Planning season is upon us once again. It’s the time when businesses of all sizes and across all industries start laying the groundwork for the next year. This period can often feel overwhelming, with numerous plans to draft, meetings to attend, and strategies to devise. But it doesn’t have to be this way. By simplifying the planning process and starting with clear definitions, you can approach this season with clarity and confidence.
Let’s break down the key types of plans you’ll need to create: strategic plans, business development plans, marketing plans, and business plans. We’ll define each, discuss their components, suggest how long they should be, outline who should be involved, and provide tips on how to keep everyone accountable.
Strategic Plans
Definition: A strategic plan is a comprehensive document that outlines an organization’s long-term goals and the strategies it will use to achieve them. It sets the direction for the business and provides a roadmap for growth and success over a set period, typically three to five years.
Components:
- Vision Statement: What your organization aspires to be in the future.
- Mission Statement: The core purpose of your organization and its primary objectives.
- Core Values: Guiding principles that dictate behavior and action within the organization.
- SWOT Analysis: An assessment of strengths, weaknesses, opportunities, and threats.
- Strategic Objectives: Specific, measurable goals that align with your vision and mission.
- Action Plans: Detailed steps that will be taken to achieve each strategic objective.
- Key Performance Indicators (KPIs): Metrics to measure progress towards strategic objectives.
Duration: A strategic plan typically covers a period of three to five years.
Who’s Involved: The development of a strategic plan should involve the executive team, department heads, and key stakeholders. Input from employees across the organization can also be valuable in ensuring the plan is comprehensive and inclusive.
Accountability: To keep everyone accountable, assign specific owners for each strategic objective and action plan. Regular check-ins, progress reports, and performance reviews should be scheduled to track progress and make adjustments as needed.
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Business Development Plans
Definition: A business development plan outlines the strategies and actions that an organization will use to grow and expand its business. This plan focuses on identifying new opportunities, building relationships, and increasing revenue.
Components:
- Market Research: Analysis of the market to identify potential opportunities for account or client growth.
- Target Audience: A clear definition of the ideal customer or client segments to target.
- Competitive Analysis: Assessment of competitors and their strengths and weaknesses.
- Growth Strategies: Specific approaches to expand market share, enter new markets, or develop new products/services.
- Partnerships and Alliances: Identification of potential partners, alliances, or joint ventures to support growth.
- Sales Strategies: Tactics and processes to acquire new customers and retain existing ones.
- Revenue Projections: Financial forecasts based on growth strategies and sales targets.
Duration: A business development plan typically covers one to three years, with detailed action plans for the first year.
Who’s Involved: The business development team, sales team, marketing team, and executive leadership should be involved in the creation of this plan. Collaboration with finance and product development teams may also be necessary.
Accountability: Accountability can be maintained by setting clear sales targets, tracking progress through CRM systems, and holding regular business development meetings. Assigning a business development manager or leader to oversee the plan’s execution is also crucial.
Ready to create your BD plan for next year? Head here for more relevant information to get you headed in the right direction.
Marketing Plans
Definition: A marketing plan is a strategic document that outlines the marketing goals, strategies, and tactics an organization will use to promote its products or services and reach its target audience.
Components:
- Market Research: An analysis of market trends, customer needs, and competitor activities.
- Target Audience: A detailed description of the ideal customers, including demographics, psychographics, and buying behaviors.
- Unique Selling Proposition (USP): The unique value that your product or service offers to customers.
- Marketing Goals: Specific, measurable objectives related to brand awareness, lead generation, customer acquisition, and retention.
- Marketing Strategies: The overarching approach to achieving your marketing goals, such as content marketing, digital marketing, or events.
- Tactics: Specific actions and campaigns to implement your marketing strategies, such as social media campaigns, email marketing, or paid advertising.
- Budget: A breakdown of the financial resources allocated to each marketing activity.
- Metrics: Key performance indicators (KPIs) to measure the success of marketing efforts.
Duration: A marketing plan usually covers one year, with quarterly or monthly reviews to adjust tactics as needed.
Who’s Involved: The marketing team, sales team, product managers, and executive leadership should be involved in the creation of the marketing plan. Input from customer service and finance teams can also provide valuable insights.
Accountability: To ensure accountability, assign ownership of each marketing tactic to specific team members. Use project management tools to track progress, and hold regular marketing meetings to review performance against goals.
Ready to create your marketing plan for next year? Let’s chat about how our Head Bird, Sarah Kinard, can help your leadership team set and get after these goals!
Business Plans
Definition: The business plan is a written plan detailing how you are going to feed the business for the next 12 months. If you’re organized by sectors, it will be a sector business plan. If you’re organized by region, it will be a regional business plan. It involves leadership, business development, marketing, operations, and finance. The business plan is a holistic plan for 12 months.
Components:
- Executive Summary: A brief overview of the business, its mission, and key objectives.
- Market Opportunity-Industry Analysis: An assessment of the market, target audience, and competitive landscape.
- Target Project: Detailed descriptions of the products or services the business offers, including their benefits and unique features.
- SWOT: Strengths, weaknesses, opportunities and threats.
- BD Plan: The strategies and actions that an organization will use to grow and expand its business.
- Marketing Initiatives: Plans for how the business will attract and retain customers.
- Targets and Goals: Identifying new opportunities, building relationships, and increasing revenue.
Duration: A business plan typically covers one year, with detailed financial projections.
Who’s Involved: Anyone involved in leadership, pursuing business, performance, and client satisfaction. Included but not limited to; regional or sector leadership, business development, marketing, project managers, key staff.
Accountability: To keep everyone accountable, set clear milestones and timelines for achieving the goals outlined in the business plan. Regular financial reviews and performance evaluations should be conducted to track progress and make adjustments as needed.
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Simplifying the Process
By clearly defining each type of plan and breaking down its components, you can approach the planning season with a clear understanding of what’s required. Remember that each plan should be aligned with your organization’s overall goals and vision, and that collaboration across teams is key to creating plans that are both realistic and actionable.
To keep everyone accountable, establish clear ownership for each part of the plan, set regular check-ins, and use tools to track progress. By simplifying the planning process and focusing on these key elements, you’ll be well on your way to a successful year ahead.