Navigating your new business is a difficult job, let alone during a pandemic. Whether you're just getting started or still learning the ropes of your businesses, hiring an additional third-party source can help you better weather any future storms.
New Business During Covid Age
Many businesses choose to hire an outside party or consultant in the process of drafting up a business strategy. In some instances, having a strategic business plan in place can be the difference between success and failure. A strategic business plan is essentially a roadmap for a new business owner that will help them direct their investments and resources over the coming years. These plans play an important communications role in helping management team members and employees understand a business's main goal and objectives, as well as the milestones that have to be achieved along the way.
Depending on the type of business, the format of the strategic plan may vary a fair bit. Depending on your organization's focus, the plan will address and prioritize certain attributes over others. That being said, all good strategic business plans will contain the following elements.
- Vision Statement
- Mission Statement
- Core Values
- SWOT Analysis
- Long-Term Objectives
- Intermediate Goals and Milestones
- Functional Strategies
While much of this can be planned internally many individuals find that an external consultant provides an outside perspective that can be beneficial to the brand. If you choose to go down the route of hiring a consultant, make sure that you find someone willing to work through each step with you to better meet your business goals. A good plan will last you years, if not longer and help guide your business plan for the foreseeable future.
This piece is written in consultation with Kevin Foreman, the President and Business Strategist at Black Sheep Business Consulting. BSBCon is a team of experienced business consultants that work with SMEs to break through the barriers of their industry.