No one could deny that market conditions are changing rapidly across every industry, and that the impact of technology is continually shifting the way in which we do business. These changes mean that the traditional business plan, created to share with investors, clients and lenders, is no longer comprehensive in the current climate.
As with many other aspects of business, the advent of digitalisation has rendered traditional methods unsatisfactory. Digital business plans are a more dynamic approach to the concept of business planning, and need updating annually at the minimum. They can incorporate the rapid nature of technological development, and can ensure that your business is on track to benefit from the best of digital technology at all times.
Some aspects of business planning are relevant to traditional business plans as well as modern digital plans, while some are specific to digital projections. Key areas for consideration include:
1. Your mission statement. Every business will have a mission statement at its core, and this should inform your business objectives and be reflected in all elements of your business and in the attitudes of all staff.
2. Your vision. The long-term plan for your business, your goals and key values are all parts of your business vision, and these should be central to the way you operate. This is an important element to communicate to financial investors, as well as clients and staff, and you should ensure that it is developed along with your business.
3. Specific goals. Vague or open ended goals are of very little value in a business plan, and you should focus on specific and measurable goals that can be tracked.
4. Financial planning. Specific details about how you will generate profits and projections for revenue and costs are an essential element of business planning and will inform your practice going forwards.
5. Marketing. The way in which you market your products or services is hugely important to your business and should be a central part of your business plan. Consider price, product, promotion and place and use your digital business plan to create a strategy that works for you.
6. Customer experience. Your clients or customers should be at the centre of your business, so your business plan must contain provision for how you will communicate with them and how they will find your business.
7. Staffing and outsourcing. Consider your policies around staffing and look at ways in which outsourcing could streamline and improve your business operations.
If you’re considering your digital business plan and you are worried that the level of expertise within your organisation is not sufficient to make this effective, consider outsourcing as a solution that will allow you to maximise skills and knowledge without high overheads and long term contracts. Working with a professional from our highly skilled team can help you to get the expertise you need, when you need it.
Are you drawn to flexible working? If you have more than ten years of specialist experience and are an expert in your field, you could work as a flexible professional with ReganStein. If you would like to explore working in this way, contact us at firstname.lastname@example.org to find out more.