We’re in one of the most challenging and exciting industries. Innovation is happening all around you each day. You are probably involved with industry change, or you’re “eating spaghetti again tonight.” For those of you who were not able to attend our Business Intelligence class during ACA’s Spring Forum and Expo, here are a few excerpts from our session that our Consultant, Terry Glidden, presented.
There are four essential areas to think about when putting together a corporate plan for your business: the planning process, the strategy, preparing a financial plan, and taking a pragmatic approach.
Planning with a “business as usual” approach is like having spaghetti every night for dinner. Although it is easy to prepare and a safe choice, it becomes dull, and you will fall behind with what the neighbors are cooking, persuading your kids to eat elsewhere for dinner. Remember to challenge the status quo and innovate. Continually ask yourself, “What if?” Your competition probably is.
Maybe you’re serving spaghetti each night, but your neighbor is putting meatballs in theirs. It’s essential to put a strategy together. Ask questions such as, how would we improve by also serving meatballs? How much do meatballs cost? Will our clients be interested in meatballs? What technology do I need to make meatballs? How long before I realize my meatball ROI? Maybe chicken would be a better choice? A company strategy should include short and long-term goals and should explain how those goals will be achieved.
Consider putting a business plan together that consists of your strategy and marketing plans to achieve specific goals. Your plan should summarize what you’re out to accomplish in the upcoming period, and should be strategic, understood by staff, and relatable to new opportunities or when change occurs. A few other steps include putting together a pragmatic approach to an annual financial plan, constructing a communication plan, and gathering data.
To download the full presentation click here.