Let’s take a moment to realize the ground you and I are standing on because it will be 28 years before we see another day like this. Not only was President Trump’s inauguration day this week, but Martin Luther King, Jr. Day was on the same day as well – an eclipse of events that’s only happened twice before in history.
And each time before, it was the inauguration of a president beginning their second term. (If you’re a conspiracy theorist, do with this information what you will).
But more significant than conspiracies, both of these events represent the same thing: Momentous change. Change for our country, and for you and your Southeastern FL business’s future.
In the case of our “new” president, there’s still a lot of change up ahead. Like the promised tariffs (particularly targeted at goods imported from China), which would have an unwelcome ripple effect on your business costs. And the sunsetting TCJA provisions that could change things for you, especially concerning the Qualified Business Income (QBI) deduction rate (up to 20 percent!) and the bonus depreciation rate.
To handle these changes, you might need to consider looking for new suppliers, finding American-made options that won’t be as costly, or rearranging your business’s financials to be able to take the blows in case the TCJA provisions aren’t renewed.
My point is: You need a strategic plan in place to handle these possible changes while also achieving your goals for your business this year. It’s the only way to navigate all this while still making forward progress.
But just as crucially, you need to know how to execute your plan (which is actually harder than creating it). You need to know how to create the bridge from strategy to real action, for yourself and your team.
Strategic Business Plan Mistakes Southeastern FL Business Owners Should Avoid
“Never begin the day until it is finished on paper.” – Jim Rohn
So, you’ve got your strategic plan for reaching your 2025 business goals in place. What now?
Now comes the hard part: Executing the plan.
The truth is, that only 10 percent of business owners’ strategic plans actually take off and produce results. Why? Because what they don’t realize is that execution has to be just as strategic as the plan itself.
And I want you to be part of the 10 percent in 2025. And you absolutely can be – if you’re aware of the mistakes that the other 90 percent are making (and what to do instead).
Mistake #1: Commitment-phobia
A recent study showed that 71 percent of employees in companies with ineffective execution reported that their leaders noticeably second-guessed their strategic decisions.
The correlation here is because second-guessing shows that you don’t believe in your own plan – and if YOU don’t, your team certainly won’t.
Now, I’m not saying you need to marry every detail of your plan. The unexpected happens, and there will be times you have to adjust your course. But being flexible is a far cry from abandoning ship.
Keep your overall objectives steady, but adapt your approach when necessary. Practically, show your commitment by…
- Being visibly engaged. Actively participate in meetings, planning sessions, and progress reviews.
- Leading by example. Make sure your daily actions are lined up with the strategic objectives, so your team will notice.
- Allocating resources. Dedicating time, budget, and staff to putting the plan into action shows how important it is to you.
Mistake #2: Weak communication
Ultimately, your strategic business plan lives and dies by your employees’ daily tasks. And if they don’t understand the significance of the strategy, your progress will lag.
Your job is to get two main points across:
1. The big “why.” Why does the plan matter to the business and to them? And don’t just use ambiguities – highlight tangible benefits, like how it could boost customer satisfaction or make their job more fulfilling.
2. The personal “how.” It’s your job to bridge the strategy to their work, so they feel connected to it and are more motivated. Create role maps that break down the strategic goals and link them to (even mundane) individual tasks. And along the way, celebrate examples where individual contributions inch you toward desired outcomes.
Mistake #3: Bad strategy management
Executing your strategic business plan is less like flipping a switch and more like tending a fire. It has to be monitored, built up, and even poked as necessary.
The first step is setting your KPIs: They’re measurable benchmarks for judging your progress that will help keep you aligned with your overall goals on a realistic timetable. And, you’ll get the motivational boost of regular small wins.
If you’re coming up short of those benchmarks, you know you need to pivot. You might need to rearrange your allocation of resources, make another objective less of a priority, or hire more help.
And to really manage your strategic business plan well, you need to act like your toddler (minus the grocery store melt-downs). What I mean is, ask questions relentlessly. Like…
- Are there any bottlenecks happening?
- What is causing missed deadlines?
- What added (or eliminated) initiatives would reduce wasted time?
- In what areas do my team members need more support from me to complete their tasks?
- Do we have the right systems in place to resolve problems quickly?
The reality is, your strategic business plan won’t work if execution is an afterthought. And I get it – forging the way from strategy to action is no small task. But with the right initiatives and practical steps, you can make your business goals realities this year (and find yourself in that successful 10 percent this time next year).
I’m guessing one of those goals you have for your Miami Metropolitan business is to maintain your financial well-being – which trickles all the way down to your taxes. And the best strategic move you can make for your business’s financial well-being right now? Scheduling your filing appointment (before the overwhelm of tax season makes it difficult):
calendly.com/ralfheyer/30-minute-meeting
Happy strategic planning (and executing),
Ralf Heyer