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Benchmarking best practice Business Planning

Business Planning

Your Business Plan is your business roadmap. It details where you are going and how you plan to get there.  Without a plan your business is essentially rudderless.

Your business plan should be driven by your business purpose, brand promise and vision. 

Business Planning is a four part process:

  1. Planning WHERE you want to go. (Goal setting).
  2. Deciding HOW you are going to get there (Strategies).
  3. Working out WHAT you need to do, WHEN you need to do it and, if you have a team – WHO is responsible for getting it done (Action or project planning).
  4. IMPLEMENT, REVIEW, RINSE AND REPEAT: Monitoring and measuring your progress and revising your strategies and action as needed.

How does your business stack up on the benchmarks of best practice business planning?

Business Planning impacts across all the benchmarking pillars of your business so when you do the overall benchmarking audit you’ll find that a number of the benchmarking statements from other pillars impact your results in the Planning Pillar as well.  That’s why we’ve included them in the list below

BEST PRACTICE BENCHMARK: We can easily summarise our brand purpose and what our brand stands for in a couple of sentences and it underpins and guides every business decision we make.  #branding #culture #planning

BEST PRACTICE BENCHMARK: We have developed a brand promise that we live day in and day out. It guides product and service development and is fully embraced by the entire team..  #branding #marketing #planning

BEST PRACTICE BENCHMARK: We have a clear vision for our business which is congruent with our purpose and core values. It is clearly articulated and resonates with our people and ideal clients and guides our strategic planning and all our business activities.  #planning

BEST PRACTICE BENCHMARK: We have a strategic business planning process which documents our goals, strategies and activities across the business for the coming 12 months and maps out our strategic direction for the next 3 - 5 years in line with our business purpose, brand promise and vision. #planning

BEST PRACTICE BENCHMARK: We have a rigorous business planning review process including daily, weekly and monthly meetings attended by all staff covering results, challenges and issues, opportunities, and forward planning. #planning

BEST PRACTICE BENCHMARK: We have an ongoing business improvement process in place focusing on improving quality, reducing costs and creating new opportunities across all areas of the business. #planning

BEST PRACTICE BENCHMARK: We have annual and monthly target Gross Profit goals that we work towards each month and throughout the year. #planning #financial-management

BEST PRACTICE BENCHMARK: We have a 12 month marketing plan and budget which outlines all of our proposed marketing activities and estimated marketing spend for the year. All anticipated marketing expenses are included. #planning #marketing

BEST PRACTICE BENCHMARK: We objectively review our operational performance on a monthly and yearly basis, adjusting activity to maintain or improve performance. #operations #planning

BEST PRACTICE BENCHMARK: All positions have clear documented job descriptions and all employees have documented and easily measurable Key Performance Indicators (KPIs) directly linked to their key responsibilities and to business goals and outcomes. #HR #planning

BEST PRACTICE BENCHMARK: We have either implemented or have a plan to implement technology systems in those aspects of our business where there is a solid business case and alignment to our business strategy, including improved communications, increased efficiency and reduced costs. #technology #Systems #planning

BEST PRACTICE BENCHMARK: We have a clearly documented risk management and disaster recovery plan in place which is reviewed on an annual basis as part of our business planning process #risk #planning

Best Practice Business Planning Resource Library

Benchmarking Best Practice Business Vision

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Your vision, quite simply, is a...

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Benchmarking Best Practice Planning Meetings

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   At the heart of every successful, fast...

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Benchmarking Best Practice Operations Review

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Overview goes here   How does...

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Benchmarking Best Practice Technology Systems

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Successful businesses use technology...

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Benchmarking Best Practice KPIs

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Having accurate and up to date Job...

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Benchmarking Best Practice: Disaster Recovery Plan

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   A disaster recovery plan (DRP) is a...

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Benchmarking Best Practice Marketing Plan

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   A marketing plan is a comprehensive...

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Benchmarking Best Practice Why “Why” Matters

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   In business terms, your purpose is the...

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Benchmarking Best Practice Continuous Improvement

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Continuous improvement, sometimes...

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Benchmarking Best Practice Strategic Planning

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Best practice businesses have a strong...

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The 5 Ways To Profit With Profit Stacks

For every $1 invested in your IT, there should be a direct link to revenue generation and cost reduction SMART-Connect technology expert Greg Clarkson from Network Overdrive  explains... Associated Best Practice Benchmarking Statements BEST PRACTICE BENCHMARK: We have...

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