The benefits of strategic planning, even as a solo operator.
Who are Solopreneurs? Individuals who are their business, like writers, consultants, web developers, financial advisors, artists, photographers, personal trainers and so much more.
With the reach and possibilities of technology today, there are countless ways to be a solopreneur and find a niche market to serve.
All entrepreneurs have to balance creativity/passion with business and making a profit. Strategic planning is one way to get a handle on the business side of things.
What is strategic planning?
A strategic plan is simply your business vision and goals written out, along with a plan of action. It may also include expected challenges or industry trends and how you plan to navigate these potential obstacles.
As a solopreneur, you may assume that you don't need a clear and detailed plan because it's just you. But there are many possible benefits of taking the time to think through and document your strategy, goals, and intentions.
Without a clear plan, there's a greater risk of overwhelm and analysis paralysis. When you have no one else to share the load of your business, it can be hard to stay on top of everything that seems important on any given day.
Strategic business planning can help you stay focused, stay on track, and feel good about your progress.
Benefit of Strategic Planning
A strategic plan requires you to prioritize. When you sit down to create your plan, you'll be forced to determine what's most important for the business at this time. Which in the same stroke defines what's not important and therefore, not worthy of your time and attention. Not everything can be a priority, and trying to focus on too much all at once leads to burnout.
A strategic plan takes the guesswork out of everyday operations. Once created, your strategic plan can be used as a guide for making decisions in your business. Now that you have clear goals and intentions, you can get to work setting up your daily operations to support your goals. No more throwing spaghetti at the wall to see what sticks - you should now have a set list of action items.
A strategic plan keeps you focused. In this digital and fast paced marketplace, business owners are constantly bombarded with new offers, tips and trends oozing promises of increased visibility, profitability etc. By knowing your values and vision, you can be more confident in ignoring trends and “opportunities” that are just not a fit for your business at this time. Resisting these distractions saves you time and energy and keeps you focused on your goals.
“The essence of strategy is choosing what not to do.” - Michael Porter
A strategic plan helps you prepare for change. While thinking through your plan, you will likely decide to implement some changes within your business. Rather than fearing change, the setup of your strategic plan can help you embrace change. Preparing a timeline with benchmark steps leading to your goals gives you confidence in your ability to make changes - making lasting change approachable and exciting.
A strategic plan helps you use your time more effectively. Since creating the strategic plan requires you to think through your vision, goals, and intentions, some future decisions will now be made by default. Effectively eliminating time spent deliberating over what steps to take, or what to focus on in the moment. When presented with an option that doesn't fit within your vision, values, or plan, a simple mental checklist can quickly take that option off the table before you have time to second guess yourself.
A strategic plan gives you confidence in your finances. Many solopreneurs and self-employed people struggle with the stress of inconsistent income. It makes sense that this is a huge concern! You need income as a business. Strategic planning can help you identify the various opportunities for income, and track it to help you make informed decisions. It can also help you narrow your niche market and ideal clients, empowering you to attract the right business.
A strategic plan gives you the opportunity to create a Plan B. Perhaps you are a solopreneur still working another job for security - utilizing strategic planning can help you decide what it would take for you to go all in on your business. Are you going to keep a part-time job until you have more steady income? If you are a full-time solopreneur facing a drop in revenue, strategic planning provides an opportunity to come up with a backup plan (even a temporary one).
Steps for creating your strategic plan as a solo operator.
Define your unique vision, mission, and values.
Clearly defining and documenting these items helps you stay focused on opportunities that align with your vision.
Plus, being able to easily and passionately discuss your WHY helps you market yourself better to your ideal clients. Integrating your mission and values into your client experience helps to foster a greater sense of purpose and reminds you why you do what you do.
Assess the current status of your business.
You can’t get accurate directions for your destination without knowing exactly where you are now. You can't make a successful plan for your business without being honest about where things stand currently.
There are various ways to make this assessment - I like to journal and reflect to get my mind in the right headspace. Then I go through each category of the business: sales/marketing, operations, client experience, financial, etc. and rate each category on a scale of 1-10. Then I'll list the highs and lows from each category.
Taking all of this information into account, I get a holistic look at how the business is doing, and equally important, how I'm feeling about my role in the business.
Create 1-to-2-year goals based on your vision.
Define goals in whatever way works for you. Some people like SMART goals, some like to really push themselves to reach aspirational goals, some like more conservative goals they will undoubtedly reach.
Try utilizing reflection questions like:
"What specifically do I want to be different at this time next year?"
"What issue constantly comes up, but is never addressed or resolved?"
"What change or new thing am I scared of doing, but I know is the right move?"
Include your ideal role in your business as a part of your goals. Are you looking to expand and move more into a business owner role? Do you need to hire a part-time assistant to relieve some of your stress and allow you to focus on the parts of the business you truly enjoy?
Break down short term benchmarks, goals, and intentions.
Again, do what works for you here. There are many ways to define short term goals. I prefer to create 2-week benchmarks that lead to monthly or quarterly goals to keep me on track toward my annual goals.
Consider getting guidance from a consultant or business coach to help you plan and strategize. It can be so helpful to have an outside perspective. I see my role as a strategy consultant as part hype-girl, part advisor, part accountability partner.
Reflect, reassess, repeat.
Just like any good process, the final step is to do it all over again.
Especially if you recently implemented drastic change or you are just starting out as a solopreneur, tracking your progress and results so you can adjust as needed is crucial. You likely won't get it right on the first try - it may take some trial and error.
Bottom Line
Big picture thinking and planning isn't just for big business. As a solopreneur, you gain so much value and insight from sitting down with yourself to proactively plan and strategize. If you haven't done it before, consider giving it a try to see if it helps. If you struggle with structure and organization, consider finding an accountability person, coach or consultant to guide you.
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