There may be business owners who see their business as something other than a business - perhaps as an extension of their professional development. Running a business can become overwhelming and instead of creating freedom, the business may become an all-consuming responsibility.
The purpose of a Business Action Plan is to provide a structured blueprint for you and your employees to help ensure the realisation of your Strategic Objective. The objective of a Business Action Plan is to outline the actions necessary to achieve the results identified in your Key Strategic Indicators.
Your Business Action Plan is a road map
Running a financial planning business requires its own set of skills and disciplines that are quite separate from the skills of financial planning. Whether as a business owner you are both running the business and giving advice, or just running the business, a key challenge will be to balance your time and effort to consistently create the time to focus on best business practice that will help create and support long-term sustainability and profitability for everyone involved in the business: yourself, your employees and your clients.
Your Business Action Plan provides you with the best opportunity to develop your role as a business owner (working on your business) and a leader of qualified people who will help ensure your business runs effectively (working in your business).
Whereas the Strategic Objective is your destination, your Key Strategic Indicators are journey milestones that show you whether your business is still on track, and your Business Action Plan is the road map that outlines the best route.