<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=290086984736480&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

Your Strategic Plan Should Begin with a Personal Vision

Jun. 8, 2015 | Posted by The Alternative Board Worldwide
strategic plan

In a privately-owned business, the strategic plan for a company is not based solely upon the assumption that the company’s goals and vision are to maximize profit. The strategic plan for your company must begin with your personal goals and vision.

The problem of balancing lifestyle versus being the driving force in a growing business is a common dilemma among owners of privately-owned businesses.

Let me tell you a story that illustrates this point. A TAB member had grown her business from nothing to one doing over $3 million a year within three years. She was taking home over $100,000 a year. She hired a consultant to help her company develop a strategic plan for its growth. The plan laid out the steps necessary to grow the company into an operation with $15 million in annual sales in five years. The consultant showed her how the company would then have a value of over $9 million once the five-year objectives are met.

She told her TAB board of the strategic plan and expressed a personal uneasiness with the company goals. She explained that she was very content with the money she was making. She wanted to work fewer hours, not more. She also didn’t want to bring someone else into the company to run it. Nor did she want to do the traveling that would be necessary to reach the five-year goal. The advice of the group was to redo the company strategic plan so that it would, first of all, satisfy her personal vision, goals and plans. The revised strategic plan resulted in goals that maintained rather than increased the annual revenue, reduced some overhead and enabled her to commit less time to the company.

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

DOWNLOAD

Do not ignore your personal vision when creating your company strategic plan. Too many business people have been caught up in the push to grow their companies, and they wind up miserable.

Many successful business owners that I have met say if they had to do it all again, they would take more time for themselves. I know that it is much easier to say after accomplishing what they have already achieved, but in advising other business people today, I recommend getting to know yourself first. Find out what will make you happy. After that point, you will be able to determine your business vision, strategic plan and goals that will point you and your business in the direction that will make you happy.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board Worldwide

Related posts

4 Tips on Creating a “Customer Experience” Strategy
Jun. 6, 2019 | Posted by The Alternative Board Worldwide
In your company, how much thought is given to the quality of interactions between your customers and your business? The experience your customers have when interacting with your brand can make all...
Are You Looking to Expand Your Business?
Jun. 4, 2019 | Posted by Phil Spensieri, TAB York Region
Over the years, I’ve coached many business owners as they’ve worked to expand their business. Whether it’s the physical expansion of your office space, expanding your workforce, or investing in new...
Automate Small Tasks and Stay Focused on the Big Picture
May. 23, 2019 | Posted by The Alternative Board Worldwide
A sizable portion of business operations involves tasks that are repetitive, annoying to those charged with handling them, and fairly easy to automate. In case you’re wondering which tasks fall into...
How A Positive Company Culture Is Built By Aligning Employees
Apr. 25, 2019 | Posted by The Alternative Board Worldwide
What does company culture mean? Every organization comes with a unique culture, a set of agreed-upon values that govern the way the company does business. Some cultures grow with the company and...
When You're the HR Department for Your Business
Apr. 23, 2019 | Posted by Phil Spensieri, TAB York Region
Human Resources (HR) is an area that seems to cause most business owners the highest amount of stress. Unfortunately, without an HR Department, HR issues become the responsibility of you, the...
How to Appreciate (And Retain) Your Employees
Apr. 16, 2019 | Posted by The Alternative Board Worldwide
Any business that doesn’t place a high priority on employee appreciation is likely one that sees a fair degree of employee turnover. Back in the day, simply paying a worker on time—and perhaps...
Can You Have a Fun Workplace that's also Productive?
Apr. 11, 2019 | Posted by The Alternative Board Worldwide
Somewhere along the line, the idea of a serious, no-fun-zone workplace became institutionalized among American businesses. For a long time, that meant no intersection between “work” and “fun.”...
How to Manage Your Small Business' Cash Flow
Apr. 9, 2019 | Posted by Phil Spensieri, TAB York Region
In the past 30 plus years I’ve spoken to many business owners who have encountered cash flow issues over the course of running their businesses. The proper management of your cash flow can help you...
What are the Worst Mistakes You Can Make as a Leader?
Apr. 4, 2019 | Posted by The Alternative Board Worldwide
It takes a lot of smarts, experience, vision, intuition and skill to be an effective CEO or business owner. But all leaders must be mindful that their ability to make mistakes—just like everyone...
How Stronger Vendor Relationships Can Spur Growth
Apr. 2, 2019 | Posted by The Alternative Board Worldwide
Vendors may not seem like a high-priority constituency to most CEOs and business owners, but in fact, a strong business-vendor relationship can significantly boost growth. Unfortunately, many people...