Build Your Castle

By: Randy Flewelling,
Business Transition Alliance Co-Founder

Randy Flewelling

The Value of Strategic Planning for your Transition and Business

A plan is a well thought out road map. You need to know where your are going and how to get there whatever type of Transition you may be thinking about; growth, exit or just stepping back

The traditional Business Plan most entrepreneurs think of is largely a financial plan with balance sheet, income statement and cash flow projections combined with a short summary of key assumptions

The Strategic Plan is all about action and measurement. What are the actions and strategies to be implemented to achieve your goals? How do you unlock hidden value?

The conventional business plan and strategic plan are really intertwined. I believe there is really only one type of general plan businesses should be doing, that is the Strategic Business Plan. It is your guiding action plan with measurements. It is updated regularly, at least annually including a fresh look at the businesses’ T-SWOTTM our proprietary Transition SWOT.

A Strategic Business Plan is an essential tool not only for management but also for maintaining the support of other stakeholders such as lenders, investors and boards.

Define Your Organization’s Strategic Vision – Build your Castle

“To accomplish great things we must first dream, then visualize, then plan… believe … act!” – Alfred A Montapert, American Author

Defining your vision is the first thing you must do. Why do you do what you do? Vision for the entrepreneur is a dream that turns into action. As Walt Disney, founder of the famous resorts, once said, “Construct the castle (your vision) first”. Walt Disney built the castle first then built the rest of the park around it. Of course he also needed all of the aspects of his strategic plan to turn the vision into reality.

A Strategic Business plan contains clear rationale and goals for your organization. That is your castle. It then lays out a roadmap as to how to get there. That map may contain multiple paths and have many detours along the way but the key is stay focused on your castle.

A couple of very important final thoughts on building your strategic plan

“It’s not the strongest species that survives or even the most intelligent, it’s the one most responsive to change” – Charles Darwin

As the earlier quote by Alfred Montapert states, don’t let your organization be immobilized by planning. I have seen too many organizations spend excessive time debating such things as their mission and vision statements while weeks and months pass by. You must plan, but you also must act. One final quote to put this into perspective:

“Even if you are on the right track, you’ll get run over if you just sit there” – Will Rogers, humorist

About Randy Flewelling:

Randy is a business advisor and co-founder of the Business Transition Alliance.

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