Business Planning Toolkit

Strategic planning lays the foundation for your business to progress and succeed. It defines your vision and overall goals, providing a sense of direction for your business.

• Creating a vision statement aims to describe where you see your business going in the future. It helps provide direction and purpose for staff and management to follow as they work towards their goals. (Example: Microsoft: “To help people and businesses throughout the world realize their full potential.”)
• Creating a mission statement will help define the organizational objectives and how they will reach these goals. (Example: Microsoft: “Our mission is to empower every person and every organization on the planet to achieve more.”)
• Mind mapping is a technique to help expand thinking on a subject and develop a strategy. Using words, lines, logic, images, links, and colors to stimulate thinking and draw out connections. 
• Identifying options and linking activity areas can be helpful when developing the strategy for your business.
  • Mind mapping example
  • Operational Analysis
• Final outcome mapping can help focus and understand desired outcomes. Outcome mapping helps in planning, monitoring and evaluating initiatives for the project teams to be more accurate with the intent of their targets and goals. One way to participate in outcome mapping is by using SMART Goals. SMART goals are (Specific, Measurable, Achievable, Relevant, and Time-based goals.) To see if your final mind map is in line with your vision and mission use the following template and answer the questions to analyze.
  • Here is an example of how to break down your SMART goals to see if you are in line with the goals and outcomes you are aiming for with this project. 
• A business strategy canvas can help you lay out the key components of your business strategy on one sheet. It can enable you to collaborate with others and focus on the most important components of your overall business strategy.

Create your business plan using this template.

A business plan is an outline that transitions an idea into a profitable business. Throughout the process of writing a business plan, all aspects of launching a business should be considered including, business model, market position, competition, income and expenses, financing, securing a space and hiring employees, expected profitability, and an exit strategy.

Business Structure:

• Sole proprietor
• Partnership
• Corporation

Pros and cons of common business structure

Reference:  BDC—How to start a business in Canada

It is important to create guidelines for employing and retention of staff. These can be done by creating human resource standards for your workplace. The HR toolkit provides an extensive overview of these practices.

Having a financial plan will allow structure in setting guidelines, and reminders of what the goal is for starting this business. The financial plan will help keep accountability for earnings and investments. Some important aspects of a financial plan for a business include budget, cost and overhead.

Budget and financial management templates are available for reference through Microsoft Platforms. 

Reviewing the following resources can help plan and track the tasks leading up to the first day of business.

• The Checklist for opening a new practice includes information on required registrations and tasks involved in starting a business.
  • Contingency planning toolkit
• Review the step-by-step guides and other resources to start a successful business from the British Columbia Government.
• Read the Top four things to get you started with the CRA resource. 

Consider establishing financial policies and procedures such as:

• Proprietor's responsibilities and asset management
• Expenditure, budget, and petty cash controls  
• Oversight of physical assets and credit policies 
• Management of payroll and employment contracts 
• Bank mandates and signing authorities

The Internal Fraud and Financial Control checklist can help you evaluate internal financial risk.

Succession planning allows for a business to have a supports and structure in the cases there are unexpected changes. This allows for a business to run smoothly in the case staff leaves or other changes occur. A succession plan will help the business plan for the future and stay running successfully.

1. Identify key areas and positions 
2. Identify capabilities for key areas and Positions 
3. Identify Interested Employees and Assess Them Against Capabilities
4. Develop and Implement Succession and Knowledge Transfer Plans
5. Evaluate Effectiveness 

Diversity and Inclusion Toolkit

Learn about Developing a diversity and inclusion strategy.

Hierarchy of goals

The priorities of your business can be expressed through goals and objectives that form a hierarchy of goals. The hierarchy of goals highlights the connection between the operational aspects of the business.

To start, a vision usually describes a goal that is inspiring, overarching, and long-term. A vision provides a sense of purpose and reflects the collective values of its stakeholders. (Example: To provide patient-centered health care with excellence in quality, service, and access.)

A mission statement is more specific than a vision statement, comprising the purpose of the business, as well as how the vision will be achieved. It communicates why the business is different and special.

Strategic objectives help guide how the business will fulfill its mission and vision.

Your hierarchy of goals may change over time.

Reference: Strategic Management—Creating Competitive Advantages (this links to a book to purchase)

Gantt Chart

A Gantt chart is a great tool for project management. It helps in planning and scheduling tasks in alignment with a project timeline. Additionally, a Gantt chart can outline specific action items for a business plan and allot these items, and the required time needed for completion. Overall, a Gantt chart can help visualize and monitor business activity.

The example below demonstrates a realistic interpretation of how to use a Gantt chart for starting a practice. This chart uses steps from the Checklist for Opening a New Practice and Excel templates to map out the timeline and tasks for the project.

Note: There are multiple Gantt charts available over a variety of platforms such as Microsoft excel, google sheets, etc.