Velanoff Voice

Do you really need a strategic business plan?

So you know you should have a business plan but deep down inside you question its value. That is likely because you are highly results oriented and you intuitively do what you need to do to make money to pay the bills. Hence, the question; Do you really need a business plan?

What do values have to do with it?

“Values! What does this have to do with running a business! I have my values but, much like the sports world, the business sector can be a heartless and ruthless place. I’m not really sure about values in the business world and if my clients really judge me by them.”

Is there a difference between a Mission and a Vision?

So, you have invested significant time pondering, discussing, and defining the values of the organization. Setting the table for the establishment of the Mission and Vision that will power the team in the desired direction, but is there a difference between the two?

Simply put, yes, but what is the difference between a Mission and a Vision?

A Mission is what we do now, in the present. It answers the question, “What makes us different?” while never straying from our path to the future.

How well do you know your stakeholders?

Managing your stakeholders is crucial to the success of your business. Are you executing plans based on the right information? The best way to begin figuring it out is to get back to basics! What is a stakeholder, and why are stakeholders such an important part of the strategic planning process? Simply put, a stakeholder is a person, group or organization that has a dependency, concern or vested interest in an organization. Now, that is one broad definition! And that’s exactly why an extensive stakeholder analysis is so imperative.

Is it time to call in a SWOT team?

As you build your business plan or assess an important project, it is vital that you know and document the organizations strengths, weaknesses, opportunities, and threats. When a professional sports team prepares to take on an opponent, they match up their strengths and weaknesses against their competition before they finalize the game plan. Businesses need to use a similar process known as SWOT in preparing a strategic game plan.

To grow or not to grow? That is the question.

The need to grow a company or organization aggressively, modestly or not at all is an important consideration in writing the Growth section of your strategic business plan.

To many executives and managers in an organization, the growth plan is one of the most exciting parts of the business plan. Exciting because it implies the company is in expansion mode and therefore good things must be happening!

So You Think You Can Market

So you feel ready to market your brand…or perhaps advertise to promote the sale of a particular line of products or services. There is a big difference between building brand name awareness and advertising to increase sales. In fact, it’s quite complex! If hiring a trained marketing executive who can work with an outside agencyisn’t in the cards, selecting a marketing agency to fulfil that role is imperative.

Your Brand speaks so loudly that I cannot hear the ads you run!

Branding is a tricky term. Many people have an idea what branding means in relation to their marketing plan, but when asked to specifically define the difference, have a little trouble with the articulation.

What can the NHL teach us about successful business planning?

Wayne Gretzky once said, “Hockey is a unique sport in the sense that you need each and every guy helping each other and pulling in the same direction to be successful.

Such an apt description of a successful business! Actually, success in the business world has quite a bit in common with success on the rink. Now is planning season for your business. Your equivalent of the NHL’s off-season! Time to set goals for the new season and assess the team to see it has what it takes to accomplish the goals you established in your business plan.

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