7 STEPS TOCREATE AN EFFECT IVEBUS INESS STRATEGY

PAUL MART INCHARTERED ACCOUNTANT

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PAUL MART INCHARTERED ACCOUNTANT

1 RESEARCHWhen doing your business research, you

should be able to gather facts that tell you

about the industry you are trying to enter and

where your future business may sit in that

industry. You can use the SWOT analysis as

reference to guide you in your research

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2ESTABLISHYOUR VIS ION

Once you understand more about the

environment you will be operating in you

should have an idea of where to position

yourself or your business in the industry. You

should be able to decide which direction you

want your business to go in the future.

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3 DEVELOPYOUR MISSION

Your mission refers to the purpose of

your business. This refers to what

needs to be done in both the short

term or the long term, depending on

the needs of your business

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4IDENTIFY YOUROBJECTIVES

You should be able to set specific targets for your

business. Your target objective should be SMART

(Specific, Measurable, Achievable, Realistic, and Time-

bound). They should also include KPIs (Key

Performance Indicators), resource allocation and

budget requirements, among others.

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5 STRATEGY ANDTACTICAL PLANS

These are short-term plans that will

help you to achieve your objectives.

These include jobs or tasks that are

often delegated to your different

business departments.

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6ESTABLISH YOURFINANCIAL PLANAlso core to your business strategy is the financial

plan. Financial planning can be a bit difficult,

especially if you don't have any background in

accounting and understanding financial transactions.

That is why, business owners hire business advisors to

help them understand and interpret their numbers.

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7 PERFORMANCEREVIEW

Your business strategy is not complete just having a plan

and ways to execute it. You should review performance

and analyse results and achievements. This performance

review will help you identify if your strategy is effective for

your business or not, and help refine the ongoing

business strategy.

I F YOU NEED ASS ISTANCE WITHBUS INESS AND F INANC IALPLANN ING , YOU CAN TALK TO US ON(09 ) 576 4 166 OR V IS I T OURWEBS I TE AT WWW .PMART INCA .COM

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