Want to Grow in 2023? Create a Business Strategy and Not A Business Plan

Want to Grow in 2023? Create a Business Strategy and Not A Business Plan

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guess what it's business planning time of year once again and while you might be thinking I've got to create this formal business plan in order to get my business all the way together for 2023. the reality is I'm gonna tell you not so much don't focus on that formal business plan that you're going to get all bogged down in and that's actually not going to help you grow your business into 2023. that's why I'm telling you it's time to start creating your business growth strategy instead now you might be thinking what's the difference why would I create a business growth strategy over a business plan CP good question and that my love is exactly what I'm going to talk to you about today why a business growth strategy is going to help you get way further than a true business plan and it's going to be simple and easy to pull off so let's get to work [Music] okay so let's start with what is a business growth plan versus a business plan first of all A business plan is designed to capture the specifics of your business idea so that you can put it out there in the public and potentially get funding or to find investors or even to really map out the basis of that business idea I totally recommend when you are first starting your business before you launch that very first time that you do create a structured well-organized formal business plan it's going to help you map out everything create your budget and even put out some Financial Protection so you have a good idea of the validity and how strong your business idea truly can be but your business growth plan on the other hand is designed to give you and your already established team if you've got one or just yourself The Playbook of exactly what you need to do in the coming year in order to help your business grow and that is why I do a business growth plan every single year and actually did a business plan one time in my entire entrepreneurial Journey because I ended up putting it into a file cabinet and never really looking at it again so your business growth plan is going to be that map that plan that piece of paper that strong strategy that you are going to implement some very specific steps off of to help you create the business that you need in order to truly grow so business plan is one and done business growth strategy is continual and annual and it's going to be the game plan that's really going to help you achieve that Empire that you so desire let's talk about the key components of each type of those plans first both a business plan and a business growth plan have executive summaries those are absolutely critical to summarize what it is that you're focusing on and what it is that you're trying to communicate when it comes to this particular game plan this map of what you need to do from a business perspective both in your business plan and your business growth strategy you should definitely contain a company description what is the why of your business what's the mission what's the value what are your company values that you're going to be pushing forward with in that new year because that business growth plan and that marketing strategy that you'll eventually create will be based off of all of the above both your initial business plan and your business growth strategy should have a market analysis not only do you need to know what Market you're getting into when you're first starting your business but every single year you need to understand what the changes are that are happening in your market and what you need to do in order to be able to capitalize off of the strengths that are going on and to really mitigate any risks that are occurring in the market so that you can begin to strategize pick your products and services pick your marketing strategy for that following year in order to know really what you're up against also both your business plan and your business growth plan will contain a vision and a mission but with your growth plan you're only going to make some tweaks to that original mission and vision now I would say that your overall business plan your vision is going to be extremely long term what's the general gist of what you want your company to accomplish but every single year that Vision may change and so with your business growth plan you're going to be tweaking that initial Vision the mission that you originally created may or may not need some tweaks I don't necessarily tweak my mission every single time the original Mission of my business what I started with is still the mission of my business today except it has grown a little bit because over the course of the previous year I've learned a lot about my audience I've learned a lot about their needs of lots a lot about their pain points and what I need to do in order to really mitigate those things for them so I have adjusted my mission just a bit but it doesn't really change that significantly my vision on the other hand has changed my very first business Vision in my very first business so many years ago I think it was something like to be the number one provider of non-profit consulting services in the country and then I learned okay that's not something that I could really accomplish in one year so Visions became a lot more specific and a lot more realistic so I think that the following year it was to achieve 250 000 in Revenue right that was a huge Vision or to establish our brand in the market as the go-to expert in this particular area which included all kinds of marketing strategies so that gives you an idea of what I mean when I say you might want to tweak your vision a little bit I mean your mission a little bit and really kind of make a brand new vision every single year now let's talk about what only the growth plan is going to have from a component perspective versus the business plan because all the things I just mentioned are in both of the plans but now we're getting to one that's very specific for the growth plan and that is that your growth plan is going to have very strategic smart goals initiatives and specific action items that you've got to get done what do I really mean when I say your growth plan strategy is the one that's going to have that well your business plan is going to really be an outline of your business structure your business model your business financials your budget um maybe what your products and services are maybe who your ICA is who your customer is what Market you're in your growth plan is going to determine very specific goals that you have for your business and those goals under those you're going to create different strategies that you're going to do in order to accomplish those goals and underneath those strategies you're going to create very specific step-by-step action items that are going to help you accomplish those strategic initiatives and those strategies in order to accomplish the goal your original business plan doesn't have specific action items in it it doesn't say that an overall goal of my organization is to signify that I'm an expert in my field for instance and that means that a strategy in order to do that is to create a digital marketing campaign or a social media footprint or something like that well in order to create a social media footprint the action steps to accomplish that might say I need to make sure that I have you know found and created all of my social media profiles step number one step number two to create competing bios for all of my social media profiles step number three is to post content on a regular consistent basis on all of my social media profiles so as you can see those action items are really going to get me to that strategy of creating a social media presence which ultimately then is going to put me on the map of being that expert in my field or kind of creating a digital marketing strategy your business plan a formal one is not going to have those action items and those action items my love that you are going to do is what's going to actually show you the results and that's why I'm a firm believer that a growth plan is much more significant and much more impactful for your business because while A business plan is out there designed to help you get investors in funding and kind of give you the brain waves and the map of everything the growth plan is actually going to tell you exactly what you have to do in order to get the job done it's going to give you that Focus that map that plan that uh theory in order to get you to your end destination from where you're starting at right now so do you need to see what I mean because I think it might be helpful then I want you to go ahead and grab your growth plan versus business plan growth strategy chart it's a comparison chart that I provide is absolutely free for you I want you to go to www.cheryl C perez.com forward slash growth versus business plan chart and grab it it's also going to be in the links down below that is going to really give you the differences and what is between the two plans and why you should really be focusing on that growth plan strategy I want to map it out so that you can visually see what I'm going over so make sure that you go ahead and grab it so now let's get back into what makes a growth plan better than a business plan and why I think you should be focusing all of your efforts and attentions on that versus that formal document that you may never use again so why is a business growth plan simply better well first it takes into consideration your SWOT it actually allows you to take the time to analyze what your internal strengths are what your internal weaknesses are what your external opportunities are that exist out there for you and what the external threats are that could potentially cause some risk and some risks and some challenges in your business your growth plan strategy really utilizes that SWA in order to move forward with helping you create that plan and in a general business plan your SWOT isn't going to be as comprehensive or even utilized I think my original business plan I didn't have a SWOT at all because I wasn't going to really be using that information to create action items or steps but in your growth strategy you are going to have a slot it is very very important for you to create a comprehensive one because once you're able to outline what all of those strengths and weaknesses and opportunities and threats are you're really going to be able to hone in on what the strengths are that you can capitalize off of and continue to grow what your weaknesses are that you really need to fix in order to get to that next level what opportunities are existing so that you can time everything out properly and also what threats are out there in the market so that you can kind of mitigate those risks and try to avoid them or if least plan for them because nobody likes a surprise risk you know and it's funny because I think about this all the time and I have these questions and these conversations from my coaches and in my conversations with my students and one of the biggest like you know threats that existed in the last couple of years was the covet pandemic and it was impossible to kind of predict that or to project it at least that's what the conversation entailed and as I was listening more I thought to myself well really was it because even though the covet pandemic felt like it came out of nowhere for most of us it was in the news it did exist it was in the market globally people were aware that it was existing and that it was coming at least before it got here to the states and so in that growth planning thing you could have found the information about the fact that there was a pandemic that it was spreading that there was no cure that there were no vaccines that it was making people really sick and like killing people all over the world and you could I said the coveted pandemic coming to the U.S what will that mean what is that threat that's out there in the market and what can I put in place in my business in 2020 in order to help mitigate that if you had taken the time to really do that do that research and figure out what that threat was and include that in your growth plan strategy then you may have said I need to make sure I'm building out things online because I may not be able to have contact with people there may be ways that that are going to shut down my business especially if I have a high contact type of business so utilizing that swap from the growth plan would have really helped you prepare for that Potential Threat and that's why the SWOT I say is so important and that's what makes a growth plan strategy much much more imperative much more critical and quite frankly much more useful for your true business growth than an actual business plan another reason why your growth plan is going to be better for you than just a general business plan is because it has very specific goals very specific projects strategies and action items that makes a business growth plan and strategy your true map like the music sheet when you're playing music it gives you all of those things and really does make you think through what those strategies need to be in order to really mitigate what you've uncovered in that SWOT so next week I'm really going to dive into the five steps of creating this growth plan strategy and now that I've said that I want to make sure that you know if you aren't subscribed please make sure that you take the time to do because over the next few weeks we are going to be focusing on creating growth plan strategies really getting into how to plan for 2023 and I'm actually going to walk you through how to create the strategy so that you have the plan that you need to follow um to give you that Focus that you need in order to grow to that next level but those specific goals those specific strategies and those specific action items are really truly delete that game plan and that map that you know these are the things that I've got to get done in order to achieve this particular growth strategy this particular growth goal or this particular growth objective a business plan doesn't really get into all of that you may have a general goal for your business but it doesn't really break down all the steps and all the stuff and all the things and all the team and all the implementation things that you've got to do to really really grow your business and that's why I focus more on the growth plan strategy and recommend that to everybody because it's less cumbersome and a lot more useful now another reason why growth plan strategy is better than a business plan is because your growth plan strategy is going to give you that road map of exactly what you need to do and when you need to do it it's the plan it's the step-by-step I get a lot of feedback from folks and my DMs and on social and here on YouTube and by the way if you don't already follow me on social please make sure you do because we should be friends I give a lot of content on there as well but I get a lot of those questions around you know CP what's my step-by-step process I need a step-by-step process I want somebody to kind of take my hand and hold me and walk me through what I need to do exactly and that my love is exactly what your growth plan strategy is it is your step-by-step process it is the hand that you can hold that will walk you through everything that you need to do in order to achieve a certain level of growth so if you've got a sales goal of 250 000 in revenue or 5 hundred thousand dollars in revenue or a million dollars in Revenue you can then break down and say that's my goal what are the strategies that I'm going to implement in order to achieve that goal so you might say I've got this strategy this strategy and this strategy in order to achieve that five hundred thousand dollar goal now you've got these three strategies what are the action items underneath each of those strategies that you've got to actually do and by when when's your deadline to do them in order to ultimately get the strategy accomplished so that you can get closer to that goal and that's really what your growth plan is going to do for me it's a quick document but it is is so so so useful document and if I go a year without having one I really truly feel like I'm just kind of floating around like a chicken with my head cut off and just kind of grasping at straws and looking for squirrels and doing all that kind of good stuff completely in chaos and it really prevents me from being able to focus I'm very easily distract did and I feel like I'm all over the place and I don't really need to be if I had taken the time to create that growth plan strategy I'd have a complete laser focus I really wouldn't you know break from the plan if it's not on the plan I can't do it it's just an idea that goes into an ideologue for the future but that growth plan strategy really keeps me focused and gives me that motivation to know exactly what my next step is going to be and that is the peace and the focus and the just great feeling that you get from actually having a growth plan strategy versus just a traditional business plan and another reason why your business growth plan strategy is better is because it allows you to truly take action and to track that action I created a template a long time ago and I'm actually going to be going through that template in the next few weeks so make sure that you are subscribed but I create a template that really allows me to put all of my action steps in order for me to get to a strategy what the deadline dates are who's responsible for it and every single month I'm able to check off if it was completed what percentage it was completed and if I need to kind of continue and expand those deadline dates I wouldn't be able to do that without my growth plan strategy a true business plan a traditional business plan doesn't really allow for that but your growth plan strategy does these are the specific action items that I've got to do by when in order to accomplish this goal by this date so let me give you an example if one of my goals is to increase my presence on social media or let's just say to start a YouTube channel and my deadline date to start that YouTube channel is by June 1st of 2023. I know in order to start a YouTube channel I've got to come up with some very specific action there's some specific things I gotta do in order to create that channel and to begin to build my YouTube presence well I know that if my deadline date for my channel is June 1st then I've got to work my way backwards so what are the steps that I've got to do are there six steps are there seven steps that I've got to do in order to create that YouTube channel and if that's the case legitimately how long is each of those steps going to give me so the final step which is launch my first video has to be done by June 1st 2023 but before I can launch that video I've got to get that video recorded and edited and maybe that's due two weeks before you know maybe that's due by May 15th and then before I can do that I've got to kind of do my research and figure out what I need to do in order to create my channel so I've got to create my channel by March 1st I gotta create my banner and do all that kind of good stuff I got to get it registered I gotta do all of those things and kind of create my content calendar all before I can officially launch this channel so hopefully that gives you a better idea of what I mean when I say the specific action items if you want a YouTube channel you gotta map out what you gotta do in order to get that done and that growth plan strategy is exactly where you're going to want to do it and all of those deadline dates are going to put some list of things to do with some deadline dates specifically for you and or your team so that everyone knows when everything is due in order for you to accomplish that final action plan that is why I love a growth plan strategy and that's why I do whenever every single year because every single year your Deeds the market the audience your Revenue targets what you've been spending what you're not spending all of that stuff changes and you need to be able to create the strategies for the following calendar year in order to get to that next level I've been using a growth plan strategy in my business for at least 20 years and it I could tell you is the single most exclusive reason why I've been able to achieve double-digit growth in my businesses almost every single year and I say almost because obviously the pandemic was a special year a special couple years actually but that business growth strategy has helped me stay focused um it has given me and my team real true map on what we've got to get done I know how to work on my business every single month because I've got deadline dates every single month and I'm telling you the growth plan strategy process that I've been doing for years is absolutely critical and it's so helpful and I've been using it from my very my second business and Beyond which is probably why I've had so much more success since my first business and I totally recommend it for you as well so if you are serious about growing your business starting your business getting your business off the ground making your business legit whatever it is a business growth strategy plan is a must now how are you gonna do it stick with me in the coming weeks and I will walk you through I promise and hopefully you found this kind of as the initial thing to get your mind working around what your plan should be because Now's the Time now the the time to begin this process and Now's the Time to Begin thinking utilizing the holidays to begin looking into the future of what you want to do next year in order to get your business to that next level those are all critical thoughts that I want you to begin with and obviously I want you to tune in every single week so that we can keep this discussion going I can get into more steps I can give you the specifics and you can start 2023 on the right foot with that end game and that end goal of your business Destiny at the Forefront so hopefully you found this helpful if so please make sure you give me a like please make sure you share give me some feedback ask me whatever business planning or business grow strategy questions you have in the comment below and until next time my loves thank you so much for tuning in I'll talk to you soon bye bye foreign [Music]

2022-12-10 02:24

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