Strategic Planning for Business Owners

EXIT PLANNING INSTITUTE WEBINAR

Strategic Planning for Business Owners


A strategic plan is a document that a business creates to identify the company’s goals, the strategies they intend to use to reach those goals, and the ways in which they will measure their progress so they can fine tune their plan over time. Creating a strategic plan is a process that can be ongoing. In fact, this process should have feedback loops that allow the company to see if their efforts are pushing their business forward towards their goals or if they are leading them down the wrong road.

Strategy – Creating a strategic plan is a process in that the company will specify concrete, measurable actions that will make their vision possible. Goal-based planning is useful here. These goals can be financial or non-financial. Both require taking specific actions, such as hitting sales targets, bringing in new clients, or expanding marketing efforts.

Strategic Plan – The end result of strategy is the creation of a strategic plan. This is a formal document that includes specific details such as milestones the company intends to achieve, timelines for implementation, progress monitoring, and expected financial results.

Having a strategic plan doesn’t mean that a company cannot pivot or take advantage of unforeseen opportunities if they arise. In fact, the strategic plan can be helpful for the company’s leadership to consult when making these types of decisions. If they have internalized the company’s mission and vision and know what their goals are, they will be able to evaluate if taking a specific action will advance their strategic objectives.

Execution – The final part of the process is the execution. This is when you put the road map on the passenger seat and start your engine, metaphorically speaking. You know where you’re going, you know how to get there. Now you have to hit the road.

Follow up is a crucial part of the execution process. It involves checking to see if progress is being made on those set goals, and if not, why? Strategic planning is not a one-and-done process. In order for it to work effectively, it needs to be ongoing. Leadership needs to schedule time for it, in fact. The clearer the set goals are, the easier it will be to determine if they are met. If they aren’t, then those goals and actions will be subject to review to determine if they were too ambitious or if the execution itself fell short.

Planning is what you do when you are serious about setting and meeting your goals. Good planning also encourages better communication within your company. When your leadership and your workforce are on the same page about the company’s goals, it helps to instill a sense of responsibility, improve productivity, and it also makes it harder for employees to make excuses. If your company is responding to a changing economy or market, launching new products or services, or experiencing a change in leadership, strategic planning is essential to achieving success.

It may seem time consuming to communicate about goals and create a strategic plan, but, in the long run, it saves time because it focuses attention on the things you determine matter most and gives you actionable items to implement. Without good planning, most businesses will fail, or they will spend far too much time spinning their wheels.

Learning Objectives:

  • What it means to have a strategic plan.
  • How strategic planning can increase the value of your business.
  • Disadvantages of not having a strategic plan.
  • Common challenges and limitations to strategic planning.

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About the Presenter


Vincent Mastrovito, CEPA, CBEC

Vincent Mastrovito, CEPA, CBEC

Founder & President

Meet Vincent Mastrovito:

Vincent is the founder and president of Prometis Partners, and he began his career in 1989 providing wealth management services to businesses and individuals. After two decades with Lincoln Financial Group, Vincent decided to become an independent advisor, after 25 years in the business Vincent successfully sold his practice to pursue his passion in working closely with business owners on exit planning strategies and founded Prometis Partners to pursue his desire to help business owners accomplish their exit planning goals.

Vincent has successfully completed advanced education through the Exit Planning Institute, Value Builder program, Pinnacle Equity Solutions, ant the Business Enterprise Institute – all of which focus their education and training on how to best help business owners successfully transition out of their business.

Vincent has successfully transferred or positioned many businesses for their transition to the next generation or sale.

Vincent is a national speaker on exit planning. He also conducts business owner roundtables to discuss the issues that they face, and how to best approach their situation. Vincent also conducts monthly podcasts and maintains a blog on his website.

Vincent is a Certified Business Exit Consultant (CBEC®), Certified Exit Planning Advisor (CEPA®) and a Certified Value Growth Advisor (CVGA®). These designations reflect a strong commitment and educational background to deliver optimal solutions to business owners. Vincent provides his clients with the written goals for the succession of a business’ ownership and control. His process is derived from a well thought out and properly executed plan that considers all factors, all interested parties, and the personal goals of the owners in a manner and a time period that is accommodative to the business, its shareholders, and potential buyers. He is a member of the Business Enterprise Institute Inc. (BEI), which provides comprehensive practice development tools, education and ongoing support networks to business owner advisors. He is a member and Preferred Associate of the Michigan Manufacturing Association, as well as a member of Central Michigan Manufacturing Association and Great Lakes Bay Manufacturing Association.

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