Formulating your own personal strategic plan

This tax help and tax tips page is to guide you to set up your strategic plan which is a first part of your business plan.

You will need to take on different hats as when managing your own business. There will be times when you take on the role of technician or an administrator or an entrepreneur.

In the early days of starting stage you develop your business’s system and processes. This can be classified as technician stage.

As your business grow and need to employ people, you can progressively hand over roles to your new employees by training them up to your technical standard and hand over technical and administrative tasks to your employees

Ultimately your aim is spending most of your time in running your business taking on hat of an entrepreneur turning ideas into vision and be able to measure the performance and make refinements.

Your strategic plan will have the following elements: -

Try to put it in writing. Your strategic business plan should be systematic and achievable. If your business plan only stayed in your head, you probably don’t have any clear plan for your business

  1. Mission statement – This is a brief statement, which underpins your reason for being in business and its broad aims.
  2. Your business objectives – Your clear targets for your business
  3. Strategies for achieving your business objectives – Outline the areas in which your business will focus to achieve your business objectives
  4. Set up your own business policies – Set up your own business systems and procedures.
  5. Monitoring and control performance – You will need to go back and review your strategies periodically ongoing basis. You will have situation that actual performance not meeting your expectations.

Disclaimer

Every effort has been made to offer the most current, correct and clearly expressed information possible within this site. Nonetheless, inadvertent errors can occur and applicable laws, rules and regulations may change.

These materials on this website are general in nature. It is made available on the understanding that the JH Business Services & Taxation is not thereby engaged in rendering professional advice. Before relying on the material in any important matter, users should carefully evaluate its accuracy, currency, completeness and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.

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JH Business Services & Taxation
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