify the accountability mechanism. As business owners, our customers and clients hold us accountable. But, they aren’t holding us accountable to growing our business. You need a plan to do that. That’s the assessment part and what will help business owners get to the next level.