The Business Planning Process

Believe it or not, having a plan of action is essential to the success of any business. It takes time to put together a formal business plan, but it’s well worth the effort. Before you can make a firm plan, you need to be able to answer the following questions about your business:

  • Where does our business stand right now?
  • How did we bring our business to this point?
  • Where would we like our business to be?
  • What do we need to do to move to the next level?
  • Are we moving towards our goals?

In order to answer these questions you’ll have to thoroughly analyse your organisation. You’ll need to consider both the internal and external environments, your business plan, mission statemetns, corporate objectives, and current strategies. Once you’ve done that you’ll be able to make new plans, but these new plans will also need to include strict methods for measuring, monitoring, and controlling your progress.

Formulating a strong business plan will allow you to properly analyse each situation as it arises. Yo’ull have the tools you need to determine which opportunities are appropriate for growth and which you should simply avoid. You’ll also learn how to avoid overanalysing your situation – a problem that may cause you to spend more time than is necessary on any given task.

I challenge you to think about your organisation right now. Can you answer all of the questions posed above without doing an extensive amount of research? How do you feel about your organisation right now?

Thanks again,


Sean McPheat

Managing Director

MTD Training   

LeaderDNA button

Updated on: 19 February, 2009

Related Articles

Arrow down

Search For More arrow