Let’s work on a plan with GROW and SMART.

What a busy few weeks of attending training, working to support questions and developing my new business. Within this, we explore the GROW model - which is a coaching framework, not a business planning structure specifically. As someone working with the Prince's Trust and others to build a clear set of values, structure and workable pathway for business owners. Cornish Hue is setup for entrepreneurs and business owners - to develop their business plans under a bespoke plan and time together.

The Prince's Trust Business Planning Resources

The Prince's Trust provides a comprehensive Business Plan Pack that covers all the essential aspects of starting and running a business. This pack includes guidance on:

• Defining your business goals and objectives

• Identifying your target market and conducting market research

• Developing your marketing and sales strategies

• Managing your finances and creating financial forecasts

• Planning for operational and logistical challenges

How the GROW Model Can Be Applied to Business Planning

While the GROW model is primarily a coaching tool, its principles can be applied to the business planning process. Here's how:

• Goal: Clearly define your business goals and objectives. What do you want to achieve with your business?

• Reality: Assess your current situation. What resources do you have? What challenges do you face?

• Options: Brainstorm potential strategies and solutions. What are the different ways you could achieve your goals?

• Way Forward: Develop an action plan. What specific steps will you take to implement your chosen strategies?

By applying the GROW model, you can approach your business planning in a structured and focused way, increasing your chances of success.

Additional Support from The Prince's Trust

In addition to the Business Plan Pack, the Prince's Trust offers various programs and resources to support young entrepreneurs, including:

• Enterprise programme: Provides training, mentoring, and funding to help young people start and grow their businesses.

• Start-Up Loans: Offers low-interest loans to help with start-up costs.

• Mentoring: Connects entrepreneurs with experienced business mentors who can provide guidance and support.

Utilising these resources and support - can help hugely when taking time to explore them,

On the other hand, a SMART business plan is a strategic approach to setting goals and objectives that are:

• Specific: Clearly defined and focused, avoiding ambiguity or vagueness. In other words, be precise about what you want to achieve. Instead of saying "increase sales," specify "increase sales by 15% in the next quarter."

• Measurable: Quantifiable targets that can be tracked and evaluated. This involves using specific metrics or key performance indicators (KPIs). For example, instead of "improve customer satisfaction," aim to "achieve an average customer satisfaction rating of 4.5 out of 5."

• Achievable: Realistic and attainable within the available resources and constraints. Don't set goals that are impossible to reach, but don't set too low. "Opening a new branch in a year" might be achievable, while "becoming the market leader in a month" is probably not.

• Relevant: Aligned with the overall business strategy and objectives. Each goal should contribute to the bigger picture. For example, if your goal is to expand into new markets, your SMART goal could be to "launch a new product line targeting a specific demographic in a new region."

• Time-Bound: Set within a specific timeframe or deadline. This creates a sense of urgency and helps track progress. "Launch a new marketing campaign by the end of the month" is time-bound, while "launch a new marketing campaign sometime in the future" is not.

Why use SMART business planning?

SMART planning helps businesses focus efforts, allocate resources effectively, and track progress towards their goals. It promotes accountability and transparency, making it easier to identify improvement areas. This approach also helps motivate teams by providing precise and achievable targets.

By following this approach, businesses in the UK can increase their chances of success and achieve sustainable growth.

Example of a SMART business goal:

Instead of saying, "We want to grow our business," a SMART goal would be: "Increase our market share in the UK by 10% within the next 12 months by expanding our online presence and offering targeted promotions to new customers."