Apart from being smart, an entrepreneur or a business owner should be well-versed in using SMART as his guidelines for conceptualizing an effective business plan. However, SMART being referred in this article is not only having the brains and education but it is to have a deep understanding of your business and also your target market. Least to say, using SMART in the conceptualization and implementation of your business plan will consequently lessen business risks and it could help propel your business to success.
Using The Right PowerPoint Tool To Present Complex Ideas
You can use different graphics in powerpoint presentations to help you discuss and present SMART in the formulation of an effective business plan. Using the right powerpoint tools will help you present complex ideas easily and effectively like with the use of Detailed Process SmartArt graphics when you are trying to come up with a sound business plan for your retail store.
In the graphics as shown above, you can use a Detailed Process SmartArt to simplify the presentation of a business like the 3 Steps in Formulating An Effective business Plan or you can also use another graphic to present the same idea steps like the Grouped List SmartArt as shown below.
Least to say, you can also do the same when presenting and analyzing SMART in planning the strategies and tactics for your business.
Using SmartArt in SMART Planning
But what is SMART? For sure, you are now pretty intrigued on what this SMART actually is and surprise surprise, there is no mystery behind this abbreviation since this is basically a universal concept being followed by think-tanks in formulating plans for big or small businesses.
Hence, S.M.A.R.T. is simply:
Any business plan following this universal guideline will have lesser risks of wasting money and effort, since this will help itemize or think about different aspects that could directly or indirectly affect business outcomes or expected business results.
To cite a specific example, a budding business with an ambition of landing in the Top 100 businesses in a particular country in the span of six months is not realistic at all. The reason for this is that no successful businesses nowadays became an overnight success and mostly, every successful and stable businesses were built on long years of trial and error and limitless amount of patience and perseverance. So, even though the business plan has a target time frame or that it is TIME-BOUND, other aspects like it being REALISTIC and ATTAINABLE were not considered or planned at all.
Another example is when an entrepreneur will come up with a plan of putting up a flower shop with a starting capital of $5,000. Even though there was enough feasibility study on the 5Ps of Marketing, which are Product, Pricing, People, Promotion and Place of Distribution, your business plan will yield better results if it is guided by SMART.
See the example of a business plan presented below that follows SMART as compared to a plan that does not follow SMART:
Not Following S.M.A.R.T.
In a nutshell, following the guidelines of S MART trains you to have a keen eye for details since it will basically help you address the numerous what ifs or scenarios that you might encounter. Least to say, it is smart to follow SMART when conceptualizing business plans.