business planning skills

How it works

Transform your enterprise with the scalable mindsets, skills, & behavior change that drive performance.

Explore how BetterUp connects to your core business systems.

We pair AI with the latest in human-centered coaching to drive powerful, lasting learning and behavior change.

Build leaders that accelerate team performance and engagement.

Unlock performance potential at scale with AI-powered curated growth journeys.

Build resilience, well-being and agility to drive performance across your entire enterprise.

Transform your business, starting with your sales leaders.

Unlock business impact from the top with executive coaching.

Foster a culture of inclusion and belonging.

Accelerate the performance and potential of your agencies and employees.

See how innovative organizations use BetterUp to build a thriving workforce.

Discover how BetterUp measurably impacts key business outcomes for organizations like yours.

A demo is the first step to transforming your business. Meet with us to develop a plan for attaining your goals.

• What is coaching?

Learn how 1:1 coaching works, who its for, and if it's right for you.

Accelerate your personal and professional growth with the expert guidance of a BetterUp Coach.

Types of Coaching

Navigate career transitions, accelerate your professional growth, and achieve your career goals with expert coaching.

Enhance your communication skills for better personal and professional relationships, with tailored coaching that focuses on your needs.

Find balance, resilience, and well-being in all areas of your life with holistic coaching designed to empower you.

Discover your perfect match : Take our 5-minute assessment and let us pair you with one of our top Coaches tailored just for you.

Research, expert insights, and resources to develop courageous leaders within your organization.

Best practices, research, and tools to fuel individual and business growth.

View on-demand BetterUp events and learn about upcoming live discussions.

The latest insights and ideas for building a high-performing workplace.

• BetterUp Briefing

The online magazine that helps you understand tomorrow's workforce trends, today.

Innovative research featured in peer-reviewed journals, press, and more.

Founded in 2022 to deepen the understanding of the intersection of well-being, purpose, and performance

We're on a mission to help everyone live with clarity, purpose, and passion.

Join us and create impactful change.

Read the buzz about BetterUp.

Meet the leadership that's passionate about empowering your workforce.

For Business

For Individuals

10 essential business skills that make an impact on your career

Jump to section

What are business skills?

Why are business skills important, top 10 business skills to develop, how to improve your business skills, stand out and get ahead.

No matter what field you work in, you need the right mix of abilities and expertise to succeed. 

Most of these skills directly relate to your job. If you work in sales, you should have negotiation skills , and if you’re a manager, you should exercise strong leadership . 

But some competencies are valuable across roles and industries. These are business skills , and developing them helps you become a more effective employee. Whether you’re a CEO, an intern , or anyone in between, your skill set contributes to a company’s success — and your own professional development — in strategic and impactful ways. 

Business knowledge comes in many forms, and knowing which professional skills to develop lets you advance along your career path while learning new things . The first step is to decide which skills spark your interest.

Business skills are any skills that let you do your job and contribute to a business, allowing you to collaborate and function successfully within an organizational framework. They help you meet your company’s needs and form the foundation of success as a business owner, team leader, or employee. 

Business skills usually fall into a few different categories: interpersonal , analytical, and problem-solving , just to name a few. 

Also referred to as soft skills , these abilities are in demand — 92% of employers seek expertise in these areas more than technical skills . Most are transferable between roles, while others vary from industry to industry. That’s why it’s important to decide which you want to learn and what’s most valuable to your career goals .

In a benchmark study, Google found that the essential qualities to success weren’t hard skills . It was a combination of soft business skills that encouraged communication, teamwork , and innovation , resulting in the company’s greatest accomplishments.

Business skills give you the know-how to meet the needs of your employer, colleagues, and clients, as well as an organization overall. This is particularly important in service-related industries where gaps in your business acumen could prevent you from meeting customers’ expectations. 

And as a job seeker, having the right skills is just as important as the experience under your belt. Working on your business skills helps you fill that gap and show employers you’re an asset. According to a survey from ManpowerGroup, 75% of employers find locating candidates with the right mix of technical and soft skills challenging . You can future-proof your career with the right transferable skills .

Any of these business skills examples can help you deliver impactful contributions to an organization, whether you’re operating a small business or working for an established multinational enterprise.  

1. Communication skills

Communication has risen to become one of the most in-demand skills out there. In a modern workplace, not only do you need to express yourself clearly across multiple channels — phone, email, video conference — you need to purposefully engage with information through active listening . Communication allows that engagement.

Effective communication touches every corner of an organization. Without it, you can’t pitch ideas , delegate tasks effectively, or impress investors with your vision. It’s a transferable skill that applies to pretty much every type of job, which is why it’s so vital to professional development.

Examples of communication skills include: 

Public speaking

Written communication

Body language and nonverbal communication

2. Leadership skills

Being an effective leader means motivating a team to work together to achieve a common goal — and you don’t need to become a manager to do so. As an active team member with leadership skills, you can organize, inspire, and encourage your coworkers every day. And often, leadership depends on the strength of the relationships you build, so interpersonal skills are an important part of this area.

Some examples of leadership skills are:

Employee motivation

Flexibility and adaptability

Coaching and mentorship

Goal-setting

3. Teamwork skills

Not every task is best done alone. In fact, research shows that teams complete difficult tasks better than individuals can . Knowing when and how to work together and solve problems as a team is an important business skill because it lets you complete tasks faster and build relationships. Team-building also helps you partner with people outside your organization, such as associates, advisors, and investors. 

Here are a few examples of teamwork skills: 

Organization

Relationship-building

Interpersonal skills

Conflict resolution

Reliability

4. Management skills

Like leadership, business management skills organize teams and help them grow. But management focuses on strategy and organization rather than teamwork and interpersonal support. These skills help you deploy and direct human, financial, and technological resources to accomplish common business goals. 

Some examples of management skills include: 

Coordination

Giving direction

Decision-making

Accountability and ownership

5. Delegation skills

Learning to delegate effectively frees up your energy to complete the business-critical tasks only you can perform. You’ll pass responsibilities on to people with the office skills and resources necessary to support the organization and the team. As a leader, this requires striking the proper balance between telling people what to do and offering them the freedom to do their jobs as they see fit. 

Examples of delegation skills are: 

Defining expectations

Project management

Guideline development

Quality assurance

6. Negotiation skills

You may not be aware of it, but you negotiate every day, whether you’re asking for time off or discussing what to make for dinner. Negotiation skills give you the chance to make your needs known, compromise with the people around you, and reach outcomes that benefit everyone. And in business, communicating those needs with both respect and assertiveness is an asset.

A few examples of negotiation skills are: 

Emotional intelligence

Expectation management

Rapport-building

7. Strategic planning skills

Success doesn’t happen by accident. It results from long-term thinking and strategizing, also known as strategic planning skills. These let you gather the proper resources for your goals, engage the right colleagues and team members, and recognize when you’re on the right path. You can focus on future, long-term goals while ensuring the immediate health of your organization.

Here are some examples of strategic planning skills: 

Critical thinking

Time management

Attention to detail

Resourcefulness

8. Analytical skills

Developing your analytical thinking skills gives you the tools to objectively evaluate how your team’s doing and what path you’re on to meet your goals. Analysis isn’t just about numbers. It also concerns your communication and decision-making skills, which let you work with team members and reach new heights together.

Examples of analytical skills include: 

Brainstorming

Troubleshooting

Forecasting

Information collection

Diagnostics

9. Financial management skills

Learning how to build a budget , evaluate the risks of various investments, and report on income and expenditures are vital to the healthy functioning of any company. Even if you don’t operate a business, understanding how finances work can help you better advocate for and allocate resources. You’ll ensure your team has everything they need to succeed. 

A few examples of financial management skills are: 

Mathematical skills

Risk assessment

Transparency  

10. Time management skills

Time management skills fall under lots of different categories, and that’s because they’re transferable and can help you accomplish pretty much anything. Any task requires time, and organizing your schedule lets you accomplish more in a given day and empowers you to focus on high-value activities. 

Some examples of time management skills include: 

• Prioritization
• Focus and concentration
• Stress management
• Boundary setting
• Self-awareness

With the availability of online courses, books, and podcasts, you can access business skills training from anywhere, anytime. Tune into a podcast during your lunch break. Take an online class over the weekend. Meet with a career coach once a month. You can find a way to develop your skills that fits your schedule and lifestyle. 

Before you start, pick a skill. You can’t develop every single one at once, so start with something realistic. Evaluate your current skill set against in-demand skills or ones that match your career goals, and choose from there. You could also evaluate job postings for positions you’re interested in to identify what employers are looking for.

Start developing your business skills by:

1. Finding a mentor

A mentor is someone who can guide your professional development through advice, feedback , and support. They’ll usually work in a similar position to one you aspire to fill later in your career, which means they can drive your progress along your career path. 

But before starting your search for a mentor , decide what your goals are for this relationship. Do you want to learn a specific skill? Do you need someone to talk to about a difficult coworker ? Are you looking for someone to help you choose what path to take? This will help you narrow down potential candidates to give you the guidance and expertise you need. 

2. Taking an online course

There are hundreds of online resources out there that teach a wide variety of business subjects, either for free or with monthly fees. And with most digital courses, you can progress at your own pace and study when you want to. You can become a better business leader without committing to a formal course or college degree. Try looking at Coursera or Udemy to find options that work for you.

3. Reading a business book

Portable and affordable, business books are a great way to learn essential skills from experts without the expense of attending a workshop. If you’re not sure where to start, review the syllabus for a business course that’s teaching the skills you want and take note of the reading materials. You can also ask your network for recommendations, or even visit your local bookstore’s business section. 

4. Listening to a podcast

While this isn’t a traditional learning model, educational podcasts can teach you about important business skills from anywhere, and there are thousands of episodes to choose from. No matter what you want to learn — from entrepreneurship to social skills — you can find a podcast that dives into the topic. Browse Spotify, Apple Podcasts, or even YouTube and search for the skills that interest you.

5. Joining a training or certification course

If you prefer in-person learning or want to earn a formal certification, try finding industry-specific courses that let you graduate with something to show on your resume . Consider courses from professional associations or community and vocational colleges. Not only will you learn something new, but you’ll walk away with a certification that supports your skill set for potential employers.

Whether you’re an established employee, launching your first new business venture as an entrepreneur, or a C-suite executive, there’s always a new business skill to learn. By thinking outside the box and leaving your comfort zone , you can bring something new to the table that will help you stand out and develop professionally. 

Learning new skills, whether based on business needs or personal interests, boosts your employability and expands your point of view. And it can also be the start of a new adventure.

Invest in your career

Get your promotion. Make your career change. Build the future you dream about. And do it faster with a world-class BetterUp Coach by your side.

Elizabeth Perry, ACC

Elizabeth Perry is a Coach Community Manager at BetterUp. She uses strategic engagement strategies to cultivate a learning community across a global network of Coaches through in-person and virtual experiences, technology-enabled platforms, and strategic coaching industry partnerships. With over 3 years of coaching experience and a certification in transformative leadership and life coaching from Sofia University, Elizabeth leverages transpersonal psychology expertise to help coaches and clients gain awareness of their behavioral and thought patterns, discover their purpose and passions, and elevate their potential. She is a lifelong student of psychology, personal growth, and human potential as well as an ICF-certified ACC transpersonal life and leadership Coach.

What business acumen is and 9 ways to develop it

9 high-income skills to learn in 2024, 20 marketing skills professionals should have in 2023, the 12 best entrepreneurial skills, 8 hard and soft skills a project manager should have, 17 essential transferable skills to boost your job search, skills gap analysis: how to build one in 7 steps, ready for a fresh start 7 best jobs for a career change, teamwork skills self-appraisal comments: 40 example phrases, vocational skills: what they are and how to develop them, 10 essential negotiation skills to help you get what you want, how to pursue jobs versus careers to achieve different goals, how to write a professional development plan for career success, 10 characteristics for becoming a successful entrepreneur, 15 human resources skills to help your resume stand out, 6 career changes for teachers that truly pay off, self-promotion: how to showcase your skills and experience, 18 jobs for extroverts to excel professionally, stay connected with betterup, get our newsletter, event invites, plus product insights and research..

3100 E 5th Street, Suite 350 Austin, TX 78702

• Platform Overview
• Integrations
• Powered by AI
• BetterUp Lead™
• BetterUp Manage™
• BetterUp Care®
• Sales Performance
• Diversity & Inclusion
• Case Studies
• Why BetterUp?
• About Coaching
• Find your Coach
• Career Coaching
• Communication Coaching
• Life Coaching
• News and Press
• Leadership Team
• Become a BetterUp Coach
• BetterUp Labs
• Center for Purpose & Performance
• Leadership Training
• Business Coaching
• Contact Support
• Contact Sales
• Privacy Policy
• Acceptable Use Policy
• Trust & Security
• Cookie Preferences

You are using an outdated browser. Please upgrade your browser to improve your experience.

Health & Nursing

Courses and certificates.

• Bachelor's Degrees
• View all Business Bachelor's Degrees
• Business Management – B.S. Business Administration
• Healthcare Administration – B.S.
• Human Resource Management – B.S. Business Administration
• Information Technology Management – B.S. Business Administration
• Marketing – B.S. Business Administration
• Accounting – B.S. Business Administration
• Finance – B.S.
• Supply Chain and Operations Management – B.S.
• Accelerated Information Technology Bachelor's and Master's Degree (from the School of Technology)
• Health Information Management – B.S. (from the Leavitt School of Health)

Master's Degrees

• View all Business Master's Degrees
• Master of Business Administration (MBA)
• MBA Information Technology Management
• MBA Healthcare Management
• Management and Leadership – M.S.
• Accounting – M.S.
• Marketing – M.S.
• Human Resource Management – M.S.
• Master of Healthcare Administration (from the Leavitt School of Health)
• Data Analytics – M.S. (from the School of Technology)
• Information Technology Management – M.S. (from the School of Technology)
• Education Technology and Instructional Design – M.Ed. (from the School of Education)

Certificates

• Supply Chain
• Accounting Fundamentals
• Digital Marketing and E-Commerce
• View all Business Degrees

Bachelor's Preparing For Licensure

• View all Education Bachelor's Degrees
• Elementary Education – B.A.
• Special Education and Elementary Education (Dual Licensure) – B.A.
• Special Education (Mild-to-Moderate) – B.A.
• Mathematics Education (Middle Grades) – B.S.
• Mathematics Education (Secondary)– B.S.
• Science Education (Middle Grades) – B.S.
• Science Education (Secondary Chemistry) – B.S.
• Science Education (Secondary Physics) – B.S.
• Science Education (Secondary Biological Sciences) – B.S.
• Science Education (Secondary Earth Science)– B.S.
• View all Education Degrees

Bachelor of Arts in Education Degrees

• Educational Studies – B.A.

Master of Science in Education Degrees

• View all Education Master's Degrees
• Curriculum and Instruction – M.S.
• Educational Leadership – M.S.
• Education Technology and Instructional Design – M.Ed.

Master's Preparing for Licensure

• Teaching, Elementary Education – M.A.
• Teaching, English Education (Secondary) – M.A.
• Teaching, Mathematics Education (Middle Grades) – M.A.
• Teaching, Mathematics Education (Secondary) – M.A.
• Teaching, Science Education (Secondary) – M.A.
• Teaching, Special Education (K-12) – M.A.

Licensure Information

• State Teaching Licensure Information

Master's Degrees for Teachers

• Mathematics Education (K-6) – M.A.
• Mathematics Education (Middle Grade) – M.A.
• Mathematics Education (Secondary) – M.A.
• English Language Learning (PreK-12) – M.A.
• Endorsement Preparation Program, English Language Learning (PreK-12)
• Science Education (Middle Grades) – M.A.
• Science Education (Secondary Chemistry) – M.A.
• Science Education (Secondary Physics) – M.A.
• Science Education (Secondary Biological Sciences) – M.A.
• Science Education (Secondary Earth Science)– M.A.
• View all Technology Bachelor's Degrees
• Cloud Computing – B.S.
• Computer Science – B.S.
• Cybersecurity and Information Assurance – B.S.
• Data Analytics – B.S.
• Information Technology – B.S.
• Network Engineering and Security – B.S.
• Software Engineering – B.S.
• Accelerated Information Technology Bachelor's and Master's Degree
• Information Technology Management – B.S. Business Administration (from the School of Business)
• View all Technology Master's Degrees
• Cybersecurity and Information Assurance – M.S.
• Data Analytics – M.S.
• Information Technology Management – M.S.
• MBA Information Technology Management (from the School of Business)
• Full Stack Engineering
• Web Application Deployment and Support
• Front End Web Development
• Back End Web Development

3rd Party Certifications

• IT Certifications Included in WGU Degrees
• View all Technology Degrees
• View all Health & Nursing Bachelor's Degrees
• Nursing (RN-to-BSN online) – B.S.
• Nursing (Prelicensure) – B.S. (Available in select states)
• Health Information Management – B.S.
• Health and Human Services – B.S.
• Psychology – B.S.
• Health Science – B.S.
• Public Health – B.S.
• Healthcare Administration – B.S. (from the School of Business)
• View all Nursing Post-Master's Certificates
• Nursing Education—Post-Master's Certificate
• Nursing Leadership and Management—Post-Master's Certificate
• Family Nurse Practitioner—Post-Master's Certificate
• Psychiatric Mental Health Nurse Practitioner —Post-Master's Certificate
• View all Health & Nursing Degrees
• View all Nursing & Health Master's Degrees
• Nursing – Education (BSN-to-MSN Program) – M.S.
• Nursing – Leadership and Management (BSN-to-MSN Program) – M.S.
• Nursing – Nursing Informatics (BSN-to-MSN Program) – M.S.
• Nursing – Family Nurse Practitioner (BSN-to-MSN Program) – M.S. (Available in select states)
• Nursing – Psychiatric Mental Health Nurse Practitioner (BSN-to-MSN Program) – M.S. (Available in select states)
• Nursing – Education (RN-to-MSN Program) – M.S.
• Nursing – Leadership and Management (RN-to-MSN Program) – M.S.
• Nursing – Nursing Informatics (RN-to-MSN Program) – M.S.
• Master of Healthcare Administration
• Master of Public Health
• MBA Healthcare Management (from the School of Business)
• Business Leadership (with the School of Business)
• Supply Chain (with the School of Business)
• Accounting Fundamentals (with the School of Business)
• Digital Marketing and E-Commerce (with the School of Business)
• Back End Web Development (with the School of Technology)
• Front End Web Development (with the School of Technology)
• Web Application Deployment and Support (with the School of Technology)
• Full Stack Engineering (with the School of Technology)
• Single Courses
• Course Bundles

Apply for Admission

Admission requirements.

• New Students
• WGU Returning Graduates
• WGU Readmission
• Enrollment Checklist
• Accessibility
• Accommodation Request
• School of Education Admission Requirements
• School of Business Admission Requirements
• School of Technology Admission Requirements
• Leavitt School of Health Admission Requirements

Additional Requirements

• Computer Requirements
• No Standardized Testing
• Clinical and Student Teaching Information

Transferring

• FAQs about Transferring
• Transfer to WGU
• Transferrable Certifications
• Request WGU Transcripts
• International Transfer Credit
• Tuition and Fees
• Financial Aid
• Scholarships

Other Ways to Pay for School

• Tuition—School of Business
• Tuition—School of Education
• Tuition—School of Technology
• Tuition—Leavitt School of Health
• Your Financial Obligations
• Tuition Comparison
• Applying for Financial Aid
• State Grants
• Consumer Information Guide
• Responsible Borrowing Initiative
• Higher Education Relief Fund

FAFSA Support

• Net Price Calculator
• FAFSA Simplification
• See All Scholarships
• Military Scholarships
• State Scholarships
• Scholarship FAQs

Payment Options

• Payment Plans
• Corporate Reimbursement
• Current Student Hardship Assistance
• Military Tuition Assistance

WGU Experience

• How You'll Learn
• Scheduling/Assessments
• Accreditation
• Student Support/Faculty
• Military Students
• Part-Time Options
• Virtual Military Education Resource Center
• Student Outcomes
• Return on Investment
• Students and Gradutes
• Career Growth
• Student Resources
• Communities
• Testimonials
• Career Guides
• Skills Guides
• Online Degrees
• All Degrees
• Explore Your Options

Admissions & Transfers

• Admissions Overview

Tuition & Financial Aid

Student Success

• Prospective Students
• Current Students
• Military and Veterans
• Commencement
• Careers at WGU
• Advancement & Giving
• Partnering with WGU

WESTERN GOVERNORS UNIVERSITY

Developing your strategic planning skills, strategic planning skills.

As the modern workplace continues to evolve, business models must be reviewed regularly to identify an organization’s strengths and weaknesses, set objectives, and prepare for uncertainties. Individuals with strategic planning skills are highly sought-after by businesses looking to reach new heights.

Strategic planning skills are critical in making informed decisions, setting performance metrics, managing crises, and evaluating performance. Developing strategic planning skills opens the door to diverse career opportunities in any industry that requires planning, reorganization, and optimal performance. 

This guide will focus on strategic planning skills, why you need them, and how you can conveniently acquire them and apply them in the workplace.

What Are Strategic Planning Skills?

Strategic planning skills refer to the expertise needed to develop sustainable and obtainable long-term goals for a business or an organization and provide the road map to achieve them. These skills may involve analyzing business plans, thinking critically, prioritizing tasks, and making decisions to help businesses scale. 

Strategic planning is the process of evaluating the needs of a business, setting specific goals, establishing a plan of action to achieve the goals, and measuring the results. This evaluation and thinking process helps you identify weaknesses within a business and identify opportunities for growth. 

Why Are Strategic Planning Skills Important?

With strategic planning skills, you can review business models and formulate a long-term sustainable vision to help businesses remain profitable. You can implement procedures that help identify your institution’s strengths, weaknesses, workforce performance, and new investment opportunities. 

Let’s explore why strategic management skills are important:

• Goal clarity: As a strategic planner, you can develop specific, measurable, attainable, relevant, time-bound, and clear goals. Setting clear goals helps your workforce understand what you intend to achieve and how their specific roles tie to the goal.
• Focused decision-making: You can analyze existing business models to identify their strengths and weaknesses. The findings help you make informed decisions on how to solve business challenges and find new opportunities and the best actions to help the business grow.
• Long-term sustainability: Strategic planning skills are critical in designing business models that stand the test of time. This includes implementing procedures that can aid the business in using, managing, and maintaining its resources responsibly to continuously remain competitive in the market. 
• Transparency: As a business owner, you can set and use ethical procedures in all your dealings and provide relevant data whenever asked to. Openness and honesty enhance customer relationships, build trust, improve brand reputation, and motivate your workforce.
• Organizational culture: You can involve all stakeholders of a business in crafting the bigger picture of the business. You create a common voice and sets of belief, values, and guidelines and influence how you conduct business in a competitive landscape. 
• Long-term vision: As an organization leader, you can write down a comprehensive plan defining what you want to achieve in the future and the framework to get there. You can set multiple relevant, measurable, and attainable goals and implement them holistically to drive your business toward achieving its long-term success. 
• Accountability: As a leader, you become responsible for your business's long-term performance and sustainability. You can structure a clear plan defining the roles of each employee to achieve collective productivity and realize your business’ full potential.

What Are the Benefits of Having Strategic Planning Skills?

Though thousands of businesses are founded each year, only about 50% of new startups survive for five or more years. This data validates the value of strategic planning in creating measurable, attainable, and sustainable goals for the long-term success of a business. 

Here are the benefits of having strategic planning skills:

• Self-confidence: Competence in strategic planning skills gives you a sense of self-belief, trusting your ability to develop long-term, sustainable goals. Overall, it helps you identify your strengths, foster business relationships, make informed decisions, and take up bigger roles in life. 
• Personal growth: Strategic planning skills improve reasoning, behavior, abilities, confidence, and decision-making. You focus on setting goals that expand your knowledge, self-awareness, and accountability. 
• Goal achievement: Strategic planning is the foundation upon which individuals, businesses, and organizations build up their goals. By developing an actionable plan, you can strive to execute small measurable goals that make up the bigger vision. 
• Customer satisfaction: Customers are the lifeblood of any business. You can leverage strategic planning skills to implement procedures that personalize user experience, offer multiple customer support channels, respond to customer queries and feedback professionally, and follow up with customers. These strategies improve customer satisfaction, convincing more people to be loyal to your brand. 
• Adaptation to change: Change is inevitable. As a leader, you must be prepared for risks and uncertainties by designing flexible goals that can be restructured to accommodate change. This could mean having an emergency fund account, data backup plans, or trying a new product or service.

Examples of Strategic Planning Skills in the Workplace

In the workplace, strategic planning skills are critical in evaluating a business's performance, profitability, financial position, customer relations, and identifying areas that need more resources.

Here are examples of how you can use strategic planning skills in the workplace:

Make Informed Decisions

Business managers can evaluate business models, day-to-day guidelines, and long-term goals to support organizational decision-making. for example, accountants can audit financial statements to check whether the business is profitable and make appropriate decisions on the way forward., task prioritization, organizations can create a list of tasks and execute them depending on their urgency, importance, and available resources. task prioritization helps businesses beat deadlines, take on more orders, and enhance productivity.  , performance evaluation, businesses can use surveys or other procedures to collect, measure, and analyze the productivity and potential of their workforce. this helps managers assign roles and set clear, specific, and attainable goals for every employee.  , setting performance metrics, managers can set up targets for their teams and design procedures to measure the quality, quantity, efficiency, and productivity of every employee. the results are compared to the targets to see if the employees achieved specific goals.   , crisis management, companies develop strategies to identify potential threats to the business and implement effective preventive or control measures. for instance, businesses use firewall software to keep their networks secure. a business can use cybersecurity specialists to stop attacks and restore normal network traffic performance during cybercrime attempts. , how can i use strategic planning skills.

Strategic planning is among the most sought-after professional skills today. With new startups and existing businesses trying to maintain their competitive advantage, there's a demand for professionals with strategic planning skills to help develop long-term sustainable business models. 

Here are various ways you can use strategic planning skills:

• Business management: As a business manager , you can use innovative and strategic thinking to analyze different business environments. You can set performance metrics, allocate resources, and evaluate results to measure the productivity and efficiency of individuals or teams.
• Solving business problems: You can analyze business models in real time, identify bottlenecks, and help businesses implement the best practices to realize growth.
• Managing human capital: As a  business administrator ,  you can leverage management strategies and tools to maximize workforce contribution and create organizational excellence. 
• Making informed decisions: You can use analytics from employee performance, financial statements, and sales reports to influence decisions about the goals of the businesses. 
• Optimizing processes: By implementing strategies that motivate employees, improve efficiency in your business, and reduce operational costs, you can maximize productivity and profitability. 
• Identifying opportunities and risks: You can filter through business models and strategic procedures to identify untapped trends that present new opportunities or patterns that pose risks to the business.

How Can I Learn Strategic Planning Skills?

WGU's School of Business offers specialized degree programs like a B.S. in Finance, an M.S. in Management and Leadership, and an MBA in IT Management. Additionally WGU offers programs in IT and healthcare that focus on strategic planning skills. These degrees are designed to help you learn the best strategic planning and management tools that prepare you for the diverse job market.

In our degree programs, you’ll be able to: 

• Analyze the current business environment and challenges to build a strategic plan.
• Apply strategic planning frameworks that include basic phases, such as analysis or assessment, strategy formulation, and strategy execution.
• Define success criteria for organizational objectives.
• Define the tactics required to make progress toward the long-term plans for an organization.
• Determine goals and results of strategic plans.
• Develop a master plan for decision-making regarding healthcare issues.
• Develop a mission, vision, goals, and objectives to guide an institution's activities, budgeting, and resource allocation.
• Develop business strategies for the three time-standard frames: long-term, medium-term, and short-term.
• Develop human resource (HR) strategy, vision, and goals that align with and support the organization's strategy and goals.
• Facilitate strategic planning in a process in which organizational leaders determine their vision for the future and identify their goals and objectives (e.g., profitability goals) for the organization.
• Forecast the human resources required to achieve a business objective.
• Identify the ways in which the human resource (HR) function can support the organization's strategy and goals.
• Implement human resource (HR) strategy, vision, and goals that align with and support the organization's strategy and goals.

Frequently Asked Questions

What are the benefits of incorporating strategic planning skills into daily work routines.

By incorporating strategic planning skills into daily work routines, you can prioritize tasks, evaluate performance, adapt to change, set clear sustainable goals, and manage crises.

Can strategic planning skills help individuals and teams make better decisions?

Yes, strategic planning skills can help individuals and teams make better decisions. They can measure performance or scrutinize existing procedures and goals to make informed decisions about the long-term sustainability of their businesses.

How can individuals develop and improve their strategic planning skills?

To enhance strategic planning skills, Individuals can enroll in programs that offer strategic planning courses, such as a B.S. in Business Management at WGU.

They can also read books, articles, and case studies on strategic planning, and participate in strategic projects or initiatives for hands-on experience. Collaborating with peers, mentors, and experts in the field offers learning from personal experiences and expertise. 

Find Your Degree

WGU offers a wide range of comprehensive degrees developed with the help of industry experts to ensure that our graduates meet the job market’s demands.

Our competency-based education model allows you to progress through courses as quickly as you master the material, potentially graduating faster and saving time and money. Move one step closer to achieving your dream career by taking the degree quiz to find the perfect program fit for you.

The University

For students.

• Student Portal
• Alumni Services

Most Visited Links

• Business Programs
• Student Experience
• Diversity, Equity, and Inclusion
• Student Communities

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

• Starting a Business

Our Top Picks

• Best Small Business Loans
• Best Business Internet Service
• Best Online Payroll Service
• Best Business Phone Systems

Our In-Depth Reviews

• OnPay Payroll Review
• ADP Payroll Review
• Ooma Office Review
• RingCentral Review

Explore More

• Business Solutions
• Entrepreneurship
• Franchising
• Best Accounting Software
• Best Merchant Services Providers
• Best Credit Card Processors
• Best Mobile Credit Card Processors
• Clover Review
• Merchant One Review
• QuickBooks Online Review
• Xero Accounting Review
• Financial Solutions

Human Resources

• Best Human Resources Outsourcing Services
• Best Time and Attendance Software
• Best PEO Services
• Best Business Employee Retirement Plans
• Bambee Review
• Rippling HR Software Review
• TriNet Review
• Gusto Payroll Review
• HR Solutions

Marketing and Sales

• Best Text Message Marketing Services
• Best CRM Software
• Best Email Marketing Services
• Best Website Builders
• Textedly Review
• Salesforce Review
• EZ Texting Review
• Textline Review
• Business Intelligence
• Marketing Solutions
• Marketing Strategy
• Public Relations
• Social Media
• Best GPS Fleet Management Software
• Best POS Systems
• Best Employee Monitoring Software
• Best Document Management Software
• Verizon Connect Fleet GPS Review
• Zoom Review
• Samsara Review
• Zoho CRM Review
• Technology Solutions

Business Basics

• 4 Simple Steps to Valuing Your Small Business
• How to Write a Business Growth Plan

12 Business Skills You Need to Master

• How to Start a One-Person Business
• FreshBooks vs. QuickBooks Comparison
• Salesforce CRM vs. Zoho CRM
• RingCentral vs. Zoom Comparison
• 10 Ways to Generate More Sales Leads

Business.com aims to help business owners make informed decisions to support and grow their companies. We research and recommend products and services suitable for various business types, investing thousands of hours each year in this process.

As a business, we need to generate revenue to sustain our content. We have financial relationships with some companies we cover, earning commissions when readers purchase from our partners or share information about their needs. These relationships do not dictate our advice and recommendations. Our editorial team independently evaluates and recommends products and services based on their research and expertise. Learn more about our process and partners here .

Success demands more than hard work, resilience and expertise in your field.

Table of Contents

While many small business owners have an abundance of passion, they often lack practical business skills. Nearly half of new businesses fail in the first five years and about 65 percent fail in the first 10 years, according to data from the U.S. Bureau of Labor Statistics . To prevent your business from being part of those statistics, you need to understand the skills you already have and which you must learn or delegate to others.

Here are the essential soft skills (people skills or anything that is not a technical skill) you will need to learn to succeed in your business. 

The business skills you need to master

To succeed as an entrepreneur and leader, you need a variety of skills. You must delegate effectively, communicate well, negotiate and plan strategically, lead and build teams, think analytically, market and sell effectively and manage finances, cash flow and your time. The following business skills will help you achieve your career goals: 

Delegation skills

Delegation involves assigning responsibility to other people for the completion of work. The ideal position that you want to obtain is one where your staff carries out all the routine activities of your business. Effective delegation involves achieving the correct balance between controls and allowing people to complete their job. The key element is knowing how to make your business work, rather than your business working you!

Communication skills

Communication is an important part of life and is one that is often taken for granted. When you think about it, almost everything you do requires improved communication. To be effective in business, you have to communicate well. When you hire a new employee, good communication skills help you select the right person. When you speak with your various stakeholders, you need to be clear about your expectations and to be sensitive when dealing with problems. The key is to know how to communicate your vision effectively with passion and conviction.

>> Learn More: Technology Should Enhance Communication Skills

Negotiation skills

Almost everyone negotiates informally on a daily basis without being aware of it. Formal negotiation is a skill that can be learned through experience and practice. People who negotiate frequently tend to be more skilled at it than people who have not participated in many formal/informal negotiations. Experienced people are more likely to know what to say, when or when not to say it or when not to make concessions. The key is to know how to develop a win-win approach in negotiations with all parties while keeping in mind that you also want to obtain the most favorable outcome possible for yourself.

Strategic planning

Strategic planning is an important business activity. Strategic planning is a process of defining your company’s strategy or direction and making decisions on allocations of resources of capital and people. The key is to know how to protect your company’s future performance, within a three- to five-year framework or more, supported by your well-defined business plan.

Leadership skills

Leadership is a process of getting things done by people. Leadership, a critical management skill, is the ability to motivate a group of people toward a common goal. Leadership is also the ability to take charge, assemble, mobilize and motivate teams. The key is to know how to forge long-term relationships with prospects, customers, suppliers, employees and investors.

Team-building skills

Team-building and teamwork skills are essential for an entrepreneur in today’s workplace. People working to their potential in teams generate better solutions and more productivity than individual members working independently. The key is to know how to build teams of employees , partners, advisors and investors that will help you take your business to the next level.

Analytical skills

Today’s workplace is becoming more technologically advanced and complex. With this rapid increase of technology, the need for analytical thinking also increases. Analytical thinking is the ability to assess your business’ present state objectively, determine where you want to be in the future and what to do to close the gap between your business’ present and future growth. The key is knowing how to gather, review and evaluate data necessary to formulate and express compelling arguments.

Sales and marketing skills

Establishing successful sales and marketing methods and policies — from pricing and advertising to sales techniques — are essential in growing your business. The ability to analyze your competition, the marketplace and industry trends are critical to the development of your marketing strategy. The key is to know how to craft and communicate a compelling message to the right target audience that generates new business and builds profitable revenue streams.

General management skills

Management involves leading a group of one or more people for the purpose of coordinating activities that will accomplish a goal. Management encompasses the deployment and direction of human, financial and technological resources. The key is to know how to develop and implement a workable management system that will oversee daily operations, nurture stakeholders and support business growth.

Cash flow management skills

Cash flow generally is acknowledged as the single most pressing concern of small and medium-sized businesses. In its simplest form, cash flow is the movement of money in and out of your business. Cash flow is the lifeblood of all growing businesses and is the primary indicator of business health. The effect of cash flow is real, immediate and, if mismanaged, totally unforgiving. The key is to know how to monitor, protect, control and put cash to work. [See our reviews of the best accounting software to help you manage your cash flow.]

Financial management skills

The activity of finance is the application of a set of techniques that individuals and businesses use to manage their money, particularly the differences between income and expenditure and the risks of their investments. The need for timely budgeting and reporting of financial performance is of the utmost importance. The key is to know how to interpret and analyze your financial statements in such a way as to identify the items that are adversely affecting your profitability.

Time management skills

Time management is a set of related common-sense skills that help you use your time in the most effective and productive way. Time management is an important skill to master. Learning this skill will empower you to achieve more and to use your time wisely. The key is to know how to manage your time efficiently and to focus on the activities most likely to deliver value to your business.

The best tools to learn business skills 

Business mentor.

Even if you have substantial professional experience, you can always find a business mentor to share their expertise with you. They can provide a fresh perspective on any problem you face — whether it’s how to make an acquisition or foster a better workplace culture — and provide a new approach to solving it. If you have specific skills you want to improve, like communication or strategic thinking, they can help you with that as well. 

Finding a mentor in your field is helpful, but the most important thing is to find someone who excels in the skills you wish to learn — regardless of their industry. Together, you can figure out how to strengthen that skill set and apply it to your business. 

A business mentor is also a new connection. They can expand your network and help you find consultants or employees to fill the skill gaps in your workplace. 

Digital courses

Online learning is a great opportunity for anyone to learn at the time and place that is most convenient for them as most courses are also flexible about the timeframe in which they are completed. Depending on the type of course or platform you choose, you can listen to prerecorded lectures while commuting to work, watch your classes during lunch and log your online discussion questions before you sit down to dinner.

The breadth of digital courses available has also increased greatly. Not only can you find classes on traditional subjects, but you can also take classes for specific skills like Adobe software, management or website maintenance.

Because of their increased popularity, online learning courses are surprisingly affordable. You don’t need to pay for a whole degree — just the classes that interest you and can make you a better leader.

Podcasts/TED Talks

Although less traditional, podcasts and TED Talks are rich with life lessons and soft skills that you can pick up through your headphones. TED Talks cover a variety of subjects, allowing you to bounce from business strategy to positive psychology to meditation and back again. Listening to a variety of speakers will encourage you to think about things from a new perspective.

If you do encounter any topics or speakers through TED Talks that you enjoy, you can likely find podcasts that dive deeper into those subjects and feature even more speakers. A good rule of thumb is that there is a podcast for everything you want to listen to. Try out self-help podcasts like We Can Do Hard Things with Glennon Doyle , human behavior podcasts like Hidden Brain , slice-of-life podcasts like 70 Over 70 and economy podcasts like Planet Money . 

Training/certifications

In a more official capacity, you can complete new training and certification programs to boost your skills in the workplace as well as the credentials on your resume. You can get certified in different leadership ethos, public speaking and even high-speed typing. Consider areas that are less obvious to your business, but may encourage you to think differently, such as diversity, peer mediation and sustainable design. Getting out of your comfort zone is also a great way to stand out from your peers and bring something new to the table.

Get Weekly 5-Minute Business Advice

B. newsletter is your digest of bite-sized news, thought & brand leadership, and entertainment. All in one email.

Our mission is to help you take your team, your business and your career to the next level. Whether you're here for product recommendations, research or career advice, we're happy you're here!

Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

• Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
• Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
• Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
• Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
• Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
• Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

Become a Business and Leadership Professional

• Top 10 skills in demand Business Analysis As A Skill In 2020
• 14% Growth in Jobs Of Business Analysis Profile By 2028

Business Analyst

• Industry-recognized certifications from IBM and Simplilearn
• Masterclasses from IBM experts

Post Graduate Program in Business Analysis

• Certificate from Simplilearn in collaboration with Purdue University
• Become eligible to be part of the Purdue University Alumni Association

Here's what learners are saying regarding our programs:

Assistant Consultant at Tata Consultancy Services , Tata Consultancy Services

My experience with Simplilearn has been great till now. They have good materials to start with, and a wide range of courses. I have signed up for two courses with Simplilearn over the past 6 months, Data Scientist and Agile and Scrum. My experience with both is good. One unique feature I liked about Simplilearn is that they give pre-requisites that you should complete, before a live class, so that you go there fully prepared. Secondly, there support staff is superb. I believe there are two teams, to cater to the Indian and US time zones. Simplilearn gives you the most methodical and easy way to up-skill yourself. Also, when you compare the data analytics courses across the market that offer web-based tutorials, Simplilearn, scores over the rest in my opinion. Great job, Simplilearn!

I was keenly looking for a change in my domain from business consultancy to IT(Business Analytics). This Post Graduate Program in Business Analysis course helped me achieve the same. I am proficient in business analysis now and am looking for job profiles that suit my skill set.

Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

• Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
• Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
• Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
• Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
• Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

• Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
• Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
• Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
• Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
• Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

• Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

• Create a business plan to determine your company's direction, obtain financing, and attract investors.
• Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
• Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
• You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

Our Business And Leadership Courses Duration And Fees

Business And Leadership Courses typically range from a few weeks to several months, with fees varying based on program and institution.

Get Free Certifications with free video courses

Business and Leadership

Business Analysis Basics

Data Science & Business Analytics

Business Intelligence Fundamentals

Learn from Industry Experts with free Masterclasses

Industry Trends: Unleash the AI Gateway for Advancing Your UI/UX Design Career in 2024

Career Masterclass: AI UI/UX Designer: The New Job on the Rise in 2024

Career Information Session: Find Out How to Become a Business Analyst with IIT Roorkee

Recommended Reads

Business Intelligence Career Guide: Your Complete Guide to Becoming a Business Analyst

Corporate Succession Planning: How to Create Leaders According to the Business Need

Top Business Analyst Skills

Business Analytics Basics: A Beginner’s Guide

Financial Planning for Businesses Across the Globe

How to Become a Business Analyst

Get Affiliated Certifications with Live Class programs

• PMP, PMI, PMBOK, CAPM, PgMP, PfMP, ACP, PBA, RMP, SP, and OPM3 are registered marks of the Project Management Institute, Inc.

Top 12 Business Planning Manager Skills to Put on Your Resume

A well-crafted resume highlighting essential skills is crucial for aspiring business planning managers aiming to stand out in the competitive job market. This article delves into the top 12 skills that are not only sought after by employers but also pivotal in navigating the complexities of business planning and strategy execution effectively.

Business Planning Manager Skills

• Forecasting
• Market Analysis
• Strategic Planning
• Project Management
• Risk Management
• Financial Modeling

1. Forecasting

Forecasting in a business context is the process of predicting future trends, sales, demand, and other financial outcomes based on historical data, market analysis, and statistical methods to guide decision-making and strategic planning.

Why It's Important

Forecasting is crucial for a Business Planning Manager as it enables informed decision-making by predicting future trends, demands, and challenges, allowing for strategic planning, resource allocation, and risk management to achieve organizational goals efficiently.

How to Improve Forecasting Skills

Improving forecasting, particularly for a Business Planning Manager, involves a combination of leveraging advanced analytics, continuously refining processes, and incorporating real-time data. Here are key strategies:

Implement Advanced Analytics : Use statistical methods and machine learning algorithms for more accurate predictions. Tools like Forecast Pro and SAS Forecasting can be helpful.

Integrate Real-Time Data : Ensure your forecasting model incorporates current market trends and data. Real-time data platforms like Domo can enhance responsiveness.

Collaborative Planning : Foster collaboration across departments to ensure all relevant insights and data points are considered. Software like Anaplan supports such collaborative efforts.

Continuous Improvement : Regularly review and adjust forecasts based on performance and feedback. This iterative process is key in refining accuracy.

Scenario Planning : Develop multiple forecasts based on different scenarios to anticipate a range of outcomes. Tools like Quantrix can facilitate scenario analysis.

Training and Skills Development : Ensure the team is proficient in the latest forecasting techniques and tools. Online courses from platforms like Coursera or edX offer relevant training.

Incorporating these strategies will enhance forecasting accuracy and reliability, crucial for effective business planning and decision-making.

How to Display Forecasting Skills on Your Resume

2. Budgeting

Budgeting is the process of creating a plan to allocate an organization's financial resources over a specific period, helping a Business Planning Manager ensure operational activities align with strategic goals, control costs, and forecast financial performance.

Budgeting is crucial for a Business Planning Manager as it provides a financial roadmap for achieving strategic goals, ensuring efficient allocation of resources, maintaining operational control, and facilitating informed decision-making to optimize profitability and growth.

How to Improve Budgeting Skills

Improving budgeting in a business context involves several key steps tailored for a Business Planning Manager. Here are concise strategies:

Automate Processes : Utilize budgeting software to streamline data collection and analysis. Tools like QuickBooks or Xero can automate repetitive tasks, reducing errors and saving time.

Implement Rolling Forecasts : Instead of traditional annual budgets, adopt a rolling forecast approach to adjust your budgeting in real-time based on actual performance and market conditions.

Engage Stakeholders : Involve all relevant stakeholders in the budgeting process to ensure alignment and accountability. This Harvard Business Review article highlights the importance of team involvement.

Scenario Planning : Develop different financial scenarios to anticipate potential challenges and opportunities, allowing for more flexible budgeting.

Continuous Improvement : Regularly review and adjust the budgeting process, incorporating feedback to enhance efficiency and accuracy. Resources like CFO.com offer insights and best practices for ongoing improvement.

Benchmarking : Compare your budgeting practices and performance against similar businesses or industry standards to identify areas for improvement. Websites like IBISWorld provide industry reports and benchmarks.

Training and Education : Ensure that all team members involved in the budgeting process have access to training on the latest tools and methodologies. Platforms like Coursera and Udemy offer courses on finance and budgeting.

By implementing these strategies, a Business Planning Manager can significantly improve the budgeting process, making it more efficient, accurate, and adaptable to change.

How to Display Budgeting Skills on Your Resume

Excel is a spreadsheet software developed by Microsoft, widely used for data analysis, financial modeling, and business planning through its powerful tools for calculations, graphing, pivot tables, and macro programming.

Excel is crucial for a Business Planning Manager as it provides powerful tools for analyzing data, creating financial models, forecasting trends, and making informed strategic decisions, thereby enhancing planning accuracy and efficiency.

How to Improve Excel Skills

To improve your Excel skills for business planning, focus on the following concise steps:

Master Advanced Formulas : Understand complex formulas like INDEX-MATCH, INDIRECT, and array formulas. Resources like ExcelJet can be invaluable.

Leverage PivotTables and PivotCharts : Enhance data analysis and reporting. Microsoft’s PivotTable guide is a great starting point.

Utilize Data Validation Tools : Ensure data integrity by using Excel’s data validation features. The Data Validation Guide by Microsoft offers comprehensive insights.

Automate with Macros and VBA : Automate repetitive tasks to save time. Start with Excel's Record Macro feature and explore VBA for more complex automation.

Explore Power Query for Data Management : Import, transform, and automate data processes efficiently. Microsoft’s Power Query documentation provides an excellent overview.

Use Power BI for Advanced Analytics : For deeper insights and visualization, integrate Excel with Power BI. Explore Microsoft’s Power BI learning resources.

Stay Updated and Practice : Excel is constantly evolving; stay updated with new features and practice regularly. Websites like Chandoo.org offer tutorials and forums for exchange of advanced Excel techniques.

By focusing on these areas, you will significantly enhance your Excel capabilities, making you more efficient and effective in business planning.

How to Display Excel Skills on Your Resume

SAP is a leading enterprise resource planning (ERP) software used by businesses to manage and integrate important functions such as finance, supply chain, human resources, and customer relations.

SAP is crucial for a Business Planning Manager as it integrates core business processes, enabling efficient planning, streamlined operations, and informed decision-making, thus facilitating optimal resource allocation and enhanced profitability.

How to Improve SAP Skills

Improving SAP (Systems, Applications, and Products in Data Processing) for a Business Planning Manager involves enhancing system performance, data accuracy, and process efficiency. Here’s a short guide:

Streamline Processes : Review and optimize existing SAP processes to eliminate redundancies and streamline operations. Use SAP's Best Practices as a guide.

Data Accuracy : Implement regular data cleaning and validation routines to ensure data integrity. Utilize SAP's Data Quality Management tools.

Training and Support : Provide continuous training and support to users to enhance their SAP skills. SAP's Learning Hub offers resources and training modules.

Customization and Integration : Customize SAP solutions to fit your business needs and integrate with other tools and platforms for a seamless workflow. Explore SAP API Business Hub for integration options.

Upgrade and Maintenance : Regularly update the SAP system to the latest version to leverage new features and improvements. The SAP Support Portal provides updates and maintenance information.

Performance Monitoring : Use SAP Solution Manager for continuous monitoring and to identify areas for performance improvement. Details at SAP Solution Manager .

Feedback Loop : Establish a feedback loop with end-users to gather insights and improve the SAP experience based on actual user needs.

By focusing on these areas, a Business Planning Manager can significantly improve SAP's effectiveness and efficiency within their organization.

How to Display SAP Skills on Your Resume

Tableau is a powerful data visualization tool used by Business Planning Managers to analyze, visualize, and share data insights to inform strategic decisions and planning.

Tableau is important for a Business Planning Manager because it enables efficient data visualization and analysis, facilitating informed decision-making and strategic planning through interactive and easily understandable dashboards.

How to Improve Tableau Skills

Improving your Tableau skills as a Business Planning Manager involves a focused approach towards mastering data visualization, analytics, and storytelling. Here are concise steps with relevant resources:

Master Tableau Fundamentals : Ensure you have a strong grasp of the basics. Tableau offers official training materials that cover everything from data connection to visualization.

Advanced Tableau Techniques : Dive into advanced functionalities like calculated fields, parameters, and dashboard actions to provide deeper insights. Explore Tableau's Advanced Analytics guide.

Data Storytelling : Enhance your ability to tell compelling stories with your data. This skill is crucial for business planning. Learn more through the Data Storytelling with Tableau course by Tableau.

Practice with Real Data : Apply your skills on real business data. Participate in projects or use datasets relevant to your industry. The Tableau Public gallery provides inspiration and examples.

Stay Updated : Tableau's capabilities are constantly evolving. Follow the Tableau Blog for updates, tips, and community insights.

Join the Community : Engage with the Tableau Community through forums, user groups, and social media. Exchange knowledge and get feedback. Start with the Tableau Community Forums .

Certification : Consider obtaining a Tableau certification. It validates your skills and can provide a structured path for learning. Check the Tableau Certification page for more details.

By focusing on these areas, you'll significantly improve your Tableau skills, enhancing your effectiveness as a Business Planning Manager.

How to Display Tableau Skills on Your Resume

SQL (Structured Query Language) is a programming language used for managing and manipulating relational databases, enabling you to retrieve, insert, update, and delete data to support business analysis and decision-making processes.

SQL is crucial for a Business Planning Manager as it enables efficient data retrieval and analysis, facilitating informed decision-making and strategic planning based on accurate, up-to-date information from the business's databases.

How to Improve SQL Skills

Improving SQL skills, especially for a Business Planning Manager, involves focusing on understanding data structures, mastering SQL commands, and applying best practices for data analysis and database management. Here's a very short and concise guide to help you enhance your SQL capabilities:

Learn the Basics : Start with the fundamentals of SQL, including SELECT statements, WHERE clauses, JOINs, and GROUP BY clauses. W3Schools SQL Tutorial is a great resource for beginners.

Practice Regularly : Apply what you've learned by practicing on real datasets. Websites like SQLZoo and LeetCode offer interactive SQL exercises across various difficulty levels.

Understand Database Design : Grasp the principles of database normalization and schema design to optimize how you query and manage data. The StudyTonight Database Design Tutorial provides a solid introduction.

Learn Advanced SQL : Enhance your skills by learning about stored procedures, triggers, and advanced functions. The Mode Analytics SQL Tutorial covers these advanced topics in an accessible manner.

Optimize SQL Queries : Learn to write efficient SQL queries that run faster and use fewer resources. The Use The Index, Luke guide offers insights into how you can optimize your SQL queries through better indexing.

Stay Updated and Network : Join SQL and database management communities. Platforms like Stack Overflow and Reddit’s r/SQL are valuable for staying updated with the latest trends and networking with other professionals.

Utilize Real-World Projects : Apply your skills to business-related projects or datasets relevant to your role. This practical application will deepen your understanding and showcase the business value of your SQL skills.

By following these steps and leveraging the provided resources, you'll be well on your way to improving your SQL skills, enabling you to make more informed decisions and better support your organization's strategic goals.

How to Display SQL Skills on Your Resume

7. PowerPoint

PowerPoint is a presentation software developed by Microsoft that allows users to create, edit, and display slideshows for business planning, communication, and reporting purposes.

PowerPoint is essential for a Business Planning Manager as it enables effective communication of strategic plans, data visualization, and stakeholder engagement through professional and succinct presentations.

How to Improve PowerPoint Skills

To enhance your PowerPoint presentations as a Business Planning Manager, focus on clarity, engagement, and professionalism. Here's a concise guide:

Design & Layout : Use a clean, professional template that aligns with your brand. Avoid clutter on slides to ensure readability.

Visuals : Incorporate high-quality images and charts to illustrate points clearly. Tools like Canva or Piktochart offer professional design elements.

Storytelling : Structure your presentation as a story, with a clear beginning, middle, and end. This approach keeps the audience engaged. Tips on storytelling can be found at Annette Simmons’ website .

Data Presentation : Use tools like Tableau for dynamic data visualization, making complex data understandable at a glance.

Interactivity : Incorporate interactive elements such as polls or quizzes with tools like Mentimeter to engage your audience.

Practice & Delivery : Practice your presentation multiple times. Familiarity with your content allows for a more natural delivery. Consider recording yourself with tools like Loom for self-review.

Feedback : Seek feedback from peers before the final presentation to refine your content and delivery. Use collaborative platforms like Google Slides for easy sharing and feedback collection.

Continuous Learning : Stay updated with the latest trends and features in presentation software. Microsoft offers PowerPoint training courses that could be beneficial.

By focusing on these areas, you'll create more impactful and professional presentations that effectively communicate your business plans.

How to Display PowerPoint Skills on Your Resume

8. Market Analysis

Market analysis is the process of assessing the dynamics and viability of a specific market within an industry, focusing on understanding the demand, supply, competitors, and customer preferences. For a Business Planning Manager, it serves as a critical tool for strategic decision-making, guiding the development of competitive products, pricing strategies, and market entry or expansion plans.

Market analysis is crucial for a Business Planning Manager as it provides insights into industry trends, customer needs, competition, and potential market opportunities, enabling informed decision-making and strategic planning for business growth and sustainability.

How to Improve Market Analysis Skills

Improving market analysis involves a combination of leveraging high-quality data sources, employing advanced analytical tools, and continuously updating your understanding of market dynamics. Here are concise steps a Business Planning Manager can take:

Utilize Diverse Data Sources : Combine quantitative data from Statista for market statistics with qualitative insights from IBISWorld for industry reports, ensuring a well-rounded view of the market.

Leverage Advanced Analytical Tools : Adopt tools like Tableau for data visualization and Google Analytics for web traffic analysis to uncover patterns and trends that inform strategic decisions.

Conduct Competitor Analysis : Use platforms like Crunchbase to track competitor movements and SEMrush for SEO and online presence analysis, helping you identify competitive advantages and threats.

Engage with Your Audience : Utilize surveys and feedback tools like SurveyMonkey to understand customer needs and preferences directly, providing actionable insights for market positioning.

Stay Informed on Industry Trends : Regularly read industry publications and reports from McKinsey & Company for strategic insights and Trend Watching for consumer trends, keeping your analysis current.

Implement Continuous Learning : Enroll in online courses on platforms like Coursera or Udemy that offer specific training on market analysis techniques, ensuring your skills remain sharp and up-to-date.

By consistently applying these strategies, a Business Planning Manager can significantly enhance the quality and relevance of market analysis, thereby informing more strategic and data-driven business planning decisions.

How to Display Market Analysis Skills on Your Resume

9. Strategic Planning

Strategic planning is the process of defining a business's direction and making decisions on allocating its resources to pursue this strategy, including its capital and people, to achieve long-term goals and objectives.

Strategic planning is crucial because it provides a business planning manager with a clear roadmap for achieving long-term goals, aligns resources with priorities, anticipates challenges, and facilitates proactive decision-making to navigate competitive landscapes and adapt to market changes effectively.

How to Improve Strategic Planning Skills

Improving strategic planning, especially from the perspective of a Business Planning Manager, involves a focused approach on aligning the company's long-term goals with actionable strategies. Here are concise steps to enhance this process:

Understand Market Dynamics : Stay informed about industry trends and market demands. Tools like SWOT analysis can help identify strengths, weaknesses, opportunities, and threats.

Define Clear Objectives : Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals. This guide provides a comprehensive understanding of setting SMART goals.

Engage Stakeholders : Ensure continuous engagement with all stakeholders to align expectations and gain valuable insights. Harvard Business Review offers insights into successful stakeholder engagement in strategic planning.

Leverage Data Analytics : Utilize data analytics to make informed decisions. Platforms like Tableau help in analyzing data for strategic planning.

Implement Agile Methodologies : Incorporate agile practices to adapt quickly to changes. This Agile Business Consortium resource explains how agile methodologies can be applied in strategic planning.

Monitor and Adapt : Regularly review strategies and adapt as necessary. Kaplan and Norton’s Balanced Scorecard is a strategic planning and management system that can aid in monitoring performance and aligning business activities to the vision and strategy of the organization.

Foster a Culture of Innovation : Encourage creativity and innovation within the team. Forbes discusses strategies for creating a culture of innovation.

By following these steps and leveraging the resources provided, a Business Planning Manager can significantly improve the strategic planning process, ensuring the organization remains competitive and agile in a rapidly changing business environment.

How to Display Strategic Planning Skills on Your Resume

10. Project Management

Project management involves planning, executing, monitoring, and closing projects to achieve specific goals within a set timeframe and budget, ensuring resources are optimally utilized. For a Business Planning Manager, it means orchestrating tasks and resources to align with strategic business objectives.

Project management is essential for ensuring that a project aligns with business goals, is completed on time, within budget, and meets quality standards, thus enabling efficient resource utilization, risk mitigation, and achievement of strategic objectives.

How to Improve Project Management Skills

Improving project management, especially for a Business Planning Manager, involves a strategic approach focusing on planning, execution, and continuous improvement. Here are concise steps with resources for deeper understanding:

Define Clear Objectives and Goals : Establish clear, measurable objectives for each project. SMART goals provide a framework for setting specific, measurable, achievable, relevant, and time-bound goals.

Implement Project Management Methodologies : Choose a project management methodology (e.g., Agile, Scrum, Waterfall) that best suits the project's needs. PMI’s guide offers insights into various methodologies.

Utilize Project Management Tools : Leverage project management software for planning, scheduling, resource allocation, and communication. Capterra’s list helps identify the best tools.

Enhance Team Communication : Foster open and effective communication within the team. Tools like Slack or Microsoft Teams can improve team collaboration.

Risk Management : Identify potential risks early and develop mitigation strategies. The Project Management Institute provides techniques for managing project risks.

Continuous Learning and Improvement : Encourage feedback and lessons learned from each project to improve processes and outcomes. Harvard Business Review offers insights into effective feedback mechanisms.

Develop Leadership Skills : Strong leadership is crucial for successful project management. Forbes highlights key leadership skills for modern managers.

Implementing these strategies can significantly enhance project management efficiency and effectiveness for Business Planning Managers.

How to Display Project Management Skills on Your Resume

11. Risk Management

Risk Management in the context of a Business Planning Manager involves identifying, assessing, and prioritizing potential risks that could impact the organization's objectives, and developing strategies to minimize, monitor, and control the probability or impact of these adverse events.

Risk Management is crucial as it helps a Business Planning Manager identify, assess, and prioritize risks to minimize, monitor, and control the probability and impact of unforeseen events, ensuring the stability and profitability of the business.

How to Improve Risk Management Skills

To improve Risk Management as a Business Planning Manager, focus on the following steps:

Identify Risks : Recognize potential risks that could affect your project or business operations. Utilize tools like SWOT analysis to systematically identify risks.

Assess Risks : Evaluate the likelihood and impact of identified risks. Techniques such as Risk Matrix can help in prioritizing risks based on their severity.

Develop Strategies : Formulate strategies to mitigate, transfer, accept, or avoid risks. This involves creating action plans that can be implemented in response to the risks identified. Risk Mitigation Planning is crucial at this stage.

Implement Solutions : Execute the risk mitigation strategies. This might involve reallocating resources, purchasing insurance, or establishing contingency plans.

Monitor and Review : Continuously monitor the risk environment and review the effectiveness of your risk management strategies. Tools like Risk Registers can help in tracking identified risks and actions taken.

Communicate : Ensure effective communication of the risk management processes and findings with all stakeholders. This helps in ensuring transparency and preparedness across the organization.

For a comprehensive guide, the Project Management Institute (PMI) offers resources and certifications in risk management that can further enhance your skills and strategies in managing risks within business planning.

How to Display Risk Management Skills on Your Resume

12. Financial Modeling

Financial modeling is the process of creating a mathematical representation of a company's financial performance, including its income, expenses, and profitability, to inform business planning and decision-making.

Financial modeling is crucial for a Business Planning Manager as it provides a comprehensive tool for analyzing a company's financial performance, forecasting future financial outcomes, and aiding in strategic decision-making, thus ensuring informed, data-driven planning and investment strategies.

How to Improve Financial Modeling Skills

Improving financial modeling, especially for a Business Planning Manager, involves a blend of sharpening technical skills, enhancing business understanding, and adopting best practices in modeling. Here are concise steps to improve financial modeling:

Expand Excel Skills : Master advanced Excel functions relevant to financial modeling. Online platforms like ExcelJet offer tutorials on functions, shortcuts, and advanced formulas.

Learn Best Practices : Adopt financial modeling standards for consistency and accuracy. The Financial Modeling Institute provides resources and certifications to elevate your modeling skills.

Understand the Business : Deepen your industry and company-specific knowledge. Investopedia is a great resource for broadening your understanding of business and financial concepts.

Build from Templates : Use and customize industry-specific templates as a starting point. Websites like eFinancialModels offer a variety of templates for different business scenarios.

Practice Scenario Analysis : Incorporate scenario and sensitivity analysis to understand the impact of assumptions. Learning resources on scenario analysis can be found on platforms like Corporate Finance Institute (CFI) .

Continuous Learning : Stay updated with the latest trends and tools in financial modeling by enrolling in courses and certifications from recognized institutions such as CFI .

Feedback and Review : Regularly seek feedback on your models from peers and superiors to identify areas for improvement.

By following these steps and leveraging the suggested resources, a Business Planning Manager can significantly enhance their financial modeling capabilities.

How to Display Financial Modeling Skills on Your Resume

Related Career Skills

• Demand Planning Manager
• Strategic Planning Manager
• Planning Engineer
• Planning Analyst
• Financial Planning Analyst
• Strategic Planning Analyst

• Skills & Tools

The ability to think about and successfully manage activities, with the help of any available resources, to achieve specific goals is known as one’s planning skills. Planning is basically a roadmap that guides us on how to complete a task before attempting to begin it.

Simply put, the skills that allow you  to manage yourself, your team mates, available resources including time, and surrounding conditions to reach the desired goal are called planning skills. Whether you are doing a school project or running a business, planning skills will help you look ahead, focus on your goals and decide what steps are needed to get the job done.

Why are planning skills important

Planning skills play a significant role in the success of an organization as well as its personnel. Out of several others, following are some of the major benefits of planning skills that make it so important:

• It helps strengthen our competitive moves . Since the first step of a planning process is an analysis of the current situation, organizations are able to get a realistic view of what their strengths and weaknesses are relative to their major competitors. Planning skills help you point out the vulnerabilities of your competitors and enables you to utilize your strength in a manner such that you hit competitors in their weakest point.
• It helps in efficient utilization of resources . Since all organizations have limited resources, planning skills are essential for proper allocation of these resources. It helps in maximizing efficiency and reducing wastage of resources on projects that have little or no chances of success.
• It improves cooperation . Planning skills help in promoting a spirit of collaboration and cooperation because all member of the team are assigned their roles and responsibilities. They are encouraged to work together towards the achievement of one common goal, minimizing conflicts as a result.

How to improve planning skills

Improvement in planning skills is an on-going process. Some ideas to improve planning skills are as follows:

• Prioritize the tasks at hand. Thinking about the potential consequences of any task will help you determine its significance, on the basis of which you can easily decide what your next priority should be. Envisioning the desired results, you may have to make some necessary adjustments to your priority list but ensure that the most urgent ones are finished right away.
• Keep everyone aboard . Communication is the key to doing so. Planning skills may have the benefit of promotion collaboration and cooperation but it can’t be done without efficient and effective communication. Sending out e-mail messages or calling in-person meetings on a weekly basis, for instance, may serve the purpose of assigning duties and tasks to individuals, as well as keeping a check on their progress.
• Create a schedule . Use a calendar or any online tool to create a schedule for yourself and others to follow. Once all tasks are prioritized, this becomes a lot easier. Allocate time to each activity, allowing some down time in between for any sort of interruptions. This helps to improve your planning skills by making adjustments easier and trouble-free.

Job profiles that require this skill

Not yet a member? Sign Up

join cleverism

Find your dream job. Get on promotion fasstrack and increase tour lifetime salary.

Post your jobs & get access to millions of ambitious, well-educated talents that are going the extra mile.

First name*

Company name*

Company Website*

E-mail (work)*

Login or Register

Password reset instructions will be sent to your E-mail.

  Vantage Rewards

A people first rewards and recognition platform to elevate company culture.

  Vantage Pulse

An eNPS-based pulse survey tool that empowers HRs to manage the workforce better.

  Vantage Perks

A corporate discounts platform with a plethora of exclusive deals and offers from global brands.

  Vantage Fit

A gamified corporate wellness platform that keeps the workforce ‘Fit’ and rewards them for it.

  Vantage Gifting

An all-in-one corporate gifting solution to delight your employees on every occasion & make them feel valued.

  AIR e Consultation

AIR e program consultation to design and implement an authentic and impactful rewards and recognition program.

  Vantage Onboarding

Customizable and budget-friendly joining kits to create a sense of belonging and make new hires feel at home

  Integration

Seamless integration with your existing HCM/HRIS platform and chat tools.

  Product Updates

Check out all the new stuff we are adding to our products to constantly improve them for better experience.

   Blog

  Influencers Podcast

  Guides & eBooks

  Webinars

  Industry Reports

  AIR e Framework

 Vantage Rewards

 Vantage Perks

 Vantage Pulse

 Vantage Fit

 Vantage Gifting

An all-in-one corporate gifting solution to delight your employees on every occasion & make them feel valued.

 AIR e Consultation

 Vantage Onboarding

7 Ways To Improve Your Strategic Planning Skills For Business Growth

There is no shortage of innovation and creativity in the modern workplace. People are more innovative, leaders are evolving, and businesses are looking to set new records. Thus, modern businesses need the aid of some solid strategic planning skills.

Many professionals hold the job title of “strategic planner” or “strategic planning manager.” Still, other jobs need strategic planning skills even though the label “strategic” is not mentioned in the designation.

For managers and leaders, strategic planning is a must-have skill. An efficient strategic thinker starts with mindful marketing strategies. It helps to analyze the big picture and makes project completion easier.

People who need to have strategic planning skills:

• Management Consultants
• Business Developers
• Corporate Developers
• Strategic Cost Analysts
• Operations Analyst

We believe, apart from these job roles, every employee or leader must know strategic planning because it helps to:

• Review the situation
• Understand the challenges
• Set objectives
• Identify strengths and weaknesses
• Prepare for risks

So, let's look at the different types of strategic planning skills and how to boost them. But first, let's review what we need to know:

What Are Strategic Planning Skills?

Strategic planning is nothing but setting a vision for a company and realizing the vision via small, obtainable goals. Strategic planning skills help to set goals, decide on an action plan and increase employee productivity .

Every job requires different skills and experiences, so make sure you read the job profiles carefully. Focus on skills needed and hire accordingly.

Types of Strategic Planning Skills

Now that we know what strategic planning skills are let's discuss the types.

Leaders who work in strategic planning must have the ability to analyze and evaluate business plans. They must know market analysis, feasibility analysis, and more.

With an analytical skill, strategic planners can decide the steps a company needs to take, which includes:

• Attention to detail
• Calculating costs for implementation
• Critical thinking
• Logical thinking
• Inductive reasoning
• Deductive reasoning
• Systematic thinking

Communication Skills

Leaders with good strategic planning skills must communicate business plans with their employees. They must clearly explain the action plans to achieve the company goals Along with communication, they must also practice active listening.

Strong communication skills and active listening help in:

• Collaboration
• Constructive criticism
• Negotiation
• Conflict resolution
• Team building

Strategic planning involves strong decision-making. A person with the basic set of leadership skills will spur employees to reach a common goal. They must inspire, motivate and ensure employees’ loyalty towards the organization.

Leadership skills in strategic planning portray:

• Energetic workforce
• Establishes incentives
• Flexibility
• Interpersonal skills
• Recognition

7 Ways to Strengthen your Strategic Planning Skills

The market has become competitive, and you must identify weaknesses (both internal and external) to remain on top. Here are seven ways to master your strategic planning skills.

1. The Big Picture

A data-driven decision is an important step. Especially when you have good data sources and insights, you must gather information before making a strategic plan. This information allows you to see the big picture.

Seeing the big picture is about understanding:

• Your current situation
• What are the available resources?
• What market changes must you anticipate?
• Why must you execute the decisions you’re about to make?

When you understand and are ready for future changes, the company becomes agile. Success is imminent in any situation with meticulous planning and preparation.

2. Define a Process

Strategic planning requires a person to outline the process first. Doing so helps you gain better transparency and awareness of how to achieve your goals. There are many ways to achieve good strategic planning skills, but the Hoshin planning process is the one we suggest.

Hoshin planning has many elements that are effective in today’s market, such as:

• A continuous improvement approach to planning
• It helps in refining your plans and execution
• Emphasizes on leadership
• Assists in communicating common goals

When you understand the Hoshin planning process, you can effectively incorporate other strategic planning methods.

3. Think About Execution

Staying realistic is an essential step to strategic planning. Strategic planning requires a person to outline the process first. Doing so helps you gain better transparency and awareness of how to achieve your goals. This implies bringing the team members to a common ground and taking their input.

The primary aim is to get everyone committed to planning and executing the goal. The process helps you analyze:

• The need for additional resources
• If there are parts, the team members cannot handle
• Need for new recruitment
• Outsourcing the task if required

One option for outsourcing tasks is to use a staff augmentation service , which can provide skilled professionals to temporarily join your team and help to complete the necessary tasks.

4. Set a Timeframe

Most plans fail because people do not follow a strict timeline. Setting deadlines and following them is a necessary strategic planning process. Make sure you apply deadlines to both long-term and short-term goals.

As you start working on the project and figure out the execution, time management becomes imperative. You must perform these tasks within a specific timeframe. Setting realistic deadlines is crucial to achieving your objectives.

While setting deadlines, you must keep in mind a few things:

• Set realistic deadlines
• Take inputs from employees
• Ensure the deadlines are met
• Encourage teamwork for faster outputs
• Create a room for changes

following these steps will help enhance your leadership qualities and boost the team's success

5. Leave Room for Changes

Creating a detailed plan is essential, but over-planning is not. You must create a space for flexibility and allow your project to be adapted to different situations. You cannot mitigate every risk, so flexibility comes in handy.

Over-planning is a sign of becoming over-ambitious, and this is something you must avoid to eradicate adverse effects. If you set impossible goals, it will affect team motivation and work dynamics.

Believe in your team. Once the plan is set, sit back and look at the progress after a week or so. If the project still looks good, you know; you and your team are on the right track.

6. Rewards are Important

Rewards and recognition are a practical part of strategic planning. Before you finalize the plan, you must announce the rewards to the employees. First, set the milestone your team must achieve. Then balance it by rewarding your employees when they acquire the desired milestone.

Rewards don’t have to be big bonuses or expensive gifts; what matters is appreciation. For example, once they achieve their goals on time, you can give them incentives, time-off, or a simple gift card. This enhances motivation and employee engagement .

Want to know more about Digital Rewards: Vantage Circle offers the best employee benefits with Vantage Rewards; schedule a free demo today!

7. Review and Evaluate

Continuous evaluation is an effective process of strategic planning. With technology, reviews and evaluations have become hassle-free. Modern tools help you to get real-time analytics about the progress of your project.

Continuous evaluation is the key to progress. Now we have software helping us collect data and analyzing it faster. One can evaluate the factors concerning every milestone.

Following these seven tips will make you an expert in strategic planning skills. No matter what challenges your company faces, you can achieve the desired goal with a strategic plan.

This article is written by Gautam Gayan . He works as a Content Marketer at Vantage Circle . Apart from being a passionate content creator for HR services and employee engagement, Gautam is a theatre enthusiast, an avid reader and an aspiring poet. For any related queries, contact [email protected]

We safeguard your personal information in accordance with our Privacy Policy

You might also like

8 stages of employee journey that empower employees, retain and thrive: the stay interview blueprint for success, 10 fundamental qualities of a good manager in 2024, the ultimate guide to employee rewards and recognition.

5k+ Downloads by HR professionals across the Globe!

• SUGGESTED TOPICS
• The Magazine
• Newsletters
• Managing Yourself
• Managing Teams
• Work-life Balance
• The Big Idea
• Data & Visuals
• Reading Lists
• Case Selections
• HBR Learning
• Topic Feeds
• Account Settings
• Email Preferences

A Way to Plan If You’re Bad at Planning

• Elizabeth Grace Saunders

Trick your brain.

Planning can be hard for everyone. But even if you feel like planning just doesn’t come to you naturally, there are steps you can take to get better at it. Based on new research, the author offers several strategies to improve your approach to planning. Specifically, she suggests starting by recognizing your own strengths and weaknesses and accepting that planning is hard for you. Next, let go of absolutist thinking, and explore different systems until you find one that works well for you. Finally, don’t be afraid to ask for help, and keep trying even when you get frustrated. We can all struggle with planning — but with these simple steps, you can start to understand the roadblocks in your way and work to overcome them.

Learning how to plan — especially if you’re new to organizing your time — can be a frustrating experience. And for some individuals, the reason could be their brains.

• ES Elizabeth Grace Saunders is a time management coach and the founder of Real Life E Time Coaching & Speaking . She is the author of How to Invest Your Time Like Money and Divine Time Management . Find out more at RealLifeE.com .

Partner Center

Marketing91

9 Planning Skills Essential for achieving Success

July 25, 2020 | By Hitesh Bhasin | Filed Under: Skills

Do you also face failures in accomplishing your goals despite having tools, time, and resources at your disposal? Then you are missing the planning skills to achieve your aims.

When you have a goal without a plan, your goal is merely a wish in the hands of celestial forces.

Rarely may they help you attain success but most of the time; you will be biting the dust.

Plans inherently incorporate commitment, but without plans, you will just have promises and hopes.

Therefore, mastering the art of planning skills has to be in the bad.

In this post, we will talk dive deep into the world of planning skills and understand how you can have the right kind of planning skills pertinent to your goals. So, without any further ado, let us get started straight away-

Table of Contents

What are Planning Skills?

In the words of Alan Lakein, a well-known author on personal time management , including How to Get Control of Your Time and Your Life which has sold over 3 million copies-

“Planning is bringing the future into the present so that you can do something about it now.”

All in all, planning skills enable you-

• To have thought as per the goals
• Do the organization of that thought into ideas , plans, and steps using resources
• Ensure channelization of those steps to transform ideas and plans into reality

Hence planning skills pave you on the path of success in the most scheduled, organized and result-oriented manner, so your success ratio stays optimized.

The accomplishment of goals starts with planning.

That is why four steps of achieving success in life are-

• Planning purposefully
• Preparing prayerfully
• Proceeding positively
• Pursuing persistently

Now, as you have understood the fundamental concepts of planning skills, let us now have a look upon some of the most critical planning skills that you should possess to optimize your success ratio-

9 Planning Skills integral for achieving Success

1) Organizational Skills

To be adept in planning skills, you need to have excellent organizational skills .

To accomplish a goal, it is crucial to have the ability to direct different elements and weave them together in the perfect conglomeration based upon the requirements of your objective.

With the help of the right kind of organizational skills, you will be able to balance and manage different resources, tools, individuals, schedules, etc. in a result-driven manner. Multitasking also turns alleviated with better organizational skills, and hence, you can plan things effectively.

While talking about the role of Organizational Skills in planning skills, Napoleon Hill once said-

“First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination.”

2) Problem Solving Skills

Better planning skills demand you to be talented in solving different problems that may occur while moving towards your objective.

With practical problem-solving skills, you will have the adeptness to analyze the data, resources, and time-limit to offer the best-suited solutions.

Problem-solving skills are considered very crucial for the effective alignment Business Practices with Emerging Strategy by incorporating the right kind of assessment and brainstorming essential for making a step-by-step plan to accomplish the goal.

Problem-solving inherently comprises many other skills that are inevitable for making the right plans such as evaluation, creativity , and finding out impediments. You will also incorporate the right kind of stress tolerance and problem sensitivity to move ahead on the path of goal accomplishment.

3) Enthusiasm and Passion

When you are planning to complete a task and achieve an objective, you must be enthusiastic about that goal.

When you are enthusiastic about a goal, you will have the passion and utmost dedication to that target . This will motivate you to make a perfect plan after paying attention to all the key details and factors relevant to goal accomplishments.

Enthusiasm and passion act as the constructive driving force to help you stay motivated to make a plan that can enable you to accomplish your goal in the best possible manner.

While talking about the role of enthusiasm in sharpening your planning skills, Ralph Waldo Emerson, an American essayist, lecturer, philosopher, and poet who led the transcendentalist movement of the mid-19th century once said-

“Enthusiasm is one of the most powerful engines of success. When you do a thing, do it with all your might. Put your whole soul into it. Stamp it with your personality. Be active, be energetic, be enthusiastic and faithful, and you will accomplish your object. Nothing great was ever achieved without enthusiasm.”

4) Decisiveness

For effective planning skills, you also need to be decisive in your approach.

The kind of approach we have in our lives, our thought process gets shaped up accordingly. So, being decisive will empower you to have adept thinking ability to come up with result-oriented plans.

Making plans for achieving a goal demands lots of decision-making abilities. In such circumstances, you need to have the dexterousness, experience, and expertise to make decisions without any ifs and buts.

Over-thinking or being confused will never let you make an effective plan to accomplish your goals. With decisiveness, you will be able to examine all the available information to make a goal-oriented plan.

Decisiveness enables you to be adept in the delegation , leader selections, maintaining consensus, finding out measurable metrics for goal accomplishments, finalizing deadline, and prioritization sorts of tasks to make a plan that offers the expected results.

5) Time Management Skills

To have effective planning skills, being adept in time management is all locked up.

You can consider time management as an event coordinator skill that enables you to complete a task as per the deadlines but without compromising the quality.

With the right kind of time management, you can even use the lesser time to complete the same task for which you had needed more time without a plan.

Charles Richard, the author of The Psychology of Wealth while talking about the role of time management in planning skills once said-

“Don’t be fooled by the calendar. There are only as many days in the year as you make use of. One man gets only a week’s value out of a year while another man gets a full year’s value out of a week.”

So, time-management is exceptionally crucial for sharpening your planning skills to help you get the expected results in the least possible time.

6) Communication Skills

Do you know how you can motivate your team to stick to your plan?

If you are thinking that by having a rock-solid plan then you are almost there- But you need to understand here that just making a rock-solid plan won’t enable you to motivate your team to follow that plan step-by-step.

So, to motivate your team to follow your plan, you have to have adept communication skills.

In the words of Paul J. Meyer, the pioneer of the self-improvement industry-

“Communication – the human connection – is the key to personal and career success.”

The right kind of communication strategy is the base of many other skills that are integral for effective planning. Communication takes you on the path of collaboration along with group discussion, creation of mission and vision , criticism handling, engagement of reluctant individuals, effective negotiation , and best-suited people skills.

With communication skills , you will also learn to incorporate persuasion, pitching, public speaking, PowerPoint presentation, tactical handling, team building, non- verbal communication , listening, teamwork, etc.

All such skills are crucial for doing planning to accomplish a goal.

7) Being Analytical

To make the best plans by paying heed upon available data, resources, and information, you need to have the right kind of analytical skills.

You need to have the skills to do market analysis, competitor analysis , feasibility analysis, etc., to make the right kind of plan for goal accomplishments. Analytical skills let you come up with the right steps that can guide your team to achieve the target.

Analytical skills are the perfect conglomeration of abilities to give attention to the details, critical thinking , cost calculation, effective implementation, logical thinking, deductive reasoning , inductive reasoning, systematic thinking, and so forth.

Analytical skills are as crucial while making plans as you need intuitions because they both help you make realistic as well as idealistic plans for accomplishing goals.

8) Leadership Skills

For the right kind of planning skills, the conglomeration of leadership skills is also one of the most critical factors here.

A planner needs to channelize a team towards that goal via the plan he or she had made. For this, they need to lead their team adeptly, and leadership skills come in play here.

Leadership skills are the backbone of a charismatic leader , who is energetic, flexible, motivational and successful.

With the right kind of leadership skills, you will not only have the ability to make plans but also have the dexterousness to motivate your team to move towards your goals.

9) SWOT Analysis

For effective planning skills, it is crucial to have the ability to do the SWOT analysis .

In SWOT Analysis, you identify strengths, weaknesses, opportunities, and threats on the path of project planning and goal accomplishment.

You can use this kind of analysis for doing the assessments of the current position of your organization for measuring the performance of the current strategy and the need for a new strategy. It will let you know what kinds of plans are working correctly for your project.

If you want to get most of the things that you have got, you should opt for SWOT analysis. It is also beneficial in reducing the chances of failures.

So, doing a SWOT analysis of your project will, for sure help you in having highly productive planning skills.

Final Thoughts!

On the concluding note, we hope this article would have helped you in understanding how vital planning skills are in accomplishing your professional as well as personal goals .

Also, the planning skills, as mentioned above, will help you in making the right plans to move ahead on the path of success.

Did we miss any of the critical planning skills that you consider essential for making a result-driven plan?

What skills do you find the most important one while chalking out a plan for your goal?

Share your views with us in the comments below.

Liked this post? Check out the complete series on Skills

Related posts:

• What are Essential Skills? 8 Essential Skills you should know
• Teaching Skills | Essential skills every teacher needs
• 12 Essential Coaching Skills and How to Become a Good Coach
• 10 Essential and successful Relationship Skills
• Top 11 Skills For Success you should Learn
• Hard Skills and Soft Skills -Types of Skills and Examples
• What Are Professional Skills -A Complete List of Must-Have Professional Skills
• Soft Skills: List of Soft Skills and Its Importance
• What is the difference between Hard Skills and Soft Skills?
• Transferable Skills: List of Skills which can be Transferred

About Hitesh Bhasin

Hitesh Bhasin is the CEO of Marketing91 and has over a decade of experience in the marketing field. He is an accomplished author of thousands of insightful articles, including in-depth analyses of brands and companies. Holding an MBA in Marketing, Hitesh manages several offline ventures, where he applies all the concepts of Marketing that he writes about.

All Knowledge Banks (Hub Pages)

• Marketing Hub
• Management Hub
• Marketing Strategy
• Advertising Hub
• Branding Hub
• Market Research
• Small Business Marketing
• Sales and Selling
• Marketing Careers
• Internet Marketing
• Business Model of Brands
• Marketing Mix of Brands
• Brand Competitors
• Strategy of Brands
• SWOT of Brands
• Customer Management
• Top 10 Lists

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

• About Marketing91
• Marketing91 Team
• Privacy Policy
• Cookie Policy
• Terms of Use
• Editorial Policy

WE WRITE ON

• Digital Marketing
• Human Resources
• Operations Management
• Marketing News
• Marketing mix's
• Competitors

10 Planning And Organizing Skills and How To Improve Them

Discover 10 Planning And Organizing skills along with some of the best tips to help you improve these abilities.

Organizing and planning are essential skills for success in any area of life. Whether you’re planning a party, a vacation, or a major project at work, being able to organize your thoughts and resources is key to ensuring things go smoothly.

In this guide, we’ll discuss what planning and organizing skills are, why they’re important, and how you can improve your own planning and organizing skills.

Time Management

Prioritization, goal setting, resource allocation, planning meetings, project management, organizational skills.

Time management is the ability to use your time effectively and efficiently. It involves planning, prioritizing, scheduling and executing tasks in a way that leaves you with enough time for relaxation and leisure. Good time management skills can help you get more done in less time, leaving you with more free time to enjoy the things you love.

There are a few key time management skills you can practice to start getting more out of your day. First, start by making a list of all the things you need to do. Then, prioritize the list in order of importance. Next, create a schedule and stick to it as best you can. Finally, if you find yourself with extra time, use it to do something fun or relaxing.

Prioritization is an important skill for planners and organizers. It allows them to identify the most important tasks and to focus on those tasks first. Once the most important tasks are completed, planners and organizers can then move on to the next most important tasks.

Prioritization can be done by using a prioritization matrix, which is a chart that lists tasks along the top and bottom and ranks them from most important to least important. Another way to prioritize is to use a Pareto chart, which is a chart that lists tasks along the left side and right side and ranks them from most common to least common.

Explain why Conflict Resolution is an important Communication skill.

Conflict resolution is an important communication skill because it allows people to resolve disagreements and disagreements. It allows people to communicate in a way that is respectful and that allows both parties to feel heard. Conflict resolution skills can be used in both personal and professional settings.

Goal setting is an important skill for anyone who wants to be successful in life. When you set goals, you have a clear vision of what you want to achieve. This can help you stay motivated and on track to reach your goals.

Setting goals also allows you to break them down into smaller, more manageable steps. This can make it easier to achieve your goals and can give you a sense of accomplishment when you do. When you set goals, you should make them specific, realistic and achievable.

Explain why Time Management is an important Planning And Organizing skill. Time management is an important skill for anyone who wants to be successful in life. When you manage your time well, you can get more done in less time. This can help you stay motivated and on track to reach your goals.

Managing your time also allows you to break down tasks into smaller, more manageable steps. This can make it easier to achieve your goals and can give you a sense of accomplishment when you do. When you manage your time, you should make a schedule and stick to it as much as possible. You should also try to avoid multitasking and focus on one task at a time.

Scheduling is an important skill for anyone who wants to be successful in life. Whether you’re a student, an employee, or a parent, you’re going to have to schedule time for different activities. Scheduling can help you stay organized and on track with your goals.

Scheduling can be used for both long-term and short-term planning. For long-term planning, you can use scheduling to break down large goals into smaller, more manageable tasks. For short-term planning, you can use scheduling to keep track of your daily or weekly tasks.

Scheduling can help you stay on track by providing a visual representation of your goals. It can also help you avoid over- or under-committing by giving you a realistic view of how much time each task will take.

Resource allocation is the process of distributing resources such as time, money and materials to meet the needs of a project or organization. It’s important for planners and organizers to be able to allocate resources effectively in order to meet deadlines, achieve goals and objectives, and avoid resource shortages.

There are a few key factors to consider when allocating resources. First, you need to consider the availability of resources and whether or not you have enough of what you need. You also need to consider the needs of the project or organization and how best to use the resources to meet those needs. Finally, you need to consider the costs of the resources and whether or not the costs are justified by the benefits.

Delegation is an important skill for planners and organizers because it allows them to focus on their own tasks while still ensuring that all work is completed. When planners and organizers delegate tasks, they need to ensure that the task is clear and that the person they’re delegating to has the resources and knowledge to complete the task.

Delegation also allows planners and organizers to build relationships with their team members by giving them opportunities to grow and learn new skills. When planners and organizers delegate tasks, they need to ensure that the task is clear and that the person they’re delegating to has the resources and knowledge to complete the task.

Budgeting is an important skill for anyone who wants to be financially responsible. A budget is a plan for how you will spend your money. It helps you track your spending and save money. A good budget is realistic, detailed and flexible.

A realistic budget takes into account your income and expenses. It also takes into account any savings or debts you have. A detailed budget includes specific amounts for each category of spending, such as groceries, entertainment and transportation. A flexible budget allows for adjustments based on your actual spending and income.

Budgeting is an important skill because it helps you plan for the future, track your spending and save money.

Planning meetings is an important skill for those in charge of organizing events or projects. A well-planned meeting will be efficient and effective, and will help ensure that everyone is on the same page and knows what their role is.

To plan a successful meeting, start by identifying the purpose of the meeting and the goals you want to achieve. Then, create an agenda with a list of topics to discuss and assign a speaker for each topic. Finally, set a time limit for each topic and make sure to keep the meeting moving along.

Project management is the process of planning, organizing, and managing a project from start to finish. It involves identifying a need, developing a plan, and then implementing and monitoring the project to completion. Project management is a critical skill for businesses and organizations because it helps them to be more efficient and effective.

Project management requires good time management, organizational skills, and the ability to work with a team. It’s important to be able to plan and organize a project, as well as to be able to manage time and resources. Project management also requires good communication skills so that you can effectively communicate with the team and stakeholders.

Organizational skills are important for planning and organizing projects and tasks. When you have good organizational skills, you can keep track of your own tasks and deadlines, as well as the tasks of others on your team. You can also delegate tasks effectively and ensure that everyone is working on the right things at the right time.

Organizational skills are important in both personal and professional life. In your personal life, you can use organizational skills to keep your home and office organized. In your professional life, you can use organizational skills to plan and execute projects, manage deadlines and delegate tasks.

How to Improve Your Planning And Organizing Skills

1. Understand the task at hand The first step to good planning and organization is understanding the task at hand. This means taking the time to read and understand any instructions or guidelines you have been given. If there is anything you are unsure about, make sure to ask for clarification.

2. Set realistic goals Once you have a good understanding of the task, you can start setting goals. It is important to make sure your goals are realistic and achievable. Trying to accomplish too much in too little time is a recipe for disaster.

3. Make a plan Once you have your goals set, it is time to make a plan. This plan should detail how you are going to achieve your goals. It should be specific, measurable, achievable, relevant and time-bound (SMART).

4. Organize your resources Now that you have a plan, it is time to start gathering the resources you will need to execute it. This could include things like people, money, time, materials, etc.

5. Execute your plan Now that you have a plan and the resources you need, it is time to start executing it. This is where the rubber meets the road. Make sure to stay on track and keep to your timeline.

6. Evaluate your results Once you have completed your task, it is time to evaluate your results. This will help you to understand what worked well and what could be improved for next time.

10 Persistence Skills and How To Improve Them

10 multimedia skills and how to improve them, you may also be interested in..., what does a diagnostic technician do, what does a fulfillment manager do, what does a housing case manager do, what does a dairy farm worker do.

BUSINESS STRATEGIES

What are business skills and how to build yours

• Cecilia Lazzaro Blasbalg
• Dec 12, 2022

To be considered a competitive player in today’s economy, you must possess the right set of business skills. You’ll become more efficient and effective in meeting your professional goals, such as creating a business website and opening up new opportunities.

Our article will go over the top 10 business skills you need in your toolbox to stay ahead of the curve and make impactful decisions for your business.

What are business skills

Business skills refer to various capabilities that can help you excel in the workplace. These include management, financial accounting, communication and planning skills.

Hard vs. soft skills

When talking about business skills, you need to understand the difference between hard and soft skills. Hard skills are specific abilities necessary to perform a task, such as programming, designing, writing and coding. Soft skills, on the other hand, are more abstract. They refer to task completion methods, such as organizational, problem solving and communication skills. While some people may be naturally communicative or possess other soft skills, no one’s born a Javascript programmer.

Why business skills are important

Business skills are a crucial component of starting a business , getting ahead in the workplace and increasing overall confidence.

Learning a myriad of business skills may result in:

Excellent client relationships

Profitable sales and marketing channels

Motivate employees to improve their performance

Greater attention on professional social media, like LinkedIn

10 business skills you need

The following business and entrepreneurship skills can highly benefit your professional growth .

Communication skills

Team building

Emotional intelligence

Project management

Strategic planning

Decision making

Time management

Leadership skills

Negotiation skills

01. Communication skills

Communication skills tie into almost every other business skill. More than half of small business owners say communication is the most important skill for success. Those owners who maintain good relationships with their employees and communicate in a clear and positive manner may see higher levels of efficiency. The same is true when communicating with suppliers, business partners, colleagues, managers or customers.

In the workplace, you need strong communication skills for one-on-one conversations, presentations and business meetings . The best communicators can empathetically listen.

Furthermore, when you understand others’ perspectives, you can accommodate their personal needs. In turn, others will have an easier time trusting your leadership.

02. Networking

Networking is the art of building and maintaining professional relationships. Your network may include past and present colleagues, college acquaintances or even friends and family.

If you’re growing a business, looking for partners or searching for new opportunities, learn how to connect with others in your field—and establish yourself as a leader in your industry. You might want to attend networking conferences, strike up conversations at work functions and connect with people on LinkedIn.

03. Team building

One person can't own all work-related tasks. To meet bigger goals, you need a team and learn to work collaboratively. Assembling the right team and managing all members effectively may influence your success.

Team building requires you to understand the strengths and weaknesses of each individual, knowing how to best motivate each of them and helping them form better relationships with each other.

04. Emotional intelligence

Emotional intelligence is the ability to relate to, understand and accommodate both you and your colleagues’ emotions. At times, you’ve got to control your emotions to create a more positive work environment. People who possess this business skill generally have better work performance and communication skills, and can handle stress and conflict more easily.

05. Project management

Managing projects is a core component of business. Entrepreneurs, managers and team leaders learn project management for team building, decision making, strategic planning, time management and financial planning.

Thus project management is more than just another soft business skill, encompassing a variety of talents and versatility. Every business, big or small, can benefit from talented project managers.

06. Strategic planning

A vital business skill, strategic planning involves defining long term-goals and priorities, and creating plans to achieve them. You must know how to break down and analyze pain points to find solutions. Strategic planning also requires critical thinking and solid organizational skills, enforcing habits of successful people in the business world.

07. Decision making

Any successful entrepreneur will tell you that decision making is a necessary business skill, from naming a product to choosing the direction for a multi-national corporation (see how to become an entrepreneur ).

Today, many owners use data analysis for important business decisions. Learn to process and understand the data at hand, forecast future trends and make decisions accordingly to become an asset to your team.

08. Time management

Time is the most precious resource we have to meet goals, come up with budgets and find the best workers for each task. But without proper time management, it’s near impossible to achieve everything you set out to do.

You need to know exactly how much time to allocate for each task to ensure you remain on track, especially in your day-to-day work. Use time management tools within your organization and add an online scheduling software to your website to manage business calendars, staff and clients.

09. Leadership skills

Running a successful business usually requires more than just one person. At some point, you may need additional people to take on specific responsibilities, but they’ll need your guidance and leadership skills.

A good leader will impart their vision to the rest of the team by relaying the company's values and principles. Some leadership traits include honesty, confidence, commitment and creativity.

10. Negotiation skills

Sharpen your negotiation tactics to give you the upper hand in almost any situation. For example, Harvard Business School’s Mike Wheeler says to be open to improvisation and plan to think on your feet. “However you happen to see yourself as a negotiator, most people you deal with likely have a different style, at least to some degree,” he adds.

Negotiation skills can help you strike better work deals, shorten timelines with suppliers and score bigger contracts.

Related Posts

How to make a business website, with expert insight

How to start a business in 14 steps: a guide for 2024

How to reach your career goals through professional growth

Was this article helpful?

Can’t keep your job search organized?

Track all your applications in one place with the Zippia extension for Chrome.

Business Planning Manager skills for your resume and career

Business planning managers need a range of hard skills to excel in their role. They should be proficient in business planning, competitive analysis, and project management. They must be able to handle data analysis, develop financial models, and work towards business objectives. As Dr. Jeanette Landin , Associate Professor at Landmark College, notes, "The most important hard skill is using current technology and the aptitude to learn innovative technology."

Soft skills are equally important for business planning managers. They need to be able to communicate effectively, collaborate with others, and delegate tasks when necessary. As Dr. Landin puts it, "Interpersonal skills are atop the list because business is all about people working with other people to achieve a common goal: The business's mission." Good time management, team spirit, and the willingness to learn independently are also highly valued. According to Dr. Hagit Weihs Ph.D., Associate Professor of Accounting at Brandeis University, "Good communication skills are crucial. Time management skills are highly valued. They translate into an efficient and reliable employee. Team spirit is a big advantage. And, of course, the willingness to learn independently is always appreciated."

15 business planning manager skills for your resume and career

1. business planning.

Business planning is the process of setting goals and objectives for a business, identifying the steps needed to achieve those goals, and allocating resources to achieve them. Business planning managers use business planning to create and coordinate quarterly adjustments to the annual plan, manage financial modeling, provide strategic planning support, and participate in annual business planning sessions to establish objectives. Marykate Conroy, Director of Career Development & Employer Relations at The Catholic University of America, emphasizes the importance of business planning skills for analysts, stating, "Technically, there are many hard skills to acquire as a business planning analyst. .database querying languages, statistical analysis software, data visualization, data mining, and programming skills will all be helpful to develop if you are interested in being a business analyst."

• Create, communicate and coordinate quarterly adjustments to the annual plan as dictated by Corporate Business Planning and operational requirements.
• Set up business planning processes; developed standardized templates for gathering, consolidation and analysis of operating cost forecasts.

2. Competitive Analysis

Competitive analysis is the process of gathering and analyzing information about a company's competitors. Business planning managers use competitive analysis to differentiate their products, identify acquisition targets, and analyze industry performances. They also use it to develop market research strategies and create pitch presentations to acquire new clients.

• Developed a market research and competitive analysis strategy that successfully differentiated the Ford product offering that increased sales and revenues.
• Developed pitch presentations to acquire new clients by performing in-depth market intelligence and competitive analysis.

3. Direct Reports

Direct reports are subordinates who directly answer to a manager. Business planning managers use direct reports by providing leadership, coaching, and development to them. They also manage tasks assigned to their direct reports, such as order administration, and create systems to elevate their work from clerical to analytical.

• Created, approved, and processed compensation transactions for senior executives and their direct reports.
• Provided leadership, development, and coaching to direct reports.

4. Project Management

Project management involves planning, organizing, and overseeing specific projects or initiatives. Business planning managers use project management to monitor progress, identify risks, and report status. They also use these skills to redesign processes, leading to cost reductions. As Bernie Cerasaro , Assistant Teaching Professor at Pennsylvania State University - Greater Allegheny, puts it, "For those seeking positions in project management or supply chain management, skills that would stand out would encompass subject matter such as project management, portfolio management, operations planning and control, purchasing and materials management, and knowledge of ERP type systems and other business processes."

• Provided training to project management audience to promote efficient and standardized project management processes.
• Piloted and directed Project Management Office team for global customer support operations.

5. Business Objectives

Business objectives are the specific and measurable goals a company wants to achieve. Business planning managers use business objectives by developing metrics and performance measures to support these goals. They also assess the effectiveness of their actions in alignment with these objectives. Additionally, they drive policies and procedures that support the organization's operational and financial goals.

• Develop metrics, performance measures and reports that support the business objectives and results.
• Developed a new channel strategy in readiness for public and private healthcare exchanges to meet the region s overall business objectives.

6. Pricing Strategy

Pricing strategy is the process of setting the optimal price for a product or service. Business planning managers use pricing strategy to drive profitable growth, ensure competitive pricing, and achieve acceptable margins and inventory turnover. They analyze market trends, competitor behavior, and price cliffs to set optimal price levels.

• Analyzed market trends, price cliffs, and competitor behavior to ensure pricing strategy drove profitable growth.
• Defined pricing strategy and set actual price levels.

Choose from 10+ customizable business planning manager resume templates

7. financial analysis.

Financial analysis is the process of evaluating business projects or investments to determine their viability. Business planning managers use financial analysis to make strategic decisions. They prepare financial reports, monitor expenses, and identify areas for improvement. They also use financial analysis to support important decisions, such as those related to acquisitions or investments.

• Provided financial analysis and accounting for patient co-pay cards, revenue deductions, tempering dramatic five-fold increase.
• Mentored and counseled IT Managers on effectiveness of financial analysis / reporting and budgeting practices.

8. Data Analysis

Data analysis is the process of examining information to draw conclusions or make decisions. Business planning managers use data analysis to guide improvements and solutions, track trends, and identify opportunities for growth. They also use it to reengineer processes, standardize reporting, and develop tools for the team. For example, they might analyze trends in denied claims or outstanding receivables to find ways to improve the process.

• Provide guidance and suggestions for improvements and/or solutions based on data analysis.
• Led calls with the HP team and the account to garner resolution from the trend data analysis.

9. Business Strategy

Business strategy is a long-term plan to achieve a company's goals. Business planning managers use business strategy to guide their work. They create cohesive plans for products, marketing, and operations. They also analyze competitors' strategies and adjust their own accordingly.

• Created a cohesive business strategy that included plans for the products, marketing, and functional operations.
• Support the development of multi-year strategic plans for business groups encompassing micro and macro business strategy.

10. Continuous Improvement

Continuous improvement is the ongoing effort to improve processes, products, or services. Business planning managers use continuous improvement to streamline processes, eliminate safety issues, and increase productivity. They do this by analyzing data, driving improvement initiatives, and solving problems through critical thinking. As Dr. Kim Roberts , a Professor of Operations Management, puts it, "Business professionals drive continuous improvement and solve problems through critical thinking."

• Utilized continuous improvement principles to modify sequences and eliminate potential ergonomic and safety issues.
• Communicated and coordinated best practices with other process owners and continuous improvement leaders.

11. Supply Chain Planning

Supply chain planning is the process of creating a plan for how a company will manage its supply chain. Business planning managers use supply chain planning to manage activities such as forecasting, capacity planning, and production planning. They also use it to ensure that sufficient quantities of new products are available for launch.

• Coordinated supply chain planning activities for critical new products ensuring sufficient launch quantities were available.
• Led staff of 25 with direct responsibility for all supply chain planning including forecasting, capacity planning, and production planning.

KPIs, or key performance indicators, are measurable values that show how well a company is achieving its objectives. Business planning managers use KPIs to measure things like demand forecast accuracy, order fulfillment, and profit contribution. They also use KPIs to create reports and dashboards to help executives make informed decisions.

• Achieved 80% demand forecast accuracy through implementation of dashboard metrics, KPIs and competitive market analytics.
• Monitored performance at third-party manufacturing sites measuring on-time and accurate order fulfillment and ensuring that all critical KPIs are met.

13. Business Performance

Business performance refers to how well a company is doing in terms of its goals and objectives. Business planning managers use business performance data to analyze and review current performance, forecast future headcount trajectory, and prepare budgets and forecasts. They also use it to communicate with upper management and drive informed decision making. For example, they might create reports that show how well a brand is doing in terms of sales growth.

• Provide a single business performance report forecasting future headcount trajectory.
• Analyzed business performance and prepared budgets and forecasts.

14. Logistics

Logistics is the process of planning and coordinating goods, services, and related information from raw materials to end customers. Business planning managers use logistics to analyze distribution channels, manage transportation costs and metrics, and supervise customer logistics programs. They also coordinate with various teams, like sales, engineering, manufacturing, and logistics, to ensure smooth business operations.

• Supervised business justification and solutions for customer logistics programs, such as consignment hubs and lead-time reduction programs.
• Executed complex quantitative and qualitative analyses of distribution channels, logistics and transportation costs and metrics.

15. Financial Models

Financial models are detailed mathematical representations of a company's financial performance. Business planning managers use these models to make informed decisions about new projects and investments. They create models to track contracts, aid in financial planning, and project the impact of different scenarios. For example, a business planning manager might develop a financial model to show the cost and revenue of various projects. This helps them decide which projects are worth pursuing.

• Managed the $35 billion global sales pipeline and created financial models to track thousands of consulting contracts.
• Develop in-depth analysis and financial models to provide the basis for decision making around new projects and investment.

5 Business Planning Manager Resume Examples

Build a professional business planning manager resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 5 + resume templates to create your business planning manager resume.

What skills help Business Planning Managers find jobs?

Tell us what job you are looking for, we’ll show you what skills employers want. Get Started

List of business planning manager skills to add to your resume

The most important skills for a business planning manager resume and required skills for a business planning manager to have include:

• Business Planning
• Competitive Analysis
• Direct Reports
• Project Management
• Business Objectives
• Pricing Strategy
• Financial Analysis
• Data Analysis
• Business Strategy
• Continuous Improvement
• Supply Chain Planning
• Business Performance
• Financial Models
• Business Decisions
• Strategic Plan
• Business Development
• Business Process
• Market Research
• Process Improvement
• Inventory Management
• Product Line
• Market Trends
• Financial Performance
• Executive Management
• On-Time Delivery
• Business Reviews
• Business Analysis
• Variance Analysis
• Business Cases
• Financial Data
• Performance Metrics
• Cost Reduction
• Resource Allocation
• Competitor Analysis
• Cost Savings
• Financial Results
• Manage Cross

Updated June 25, 2024

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

Business Planning Manager Related Skills

• Brand Manager Skills
• Business Development And Marketing Manager Skills
• Business Development Manager Skills
• Business Director Skills
• Business Leader Skills
• Business Manager Skills
• Business Operations Manager Skills
• Business Partner Skills
• Business Unit Manager Skills
• Manager Finance Planning And Analysis Skills
• Manager, Strategy Skills
• Market Manager Skills
• Media Manager Skills
• Planning Director Skills
• Planning Manager Skills

Business Planning Manager Related Careers

• Brand Manager
• Business Development And Marketing Manager
• Business Development Manager
• Business Director
• Business Leader
• Business Manager
• Business Operations Manager
• Business Partner
• Business Unit Manager
• Manager Finance Planning And Analysis
• Manager, Strategy
• Market Manager
• Media Manager
• Planning Director
• Planning Manager

Business Planning Manager Related Jobs

• Brand Manager Jobs
• Business Development And Marketing Manager Jobs
• Business Development Manager Jobs
• Business Director Jobs
• Business Leader Jobs
• Business Manager Jobs
• Business Operations Manager Jobs
• Business Partner Jobs
• Business Unit Manager Jobs
• Manager Finance Planning And Analysis Jobs
• Manager, Strategy Jobs
• Market Manager Jobs
• Media Manager Jobs
• Planning Director Jobs
• Planning Manager Jobs

What Similar Roles Do

• What Does a Brand Manager Do
• What Does a Business Development And Marketing Manager Do
• What Does a Business Development Manager Do
• What Does a Business Director Do
• What Does a Business Leader Do
• What Does a Business Manager Do
• What Does a Business Operations Manager Do
• What Does a Business Partner Do
• What Does a Business Unit Manager Do
• What Does a Manager Finance Planning And Analysis Do
• What Does a Manager, Strategy Do
• What Does a Market Manager Do
• What Does a Media Manager Do
• What Does a Planning Director Do
• What Does a Planning Manager Do
• Zippia Careers
• Executive Management Industry
• Business Planning Manager
• Business Planning Manager Skills

Browse executive management jobs

• Business Essentials
• Leadership & Management
• Credential of Leadership, Impact, and Management in Business (CLIMB)
• Entrepreneurship & Innovation
• Digital Transformation
• Finance & Accounting
• Business in Society
• For Organizations
• Support Portal
• Media Coverage
• Founding Donors
• Leadership Team

• Harvard Business School →
• HBS Online →
• Business Insights →

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

• Career Development
• Communication
• Decision-Making
• Earning Your MBA
• Negotiation
• News & Events
• Productivity
• Staff Spotlight
• Student Profiles
• Work-Life Balance
• AI Essentials for Business
• Alternative Investments
• Business Analytics
• Business Strategy
• Business and Climate Change
• Design Thinking and Innovation
• Digital Marketing Strategy
• Disruptive Strategy
• Economics for Managers
• Entrepreneurship Essentials
• Financial Accounting
• Global Business
• Launching Tech Ventures
• Leadership Principles
• Leadership, Ethics, and Corporate Accountability
• Leading Change and Organizational Renewal
• Leading with Finance
• Management Essentials
• Negotiation Mastery
• Organizational Leadership
• Power and Influence for Positive Impact
• Strategy Execution
• Sustainable Business Strategy
• Sustainable Investing
• Winning with Digital Platforms

6 Leadership Skills You Need for Business Success

• 16 Sep 2021

Many believe great leaders are born, not made. Those who subscribe to this worldview feel that if you don’t exhibit strong leadership ability from a young age, there’s little chance you ever will. Yet, the truth is that great leaders are made.

Effective leaders invest time and energy, whether consciously or subconsciously, to develop key skills that empower them to mobilize others and make informed decisions. That’s good news because it means anyone can become a successful leader as long as they’re serious about developing their skills .

If you’d like to become a more effective leader in your organization or industry, here are the most important skills you should develop to reach that goal.

Access your free e-book today.

What Are the Top Leadership Skills for Business?

1. emotional intelligence.

Emotional intelligence is an individual’s ability to recognize and manage emotions in themselves and others. It’s typically broken into four areas:

• Self-awareness: The ability to recognize your own strengths, weaknesses, and emotions.
• Self-management: The ability to regulate your emotions, especially during periods of high stress.
• Social awareness: The ability to recognize others’ emotions. This is also often referred to as the ability to exhibit empathy.
• Relationship management: The ability to manage relationships with others through influencing, coaching, mentoring, and resolving conflict.

2. Communication

A leader's communication abilities are critical to a team's success. To understand why, you need to think about the role leaders fill: They motivate others to follow them and work toward shared goals.

The ability to effectively communicate with others also affects the efficiency of the group and determines how tasks are accomplished. To ensure these tasks are done correctly, you must determine if you’re exhibiting the effective communication skills required to inform your team of your goals and plan to achieve them.

Communication is made up of several discrete skills. Some of the most important communication skills for leaders include:

• Adaptability: The ability to adapt your communication style to different situations and audiences.
• Active listening: The ability to remain engaged and attentive during conversation, paying attention to verbal and non-verbal forms of communication.
• Transparency: The ability to communicate your company’s goals, opportunities, challenges, and strategy in an open and transparent way.
• Clarity: The ability to simplify a message by providing the right level of detail for a given audience to motivate them to act.
• Inquisitiveness: The ability to ask open-ended questions that spark thoughtful discussion.
• Empathy: As mentioned above, the ability to recognize the emotions of those you communicate with and using that understanding to adjust your communication style.
• Body language: Presenting open and comforting body language that builds rapport and makes others feel comfortable sharing opinions.

3. The Ability to Bring Out the Best Performance

An effective leader doesn’t simply tell others what to do or micromanage how tasks are completed. Instead, they empower employees to do what they were hired for. This not only improves team performance but frees up time to perform essential leadership tasks, which can greatly improve time management. All of these elements affect overall team performance—a clear indicator of whether you demonstrate effective leadership.

How you choose to empower your employees depends on several factors, including the type of work being done and the goals you’re working toward. There's a wide range of strategies you can use as a leader, including:

• Building a culture of trust in your organization
• Delivering honest feedback
• Showing empathy
• Fostering open communication
• Being purpose-driven
• Supporting growth opportunities

As a bonus, research has shown that organizations with highly empowered employees enjoy additional benefits, such as greater job satisfaction, which leads to lower levels of turnover and higher levels of engagement.

4. Self-Awareness

To capably lead your team, it’s important to continuously reflect on your leadership abilities. This enables you to recognize and control your emotions as you perform your duties, helping you remain effective during particularly stressful situations.

One way to do so is by leveraging the Reflective Leadership Model outlined by Harvard Business School Professor Nien-hê Hsieh in the online course Leadership, Ethics, and Corporate Accountability . The framework consists of three objectives—awareness, judgment, and action—to facilitate continuous reflection on your leadership abilities and decision-making skills.

Self-awareness can also empower you to identify your leadership style .

What Are the Different Leadership Styles?

• Approachability: A leadership style embodied by warmth and authenticity that builds deep connections with team members.
• Credibility: A leadership style embodied by humility, competence, and resolve, in which the team views the leader as deserving of their trust and commitment.
• Aspiration: A leadership style embodied by a clear vision and high expectations, which motivates team members to perform to their fullest potential.

Once you understand the leadership style you default to, you can leverage its strengths while avoiding its potential pitfalls. You can also be positioned to develop a unique leadership style .

As with several of the other skills in this list, your ability to be self-aware ties back to emotional intelligence.

5. Resilience

In business, things rarely go exactly as intended. No matter how well you account for known risks in your business strategy or product launch, there will always be variables that can throw a wrench in your plans. As a leader, you must remain flexible and resilient under pressure and possess critical problem-solving skills that will help you adjust to changing scenarios and guide your team to new courses of action.

There are many ways to build resilience in your leadership style . Some effective strategies include:

• Reflecting on a situation and assessing options before acting
• Striving to continuously learn and improve yourself and your team
• Remaining purpose-driven at all times, even during stressful situations
• Cultivating strong relationships with friends, colleagues, and mentors you can leverage during times of crisis

Related: Leadership Under Pressure: 3 Strategies for Keeping Calm During a Crisis

6. Financial Literacy

Finally, it’s important to recognize that much of a leader’s time is dedicated to business strategy: selecting organizational goals and striving to reach them. By necessity, these goals will largely be tied to questions of financial performance: profitability, cash flow, and other key metrics. With this in mind, all business leaders should maintain financial literacy.

In addition to basic financial literacy, financial skills all leaders need include:

• Financial statement analysis , which encompasses balance sheets , income statements , and cash flow statements .
• Ratio analysis, which allows for a more meaningful understanding of a company’s performance.
• Cash flow management, which is crucial to keeping a business running and growing at a consistent rate.
• Forecasting, which refers to the ability to predict future sales, cash flows, and profits.

While financial literacy can benefit all professionals, it’s crucial for anyone currently in, or aspiring to fill, a leadership position.

Who Needs Leadership Skills?

Virtually everyone—regardless of their professional role—can benefit from developing effective leadership skills.

Populations likely to benefit most include:

• Early and mid-career professionals: Developing leadership skills early in your career can allow you to demonstrate leadership potential and be positioned for a promotion into a more senior role.
• Newly appointed leaders: If you’ve primarily worked as an independent contributor but now find yourself in leadership roles, developing your skills can enable you to perform your duties more effectively.
• New or aspiring entrepreneurs: Entrepreneurs are, by default, the leaders of their venture. Your startup’s success requires you to get as much value as possible from your team to free yourself up for critical strategic work.

How to Improve Your Leadership Skills

The first step to becoming a better leader is to understand your current strengths and weaknesses. With this in mind, it can be helpful to start by conducting a leadership self-assessment . In addition to recognizing areas where you need to improve, it can help you practice self-awareness and emotional intelligence.

Once you have a firm sense of where you’re beginning, choose goals to work toward. Your goals should be specific, measurable, achievable, realistic, and timely—otherwise known as SMART goals. Armed with these goals, you can look for the right strategy to develop your skills.

While some can improve their leadership skills by reading books, researching, and putting lessons into practice on their own, others require a more structured learning approach. If the latter sounds like you, an online course or workshop can be an effective means of bolstering your leadership skills while having the flexibility to work and live your life.

Leadership Principles is an online course designed to help you build strong leadership skills. The course begins with a two-week self-assessment and peer review period that offers insight into your leadership style, strengths, and weaknesses. You then immerse yourself in four weeks of coursework, which provides an actionable framework you can use to become a more effective leader.

Do you want to enhance your leadership skills? Explore Leadership Principles and our other online leadership and management courses to discover how you can become a more effective leader and unleash the potential in yourself and others. To find the right HBS Online leadership and management course for you, download our free flowchart .

This post was updated on August 7, 2023. It was originally published on September 16, 2021.

About the Author

Succession Planning for Family Businesses

Succession planning is vital for family businesses, guaranteeing the long-term survival and sustainability of the organization. It involves identifying key successors and developing a thorough plan, including leadership development and training. Family dynamics and communication play a pivotal part in the process, and managing expectations is vital. A well-structured ownership and management handover plan helps to preserve legacy and minimize disruption. By implementing and monitoring progress, family businesses can guarantee a seamless shift. As you explore the intricacies of succession planning, you'll uncover the strategies and frameworks that will help your family business flourish for generations to come.

Table of Contents

Identifying Key Successors and Roles

Identifying key successors and positions is a vital step in the succession planning process, as it enables organizations to pinpoint the most critical positions that will be impacted by retirement, turnover, or other forms of attrition. In the context of family businesses, this step is particularly vital, as it guarantees the continuation of the family legacy. To achieve this, it is imperative to develop a successor profile, outlining the skills, qualifications, and experience required for each key position. This profile serves as a benchmark to identify potential successors, both within and outside the family.

Developing a Comprehensive Plan

To develop a thorough succession plan, it is vital to identify key positions that are critical to the organization's ongoing success. This involves establishing clear functions and responsibilities for each position, defining that the necessary skills and competencies are specified. By doing so, organizations can set realistic timelines for handover, allowing for a seamless shift and minimizing disruption to operations.

Identify Key Positions

Within any organization, certain positions have a disproportionate impact on overall performance and stability, making it vital to pinpoint these key positions as the foundation of an exhaustive succession planning strategy. Identifying key positions enables family businesses to concentrate their succession planning efforts on the most vital positions, guaranteeing continuity and minimizing disruption.

To identify key positions, review Job Descriptions and assess their impact on the organization. Evaluate the positions that are pivotal to the business's daily operations, customer relationships, and revenue generation. Consider the Performance Metrics associated with each position, such as sales targets, production quotas, or customer satisfaction ratings. This analysis will help you pinpoint the positions that have the greatest impact on the organization's success.

Establish Clear Roles

Establishing clear positions and responsibilities is a critical component of a thorough succession planning strategy, as it certifies that everyone involved understands their specific duties and how they contribute to the overall succession process. This clarity is vital to avoid confusion, overlapping responsibilities, and potential conflicts.

To achieve clarity of duties, family businesses should develop detailed job descriptions that outline the key responsibilities, skills, and qualifications required for each position. This helps to confirm that each family member or employee understands their duties and how it contributes to the overall succession plan.

Set Realistic Timelines

Developing a thorough succession plan requires setting realistic timelines that align with the family business's unique needs and goals, promising a seamless handover of power and minimizing disruptions to the organization. A well-planned timeline allows for a gradual transfer of responsibilities, enabling the next generation to gain valuable experience and build confidence. It is necessary to recognize the importance of flexibility in setting timelines, as unforeseen circumstances can arise, and deadlines may need to be adjusted.

Establishing realistic deadlines is imperative, as unrealistic expectations can lead to rushed decisions, leading to poor succession outcomes. It is paramount to acknowledge the deadline realities, taking into account the complexity of the succession process and the time required for a smooth handover. By doing so, family businesses can avoid the risks associated with hurried decisions and secure a successful handover of power. By balancing flexibility with deadline realities, family businesses can create a tailored timeline that suits their unique needs, ultimately culminating in a successful succession plan.

Family Dynamics and Communication

In family-owned businesses, effective succession planning is often hindered by unresolved family dynamics, which can lead to communication breakdowns and power struggles that threaten the company's future. Unaddressed emotional baggage, rivalries, and unspoken expectations can create a toxic environment, making it challenging to develop a smooth transition plan.

To overcome these hurdles, it's essential to acknowledge the emotional aspect of family dynamics and foster open communication. This can be achieved by:

• Recognizing emotional triggers : Identify and address underlying emotional issues that may be influencing decision-making.
• Practicing active listening : Encourage family members to listen actively and empathetically to each other's concerns and perspectives.
• Fostering a culture of transparency : Establish a safe and open environment where family members feel comfortable sharing their thoughts and concerns.

Leadership Development and Training

Effective succession planning necessitates the development of key skills in future leaders, guaranteeing a seamless handover of power. Identifying and nurturing high-potential individuals through mentoring and coaching is vital for sustaining organizational excellence. By prioritizing leadership development and training, organizations can cultivate a pipeline of talented leaders equipped to drive future success.

Developing Key Skills

Many organizations recognize that cultivating key skills in their future leaders is fundamental for a seamless handover and sustained success. Developing key skills is a pivotal aspect of leadership development and training, guaranteeing that the next generation of leaders is equipped to navigate the complexities of the family business.

To achieve this, family businesses should concentrate on developing the following key skills:

• Soft Skills : Strong communication, emotional intelligence, and conflict resolution skills are indispensable for building strong relationships with stakeholders, managing teams, and making informed decisions.
• Industry Knowledge : Developing a deep understanding of the industry, including market trends, competitors, and regulatory requirements, is imperative for making informed strategic decisions.
• Strategic Thinking : The ability to think strategically, anticipate challenges, and develop innovative solutions is necessary for driving business growth and staying ahead of the competition.

Identifying Future Leaders

Identifying future leaders within a family business requires a deliberate and systematic approach to talent development, one that begins with a thorough assessment of the skills, abilities, and aspirations of potential successors. This involves creating a talent pipeline that identifies, develops, and retains future leaders who embody the family business's values and vision.

To achieve this, family businesses can leverage various leadership archetypes, such as:

| Developer | Leaders who foster talent and innovation | Coaching, Collaboration

Mentoring and Coaching

Through targeted mentoring and coaching initiatives, family businesses can accelerate the development of future leaders, bridging the gap between their current abilities and the demands of future leadership positions. Effective mentorship strategies and coaching styles can help identify and address skill gaps, foster a culture of continuous learning, and promote leadership development.

To achieve this, family businesses can implement the following initiatives:

• Pair future leaders with experienced mentors : This provides an opportunity for knowledge sharing, guidance, and support, helping to build confidence and decision-making skills.
• Develop a coaching culture : Encourage a culture of open communication, feedback, and continuous improvement, where leaders are empowered to coach and develop their team members.
• Provide training and development programs : Offer structured training programs, workshops, and seminars that concentrate on leadership development, strategic planning, and industry-specific skills.

Ownership and Management Transfer

As business owners approach retirement or exit out of their companies, they must confront the critical issue of ownership and management succession to safeguard a seamless continuation of their life's work. This transfer of ownership and management is essential to preserving the family legacy and the business remains a vital part of the family's heritage.

A key aspect of this transfer is determining the business valuation, which involves evaluating the company's financial performance, market value, and future growth potential. This evaluation helps identify the most suitable ownership and management structure for the next generation. By doing so, family business owners can make certain that their life's work continues to thrive, while also maintaining family unity and cohesion. Effective ownership and management transfer requires careful planning, open communication, and a deep understanding of the family's values and goals. By addressing this pivotal issue, family business owners can protect their legacy and secure a prosperous future for their company.

Managing Family Expectations

During the succession planning process, family expectations can quickly become a major obstacle if not carefully managed, as unmet expectations can lead to conflict and even threaten the future of the business. Managing family expectations is crucial to ensure a smooth transition and maintain family harmony.

Family members often bring emotional baggage and differing opinions to the table, making it challenging to navigate the succession planning process. It's essential to address these expectations proactively to avoid conflicts and ensure the family legacy endures. Here are three key strategies to manage family expectations:

• Communicate Openly : Encourage open and honest communication among family members to understand their expectations, concerns, and aspirations.
• Set Realistic Expectations : Clearly define roles, responsibilities, and timelines to avoid misunderstandings and ensure everyone is on the same page.
• Establish a Fair Process : Develop a fair and transparent process for decision-making, ensuring that all family members feel heard and valued.

Implementing and Monitoring Progress

Regularly reviewing and refining the succession plan is crucial to ensure its successful implementation and to make adjustments as needed. This involves scheduling regular check-ins with all stakeholders to assess progress, discuss challenges, and make necessary adjustments to the plan.

Frequently Asked Questions

How do i handle family members who are not involved in the business?.

When dealing with family members not involved in the business, set clear Family Expectations and define their Outside Positions to avoid confusion and establish a peaceful family dynamic, fostering open communication and respectful boundaries.

Can I Still Work in the Business After Transferring Ownership?

After transferring ownership, you can still contribute to the business through a phased retirement, gradually scaling back your involvement while maintaining a mentorship capacity, providing guidance and wisdom to the new leadership.

What if My Chosen Successor Is Not Ready to Take Over?

When a chosen successor lacks readiness, implement mentorship programs and leadership development initiatives to bridge the gap, providing targeted training and guidance to facilitate a seamless handover and minimize disruption to business operations.

How Do I Balance Fairness With Merit in Succession Decisions?

When balancing fairness with merit in succession decisions, create merit matrices to objectively evaluate candidates, considering skills, experience, and performance. Then, navigate family dynamics by communicating transparently and involving stakeholders to guarantee a fair, merit-based outcome.

What Happens if There Are Multiple Family Members Vying for Leadership?

When multiple family members vie for leadership, family dynamics can become strained, leading to leadership struggles. It's crucial to establish clear criteria, engage in open communication, and consider objective assessments to facilitate a seamless succession and maintain family unity.

• English (UK)
• English (CA)
• Deutsch (DE)
• Deutsch (CH)

The role of a COO: key duties and responsibilities

What is a coo.

• leading the company alongside the chief executive officer
• acting as a bridge between the executive team and other employees
• building the company operational strategy and implementing it
• training to become the next CEO

What are the duties of a COO?

1. daily operations.

• Setting up the company's recruitment standards
• Reviewing the marketing efforts and outputs
• Optimising business workflows for greater productivity
• Performance & KPI management

2. Budgeting and financial planning

3. administrative decision-making, 4. business-critical travel.

Start saving money on business travel for your company today!

What is the ideal skillset of a coo, 1. leadership skills, 2. management skills, 3. decision-making abilities, 4. communication and coordination, 5. business acumen, what are the different roles of a coo.

• The Executor: the COO focuses on the company’s internal affairs and participates in activities that create enterprise value. They also work with a high level of prioritisation to supervise all departments and execute bigger plans—like taking the company public or preparing for an investors’ meet.
• The Mentor: when the CEO is inexperienced or undergoing training, the COO acts as a mentor. They help the CEO transition into their role effectively. As a part of the management team, they also guide other employees.
• The Partner: many companies use a co-CEO model where the COO shares the responsibilities of a CEO. It's more focused on an egalitarian model of work.
• The MVP: this is a situation when the senior management team promotes an employee to the COO position. The promotion comes after the senior executive team has properly gauged the respective employee’s leadership potential and dedication to seeing the company succeed.
• The Heir Apparent : bigger enterprises train the COO as the heir apparent to the CEO with the goal of a seamless succession when the time comes
• The Change Agent: the COO becomes a change agent when they are hired to achieve or implement a very specific organisational change. They secure the role based on their ability to spearhead the new initiatives.

Want to know more about automating your travel and expense management?

Wrapping up on coos.

Make business travel simpler. Forever.

• See our platform in action . Trusted by thousands of companies worldwide, TravelPerk makes business travel simpler to manage with more flexibility, full control of spending with easy reporting, and options to offset your carbon footprint.
• Find hundreds of resources on all things business travel, from tips on traveling more sustainably, to advice on setting up a business travel policy, and managing your expenses. Our latest e-books and blog posts have you covered.
• Never miss another update. Stay in touch with us on social for the latest product releases, upcoming events, and articles fresh off the press.

What to include in an employee relocation policy?

Main types of business travel and how to arrange accommodation

• Business Travel Management
• Offset Carbon Footprint
• Flexible travel
• Travelperk Sustainability Policy
• Corporate Travel Resources
• For Travel Managers
• For Finance Teams
• For Travelers
• Thoughts from TravelPerk
• Careers Hiring
• User Reviews
• Privacy Center
• Help Center
• Privacy Policy
• Cookies Policy
• Modern Slavery Act | Statement
• Supplier Code of Conduct

22 Best Business Plan PowerPoint Templates

Use these business plan PowerPoint templates to launch your next enterprise.

In this post, we’ll look at some of the best business plan PowerPoint templates you can download and use. And, as a bonus, we’re offering two templates completely free! Just click below to download them.

2 Free PowerPoint Business Plan Templates

Yefora multi-purpose powerpoint template.

• 60 sample business plans PPT slides
• fully editable text
• RGB color mode
• simple slides to make your key points clearer

Evolved: Business Plan PowerPoint Template for Free

• 40+ slides for creative, education, or business presentations
• one of the best fundraising presentations PPT
• easily editable
• vector-based icons

More Business Plan PPT Templates to Download

Explore all of these business plan presentation PPT examples. See how a polished, engaging presentation can captivate your audience. You can even find an amazing fundraising presentation template for your next project.

1. Influencers Business Plan Presentation

• ultra-modern design
• great for business, portfolio, corporate, branding, advertising
• 35 sample business plans PPT layouts
• business plan examples PPT guidelines

2. Corporary Business PowerPoint Template

• clean, modern, and easy to edit
• perfect for PowerPoint business plan or portfolio
• easy to customize and fully editable

3. Opus Business PowerPoint Template

• colorful and innovative design
• 12 .PPTX files and 12 .PPT files
• 3 premade color themes
• includes business plan examples PPT layouts

4. Modern Blue Green Digital Marketing Presentation

• versatile business plan template PPT
• perfect for presenting a marketing strategy
• fully editable
• 25 unique slides

5. Modern Minimalist Business Plan Presentation

• suitable for many businesses
• all elements are fully editable
• 30 unique slides with data charts and infographics
• 16:9 widescreen ratio

6. Business Plan PowerPoint Template Presentation

• trendy and colorful presentation
• ideal for pitching your business plans
• 30 PowerPoint business plan slides
• free web fonts used and recommended

7. Business Plan PowerPoint

• PowerPoint business plan presentation
• drag and drop images
• strong focus on typography and usability
• predefined text styles

8. Radeon Presentation Template

• 30 modern, creative, unique slides
• 5 color schemes
• perfect business plan template PPT and startup PPT
• works for a non-profit organization PowerPoint presentation

9. SWOT Business Presentation

• perfect for corporate presentations
• 20+ color themes
• 111 simple unique slides
• multiple aspect ratio (16:9, 4:3, US Letter)

10. Proxima Business PowerPoint Template

• clean business plan template PPT
• big typefaces to focus on data
• 72+ unique slides and 6 color schemes
• transitions (not over-animated)

11. Business Planning PowerPoint Template

• 150+ slides
• handcrafted infographic
• Pixel-perfect illustrations
• all graphics are resizable and editable

12. Business Plan for Presentation Template

• easy-to-use presentation template
• unique and creative slides
• PowerPoint, Keynote, and Google Slides template
• easy drag and drop to change images

13. Fritz Business Plan

• 30 editable slides for Google Slides and PowerPoint
• perfect for your startup or business
• 16:9 aspect ratio
• Google Fonts

14. Planning Modern Business PowerPoint Template

• infographic pack for building recognition
• 80 unique slides
• light and dark versions
• fully customizable

15. Business Plan PowerPoint Template

• professional presentation template
• 16:9 aspect ratio (HD)
• perfect for your business, startup, or tech and finance presentation

16. Business Plan Presentation PowerPoint Template

• modern presentation with 32 PowerPoint slides
• includes creative layouts and infographics
• easily edit and adjust to suit your business needs
• Google Fonts used

17. Sunne Creative Agency Business Plan Presentation

• creative agency business plan presentation
• 15 unique slides (PPT and PPTX)
• uses free fonts from Google Fonts

18. Keria Business Plan PowerPoint Template

• engaging business plan examples for PPT
• 50 unique and editable presentation slides
• 2 color variations
• vector shape illustrations are included

19. Reka Business Plan

• theme suitable for PowerPoint and Google Slides
• 30 editable slides
• aspect ratio 16:9
• dynamic business plan PowerPoint example
• works as a non-profit pitch deck example

20. Conderi Marketing PowerPoint Template

• 15 PowerPoint slides
• 16:9 widescreen ratio (1920×1080px)
• picture placeholder

Which Template Will You Use for Your PowerPoint Business Plan?

Are you ready to take your business to new heights? Elevate your strategy with premium and free business plan PowerPoint templates from Envato Elements . Also find plenty of sample fundraising PowerPoint presentations for you to customize in no time.

We’ve seen a bunch of business plan PowerPoint presentation examples in this article. Looking for a non-profit fundraising PowerPoint presentation? We’ve also featured some of the best fundraising presentations PPT for your startup.

Choose from the business plan PowerPoint examples featured to make your brand shine. Boost your business towards success for 2024 and the future!

Related Articles

More From Forbes

4 Steps To Turn Your Experience Into A Lucrative Consulting Business

• Share to Facebook
• Share to Twitter
• Share to Linkedin

After decades of experience in-house only, how do I position myself as a "consultant" and find those types of consulting opportunities? – Crypto Content Creator

There are multiple benefits of offering your expertise and skills as a consultant:

• If you’re pivoting from an in-house role, launching your own business gives you more autonomy and career satisfaction ;
• If you’re in-between jobs, starting off as a consultant somewhere may be an easier sell to start and can convert from temp to full-time down the road
• If you’re trying to rekindle your joy for working, select consulting projects that focus on your exact areas of interest, more closely aligning your work with your passions,

For experienced professionals, you may not have a track record as a consultant specifically but you have other assets that easily transfer. In your years of experience, you have a track record of problems solved that match what other companies need . You have technical, administrative or management skills. You have a network of contacts who know your work and your work ethic, and these people have gone on to other companies, where you now have an entry point. Here are four steps to take when you’re ready to launch your consulting business:

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, 1 — land a pilot project among friends and former colleagues.

It takes time to figure out exactly what services to offer, how to structure your projects and how to price your services . You will likely have some trial and error before landing on exactly the right business model for you, not to mention getting your name out there as a consultant, building up your website and other operational aspects of your business. If you focus on how much there is to do, you may never get started, so the antidote is to just start consulting right away. Tap your friends and former colleagues to quickly land your first project. It can be of short duration and at a lower cost than you plan to charge later. But landing a pilot project will give you a hands-on example to discuss. You’ll have a reference for future projects.

2 - Update your LinkedIn profile to reflect your focus on consulting

Eventually you will probably want a standalone website for your business, but your LinkedIn profile can stand in for now. Add your work as a consultant to your headline, summary, and current experience. In your summary (i.e., About section), you can write about the problems you can solve and use your track record from your in-house days for now until you have client examples to add. Include your contact information write there so prospective clients can follow up right away. Use your LinkedIn activity – writing articles to showcase your knowledge, commenting on other posts with your point of view or simply curating information in your field – to brand your profile around your expertise.

3 — Speak about your field of expertise to your target audience

Speaking is a great way to establish your thought leadership and gain visibility among potential clients (and people who may refer you to clients). Start with talks at your local college, library or community center, if you aren’t an experienced speaker. Volunteer at your alma mater – a former professor may be willing to give you a few minutes to guest lecture at their class. Check with former employers if they bring in speakers for Lunch & Learns or their employee resource group events. Conferences typically include instructions on how to submit to be a speaker.

4 — Find collaboration partners to share sales and marketing efforts

While you are going after companies active in your field of expertise, there may be others who can benefit from what you do. This crypto content creator could work with fintech companies more broadly, or even non-financial companies that are in disruptive industries (e.g., AI). If they know AI consultants, they can collaborate with them and share introductions or pitch projects together. Finding opportunities to join with other business owners is a way of sharing the load without taking on employees or partners.

Don’t wait till you leave your current job to start consulting

As long as your current employer doesn’t have any restrictions about taking on a side hustle, you don’t need to lave your current job to start consulting. Adding a consulting practice to your current job is an additional income stream that doesn’t require upfront costs, such as holding inventory or investing in start-up materials. There is little financial risk to getting started but there is valuable financial (and emotional) upside if you succeed.

• Editorial Standards
• Reprints & Permissions

Join The Conversation

One Community. Many Voices. Create a free account to share your thoughts. 

Forbes Community Guidelines

Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.

In order to do so, please follow the posting rules in our site's  Terms of Service.   We've summarized some of those key rules below. Simply put, keep it civil.

Your post will be rejected if we notice that it seems to contain:

• False or intentionally out-of-context or misleading information
• Insults, profanity, incoherent, obscene or inflammatory language or threats of any kind
• Attacks on the identity of other commenters or the article's author
• Content that otherwise violates our site's  terms.

User accounts will be blocked if we notice or believe that users are engaged in:

• Continuous attempts to re-post comments that have been previously moderated/rejected
• Racist, sexist, homophobic or other discriminatory comments
• Attempts or tactics that put the site security at risk
• Actions that otherwise violate our site's  terms.

So, how can you be a power user?

• Stay on topic and share your insights
• Feel free to be clear and thoughtful to get your point across
• ‘Like’ or ‘Dislike’ to show your point of view.
• Protect your community.
• Use the report tool to alert us when someone breaks the rules.

Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's  Terms of Service.

• Find My NCCER Number
• Take Module Test
• Take Assessment

Tools to Improve Your Construction Business Stability and Longevity

Building a stable business takes constant work, continuous planning and an undeterred dedication to the team members that make it all possible. To that end, let’s look at some best practices that have helped construction businesses build long-lasting success.  

Prepare for the Unexpected  

To ensure the longevity of your business, consider putting a well-crafted recovery plan in place that you can implement immediately if any unforeseen problems were to occur. Proactively  creating a continuity plan  will help you respond effectively if an incident or crisis affects your business.  

Essentially, this includes detailed contingency plans for every type of unexpected incident you can imagine, from natural disasters to cyber-attacks. Your continuity plan should answer the question: How are you going to keep your business going if any of these issues were to occur?  

Gather a team and figure out the immediate actions that you would take to keep your business afloat in the various scenarios you’ve outlined. Which employees will handle specific tasks, and what systems will you need to implement now to be ready for an uncertain future? This is also a great time to start cross training your employees so more than one person can handle essential duties if additional support is needed.  

Along with a plan to handle daily operations amid crises, a careful analysis of how such events will impact your finances is key. Beyond revenue and expenses, knowing your cashflow needs over various periods of time will help you prepare for events that may limit your ability to generate revenue for undetermined timeframes. A cash flow calculator can help in this planning process.  

An Employee Retention Strategy  

Creating a positive work environment where you provide the tools that your employees need to be effective and productive can also impact business longevity. Employee retention starts on day one with a well-orchestrated onboarding process that informs new employees of the full extent of their position and offers resources to assist with any questions they may have.   

After the onboarding process, it is important to follow up with new employees periodically to ensure they have everything they need and to answer any questions they have. A person is more inclined to stick around if they know that the company has a vested interest in their development. Deliberate planning of follow-up is especially important with remote workers as interactions don’t happen naturally on a daily basis. You can  create a digital watercooler of sorts  by hosting video meetings over Zoom or a similar platform, so everyone retains that valuable face-to-face connection.  

Continuous training is key for retention because it will not only help employees learn the advanced skills needed for their role, but it will also improve your bottom line. Recent studies show that the costs associated with recruiting and onboarding a new employee  can be upwards of $4000 per person . Using training to avoid turnover is well worth it, especially if you have a talented employee that simply needs more training to fulfill your specific needs.  

A Culture of Safety  

Developing a culture of safety that extends to every member of your organization is a great way to bolster organizational stability and longevity. While safety is important in any profession, the scenarios often seen in construction can be particularly dangerous if anyone on your team is not prepared. Regular meetings for discussing and implementing safety guidelines can create safer environments, but they can also make employees feel safer in their positions. An open-door policy that encourages coming forward with safety concerns is another way to increase employee confidence in your company.  

Extra caution is required on the job site, of course. Some of the most common practices are simple and effective, like ensuring that all unused equipment is picked up and stored away in its proper place, placing signage around work areas, and labelling all chemicals.  As usage of mobile phones and other personal devices has become ubiquitous and nearly continual, many companies have worked to limit distractions by implementing policies outlining when and where devices may be used.  

In addition to ensuring the safety of your workforce, protecting your customer and client relationships is also essential. Build trust with these stakeholders by promptly addressing questions, providing solutions, and keeping them updated on safety procedures and a project’s progress through text updates, emails or social media posts. It is common practice for field leaders to inspect the project site daily to verify that harmful items are not lying around. More recently, companies have found that  using drones  to provide an aerial view can help ensure that even the smallest hazard doesn’t go undetected.  

As an entrepreneur, you want to see your business thrive for years to come. Developing contingency plans, implementing employee retention strategies, and creating a culture of workplace safety are proven and practical ways to fortify, strengthen and prepare your business for long-term success.   

Interested in receiving more great construction news, research and content from NCCER?  Click here to join our mailing list !

Related News

Contractors: focus on the skills gap, not the people shortage, for immediate impact, workforce challenges impact the solar industry’s bright future, new survey finds construction industry salaries remain high, 3 tips to help you pass the electrical journeyman exam, worley: winning work by investing in its people, a compelling case for construction craft training: the return on investment is real, preparing your construction industry calendar for the new year, 3 ways the construction supply chain impacts the world.