A study sponsored by the Ford Foundation found that:
* 23% of the population has no idea what they want from life; as a result, they don’t have much.
* 67% of the population has a general idea of what they want, but they don’t have any plans for how to get it.
* Only 10% of the population has specific, well-defined goals, but even then, seven out of the ten of those people reach their goals only half the time.
* The top 3%, however, achieved their goals 89% of the time.
An astonishing 90% of the population has no ideas or plans for what they want out of life! Without a solid life plan, you will not have direction or the peace of mind to maximize your life.
When you have no goals for your life, you fall an easy prey to petty worries, fears, troubles, and self pity, which leads to failure, unhappiness, and loss. Without the strength of a plan, you can’t persevere.
Successful businesses can quickly fall by the wayside by not understanding the importance of developing a Strategic Plan and knowing their market. By engaging a strategic planning professional, managers can understand that the process of developing a Strategic Plan guides their business success and uncovers issues that may never have otherwise been considered.
A business plan and a business strategy are two very different tools. The purpose of a business plan is to let investors know about the business and its potential for success in order to encourage them to invest in the business.
A business strategy is a plan for the owner to follow, helps you organize your goals and keeps you on track towards success. It begins with an evaluation of the business' goals in the present, near future, and far future.
Where does the business owner want the business to be in 5, 10 or 20 years, both in terms of fair market value and cash flow? What are the plans for exiting the business? Will it be sold to an outside party or to key employees, or turned over to the owner's children?
To gain an initial understanding of a client’s business and in prelude to developing a strategic plan, IMPACT! conducts a modified SWOT (Strengths, Weaknesses, Opportunities, & Threats) Analysis. The more thorough the evaluation, the better the potential outcome, but even a cursory evaluation is helpful.
Once a conceptual strategic plan is crafted, tactics are determined to achieve that plan’s goals. A "Strategy" is an elaborate and systematic plan of action intended to accomplish a specific goal or goals, while the "Tactics" are the actionable steps (specific tools) that will carry out the strategy.
Tactics are adjusted to the conditions of the market. Once tactics are tentatively in place, it's time to begin implementing your business strategy.
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