Episode 40: Strategic Business Planning for 2025

HR Voices

A podcast for independent HR and people, professionals, and the businesses they support.

Hosted by Mary Asante and Charlotte Allfrey of HR Independents Ltd.

DATE: 6th January 2024

Episode 40: Strategic Business Planning for 2025

Guest: Colin Hall, Biz Plans UK

Podcast Summary: In Episode 40 of HR Voices, hosts Charlotte Allfrey and Mary Asante are joined by Colin Hall, business planning expert and founder of Biz Plans UK. Together, they explore the importance of strategic planning for businesses as we approach 2025. Colin shares practical tips and actionable advice on how to create business plans that align with your goals, adapt to changing environments, and drive sustainable success. This episode is packed with insights for business owners, HR consultants, and anyone looking to plan effectively for the future.

In This Episode:

1. Why Business Planning is Crucial:

• The dangers of "failing to plan" and how an iterative planning process leads to better outcomes.

• Why the value of business planning lies in the process, not just the document.

Key Business Planning Strategies:

• Outside-In vs. Inside-Out approaches to business planning: Understanding your environment before building your strategy.

• Using tools like PESTLE and SWOT analyses to identify external influences, risks, and opportunities.

• The role of flexibility in adapting plans to changing circumstances.

Top Tips for Creating a Business Plan:

• Answer three essential questions: Why are you doing this? What do you enjoy? What’s your risk tolerance?

• Avoid common pitfalls like over-reliance on templates and ignoring market trends.

• Focus on your value proposition and segment your market to stand out in a crowded space.

Practical Advice for 2025 Planning:

• Begin with awareness: Understand your market, customers, competitors, and external landscape.

• Incorporate realistic milestones and go/no-go decision points to assess your progress.

• Don’t aim for perfection — Start small, test, and learn as you go.

• Business planning is about making better decisions—it’s a process, not just a document

•  

Key Tools and Resources:

• PESTLE Analysis: Political, Economic, Social, Technological, Legal, and Environmental factors.

• SWOT Analysis: Identifying strengths, weaknesses, opportunities, and threats.

• Practical examples of market segmentation and value-led propositions.

Top Tips:

• Start with Awareness: Take the time to thoroughly understand your internal operations and the external environment. This includes analysing market trends, customer needs, competitor actions, and economic factors. Awareness is the foundation for building a strong and adaptable business plan.

• Avoid Common Pitfalls: Steer clear of over-engineering your products or services and neglecting market trends. Focus on creating solutions that align with customer needs and stay flexible enough to adapt to a changing environment.

• Build Confidence in Your Strategy: Overcome doubts by al