Your Business Plan Toolkit – Delving Deeper
Welcome back, everyone! In my last instalment I walked you through how to fill in a Quick Glance Overview of your shiny new business plan. If you haven’t checked it out, it contains the business plan template we are using today and everything you need to get started. In this post you will become familiar with how the terms Objectives, Strategies, and Tactics apply to your new business.
The world of Small Business and Start-Ups is filled with jargon that can be difficult to get your head around, especially when the terms are all seemingly quite similar. This post should translate this jargon for you into something practical and understandable.
A solid understanding of Objectives, Strategies, and Tactics ensures that the plan ahead isn’t tangled or potentially fruitless.
Let’s start with Objectives:
Objectives are the simple one. What do you aim to have achieved in one year from today.
Your objectives should be achievable, measurable, and ambitious.
Getting the balance between achievable and ambitious might be difficult. Gain 150 ongoing clients is certainly ambitious, but not achievable. Gain 1 client is definitely achievable, but it hasn’t got the ambition needed to develop steady business. Both of these objectives are measurable. If you went with 150 clients as your objective for the year, you’d be able to measure as a percentage your success by the end.
Objectives don’t have to be client based. Your social media posts increasing their reach by 5% a month is an example of a good objective.
Your objectives will be determined by the areas of your business you want to see growth. Creating three objectives will ensure you have plenty to work on throughout the year.
Your Strategies will be developed out of your Objectives.
For this I will use ‘Increase Social Media Reach by 5% a Month’ as an example for developing strategies.
Strategies are the ‘what’ of achieving your objective. What will I do to increase my social media reach? I will post regularly with a variety of content.
It’s that simple.
Tactics may seem very similar to strategies, but they have a key difference. Tactics are the ‘how’ to your ‘what’.
How will I go about posting more often and with more variety? I will create a content schedule rotating original content, reposting of other content, and sharing of articles found online. That’s how. Tactics are in the nitty gritty of small steps to achieve your objective.
That’s a whole page complete! It does take time to carefully think what meaningful objectives could be. But once you are there, the rest falls into place.
Next week we will look at polishing off your business plan and discuss how it can be practically used in the year to come.