June 30, 2022 by Daran Wastchak
#027 Two Important Elements of a Strategic and Business Plan Every Business Should Have
In this episode, host Daran Wastchak will be talking about Strategic Planning and Business Planning.
More specifically, why both types of planning are most likely not an activity that most small business owners engage in.
And there’s a good reason why, which he’ll explore.
More importantly, he's going to be talking about two key elements, which are part of both business plans and strategic plans, that every small business owner should have, even if they don’t do formal business or strategic planning.
Join Daran for this week’s episode and he’ll tell you what these two key elements are, and why they’re so important to the success of your business.
Enjoy the show and don't forget to...
Stay focused on your freedom!
Here's a glance at this episode...
- [02:37] According to the Small Business Administration, about 30% of small businesses don’t survive more than two years and only half survive more than five years.
- [04:12] A list of the most common elements of a formal business plan.
- [06:06] I did a complete rebuilding of my company.
- [07:20] Two important practices for a business to implement are a shared vision and core values.
- [08:04] Every small business has a set of core values.
- [10:57] We made sure our company core values were in our job ad and in the interview process.
- [12:17] I added two Free tools to help you on your journey to greater freedom in the show notes.
Links mentioned in this episode:
- Daran’s article, “No Time for Planning? Be Certain to At Least Do These Two Things!”
- Free “Vision Builder” and “Personal Core Values Discovery” tools on the DaranWastchak.com website Resources page: www.daranwastchak.com/resources
- U.S. Small Business Administration, Office of Advocacy FAQs, “What is the new business survival rate?”
- “Four Levels of Freedom” for small business owners
- Take the “Four Levels of Freedom” Survey and I'll share with you what other small business owners have said their level of freedom is.
- Join my email list!