The main stages of the strategy were divided into small steps and teams from the local task force were assigned weekly to report on progress, challenges and planned next steps. Financial plans have not been prepared. A licensed financial planner can create one that fits you and your expectations. It can prompt you to make short-term changes that will help ensure a smooth transition through the financial phases of life. Implementation is the most difficult part of the strategic planning process. It is a question of achieving the objectives defined in the strategic plan while remaining vigilant and flexible in the face of new possibilities while developing. Business planning is an important precursor to action in new businesses. By helping entrepreneurs make decisions, balance supply and demand for resources, and turn abstract goals into concrete operational steps, business planning reduces the likelihood of companies dissolving and accelerates product development and risk organization. – Delmar and Shane (2003, p.
1165) Strategic planning is essential for profitable business growth, but companies typically only realize about 63% of the potential financial value of their business strategy due to failures and failures in strategic planning and implementation. In other words, the value of the chances of properly implementing their strategic plan is enormous! Whether you do it alone or with a financial planner, the first step in developing a financial plan is to compile many pieces of paper or, more likely, encroach and enter into a document or table numbers from different web-based accounts. Each business plan includes a description of the business model chosen by the entrepreneur as the model that he considers the best way to ensure success. Based on his first essential study of the environment in which he expects the creation of his business (his analysis from the first phase), an entrepreneur should determine how each element of his business model – including his revenue sources, cost structure, customer segments, value promises, key activities, key partners, etc. – could adapt to improve the potential success of its activity (see Chapter 4 – Business models). The financial plan allows you to look at all aspects of your financial portfolio: the business plan development process described as follows has been extensively tested with entrepreneurship students and it is proven to provide the advice entrepreneurs need to develop a business plan that meets their needs; A powerful business plan. For example, if investors are to fund the start-up of the business, some adjustments may need to be relatively large to meet the exit strategy needs of potential investors, to take into account the return they expect from their investments, and to convince them that the entrepreneur can achieve everything promised in the plan. In this and other cases, the entrepreneur must also get what he wants to get out of the business to make it worth starting and running it. .