STRATEGIC PLANNING FOR STARTUP BUSINESS Part 2
Strategies and plans need to be measured in order to improve them. Any result that is subject to an increase or decrease in its value should be measured, in this way pay attention to your costs and ensure good results. The performance should be reported and analyzed by an interdisciplinary committee.
Always Set long- and short-term goals. You will want to identify longer term strategic objectives as well as shorter-term goals, These goals might relate to launching new products or services, acquiring new customers, expanding into new markets, increasing profitability, raising your company’s visibility, or anything else that is important to your business. These goals should be ambitious enough to be challenging and inspiring, but not unattainable.
We will make a real diagnosis, identifying the strengths, opportunities, weaknesses and threats of our project, take your team, schedule couple hours or days until the job is done, write objectives in each box and be honest with you.
BALANCE SCORE CARD
Balance Score Card is a Strategic Planning Performance Management Tool, normally used to track execution and results of projects. BSC concept first introduced by Dr Robert Kaplan and Dr David Norton and first published in 1992 in a Harvard Business Review article.
Balance Score Card (BSC), looks at your project from four perspectives to measure productivity as follow, Learning and Growth, Internal Process, Customer, Financial. Training your Employees and build a culture of information (Learning & Growth) + Employees will run more smoothly business (Internal Business Processes) + Better Customer Service (Customer) = Happy Customers , Great Profits (Financials)
Focus on Execution / KPIs
Your strategic plan must include an action plan with specific tasks, responsibilities and timelines, and your team members will need to hold themselves and each other accountable for achieving results.
In the preparation or planning stage, focus on taking all the steps in the right order, it will be boring, it will be frustrating, but believe it, it will be worth it.
Then in the execution stage, do not stop, run, follow the steps and try to execute everything in the correct order, for at the right time to evaluate results with an interdisciplinary committee, never take it personally, the idea is to grow, sometimes it is better to live in peace and make money than to be right, accept recommendations from your financiers, find a financial friend and ask them to tell you the truth of your results.
When analyzing goals, demand to the maximum, the goals must be difficult to achieve, but not impossible.
Look for external financing, partners of a better financial level than yours with which you can grow.
There are business fairs that are searching for Startups with structure and projection to invest in them, there is a lot of capital in the hands of investors that is yielding 2% or 3% in banks and there are many ways of financing projects that seek more profit than the bank.
At the end of the story it’s all about profit.