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THE VALLEY BUSINESS JOURNAL<br />
14 www.TheValleyBusinessJournal.com<br />
<strong>May</strong> <strong>2018</strong><br />
PLANNING FOR THE FUTURE<br />
The business world would be<br />
simpler if decisions could be made<br />
on impulse without giving thought<br />
to consequences. The savvy business<br />
leader however understands<br />
that this is not reality. Planning is<br />
necessary whether it be for growth<br />
or mitigation.<br />
While the list of different “plans”<br />
can be lengthy there are some that are<br />
key. Give thought to which of the<br />
following will be most beneficial to<br />
your company today.<br />
The “business plan” will provide<br />
an in-depth look at the company and<br />
focus on how it will make money.<br />
Typically used during the startup of<br />
a business to attract financing and<br />
investors, it can also be useful as a<br />
roadmap during the business launch.<br />
It’s a good idea to return to the plan<br />
regularly to see where deviation from<br />
the mission and vision may have<br />
taken place.<br />
An “operational plan” puts focus<br />
on the process of selling products and<br />
services. It can help determine more<br />
efficient methods to ensure the success<br />
of the business and answer the question,<br />
where can we do better? Use it to keep<br />
an eye on expenses and revenue in order<br />
to catch negative trends before too much<br />
loss is incurred.<br />
It can reveal how technology is<br />
affecting the business and uncover<br />
inefficiencies of IT systems and other<br />
tools used day to day.<br />
The marketing plan will focus on<br />
getting the word out about your products<br />
and company. Rarely does this<br />
happen on its own, so a plan is required<br />
to ensure visibility in the market place.<br />
Besides traditional advertising,<br />
strategize on how to use social media<br />
most effectively. Since social media can<br />
be an interactive tool, be sure to define<br />
how to respond to reviews and concerns<br />
posted by customers in public.<br />
Today’s marketing relies heavily<br />
on big data and analytics which can<br />
reveal critical information about customer<br />
buying habits, demographics and<br />
industry trends. The end result of this<br />
plan should be a clear understanding of<br />
how to best use the funds budgeted for<br />
marketing and advertising.<br />
Finally, a Digital Transformation plan<br />
will focus on new methods of engaging<br />
with your customers. How you sell and<br />
service to the consumer needs to keep up<br />
with today’s technology so include what<br />
equipment refreshes will be necessary,<br />
research on competitors campaigns and<br />
“<br />
Finally, a Digital<br />
Transformation plan<br />
will focus on new<br />
methods of engaging<br />
with your customers.<br />
how your company may become the<br />
next disruptor in your industry.<br />
Ted Saul is a business coach that<br />
assists with Business Plans and Project<br />
Management. He holds a master<br />
certificate in project management<br />
and has earned his MBA from Regis<br />
University. Ted can be reached<br />
on LinkedIn, TedS787 on Twitter or<br />
emailing Ted@tsaul.com.<br />
by<br />
by<br />
Ted Saul,<br />
Steve Fillingim<br />
Sr. Staff Writer<br />
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