SME Strategic Business Development – Bucks -Developing a wining strategy that works for your individual business!
SME Strategic Business Development – Most successful SME business’s start out with a carefully thought out strategic business plan. ‘BrewDog’ is a shining example of this with their rapid growth to fame and fortune. James and Martin’s original business plan was so well put together, they made it hard for investors not to invest!
As is often the case with switched on entrepreneurs, their business plan became an essential mechanism for their ongoing businesses development and success. Their business plan made it easy for anyone to understand their vision, but also made it easy for others to understand how they were going to get there!
Interestingly, their business plan is still updated on an annual basis. This is a clever move as it provides their internal investors (employees) with a clear update on how the business is performing, and a plan of how they are going to move to the next level. Of course, its also a brilliant tool for attracting outside investment and interest. (Here’s a link to their 2018 plan update).
Understand that no business plan is perfect from the off. Hence, logical assumptions need to be made when starting out with any business. However, careful initial research and a commitment to ongoing market intelligence and customer research is the smart way forward, especially in these rapidly changing times.
Each market sector has its own unique challenges and idiosyncrasies. These all need to be understood if you want to attract new and repeat customers. Therefore, developing an ongoing flexible business plan will enable your business to adapt to market changes (the ability to adapt your business to market changes is critical to your success!). Additionally, a commitment to a quarterly business review and plan update, is also a very smart move for any business owner.
Creating a strategic business plan seems a pretty simple concept, but you would be amazed at how few SME businesses actually stick to this principle. Typically, as soon as they start to perhaps get some initial sales, the plan gets forgotten. Interestingly, this is usually when things often start to go wrong.
Additional benefits of a business plan – SME Strategic Business Development
- An essential tool when seeking outside investment (Private equity or traditional banking).
- A great tool to be shared with internal investors (employees), helping them to buy into your business strategy and growth.
- A great tool for onward strategic development and optimisation.
- Useful for business valuations.
- A hard copy backup of your entire business model just in case the unthinkable happens (fire, theft, illness, injury, death etc).
White House Dental Studio – Stuart has provided consultancy services for our business for the past year or so. He has overhauled and upgraded our online/digital marketing (website design, SEO and ongoing day to day website management). He has also designed and managed ‘New Business’ client events & promotions, which have generated significant revenue. He now also manages our ‘Social Media’ marketing (posts and promotions, any email marketing promotions / direct mail promotions for events, and our Google business page, which is 5 star rated). So highly recommended! – S.Mughal – Owner & MD
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