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Introduction & Guidance To Business Analysis Planning and Monitoring

business analysis planning and monitoring

More often than not, the outcome of the business analysis project is directly dependent on proper planning.

The business analysis planning and monitoring activity lays out the groundwork necessary for the successful completion of the whole project.

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Monitoring also plays a key role in evaluating the business analysis work during the project. Detailed planning and close monitoring are essential for delivering the desired outcomes.

Table of Contents

Introduction – business planning and monitoring.

They determine how changes are requested and analysed and determine the right approach that will satisfy the need of the organisation. 

Also, they evaluate how business analysis performance has contributed to the implementation of the solution . As for the stakeholders , the BA’s job is to analyse their needs and characteristics to ensure proper planning and monitoring. 

Furthermore, at this stage, they need to conduct performance analysis so the planned activities will deliver a satisfying value to the business. 

All of this would not be possible without ensuring a complete understanding of the organisational context and developing the right analysis approach.

The BABOK guide includes five tasks that BAs should perform as a part of the business analysis planning and monitoring knowledge area. 

These tasks focus on organising and coordinating analysts and stakeholders, planning the approach to specific parts of a project, and defining the roles. They should produce outputs that can serve as a foundation for tasks in other knowledge areas.  We’ll take a closer look at all five of these tasks.

Plan Business Analysis Approach

The plan business analysis approach task defines and creates methods that will be used while performing business analysis activities.

The outputs produced here are a groundwork for the tasks form all of the other knowledge areas. It determines the timeline of the projects, what and when will be performed, and which deliverables are expected.

Also, planning the business analysis approach identifies suitable techniques and tools which will be used over the course of the project.

Some organisations already have established and formalised procedures and approaches and the analyst will have to work within these standards.  Of course, this doesn’t necessarily mean that some of these approaches won’t have to be adjusted as the project progresses.

In organisations without set procedures, the BA will work with stakeholders to devise the most suitable approach.

The main inputs of planning a business analysis approach are the needs of a specific organisation – problems or opportunities that the organisation is facing.

The business analyst must have a full understanding of the organisational needs as he starts the planning and be aware that those needs may change during the project. 

The expected output of this task is to define the business analysis activities and approach necessary for achieving the desired goals, determine work timeline and sequencing, decide on techniques to be used, and determine expected deliverables.

Plan Stakeholder Engagement

Planning the stakeholder engagemen t includes establishing and maintaining a fruitful collaboration with stakeholders, understanding their roles and relevance, and identifying their needs. To communicate in the best possible way, the business analyst must perform a thorough analysis of all of the crucial stakeholders and their characteristics.

The more stakeholders are involved, the more complex the task becomes, the inclusion of every new stakeholder may require the use of a different technique or the adjustment to the existing approach.

Similar to the previous task the main input of planning the stakeholder engagement is the organisational need. If the analyst has an understanding of the needs, proper identification of key stakeholders will be much easier. Another significant input is the overall business analysis approach as it ensures better stakeholder analysis and communication.

Planning stakeholder engagement should provide a stakeholder engagement approach as an output, containing information on the number of stakeholders, their characteristics, roles, and assignments.

The main elements of the task of planning stakeholder engagement are:

  • Performing stakeholders analysis – identifying roles, attitudes, decision-making authority, level of power or influence;
  • Defining stakeholder collaboration;
  • Stakeholder communication needs.

Guidelines and tools that a business analyst will lean on while planning stakeholder engagement are business analysis performance assessment, change strategy, and current state description.

The key stakeholders for this task are customers, domains subject matter expert, end-user, project manager, regulator, sponsor, and supplier.

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Plan Business Analysis Governance

To plan business analysis governance is to define business analysis components that will serve as a support of governing function in an organisation. It’s defining how decisions are made on all aspects of the business, including designs, requirements, reviews, changes, and prioritisation.

For the organisation to function properly, the process of governance should be clear and unambiguous. All of the decision-makers and their competencies must be clearly identified. Also, the information needed to make the decision should be precisely defined.

The primary inputs in planning business analysis governance are business analysis approach which ensures consistency in planning and stakeholder engagement approach which provides information on stakeholders, their characteristics, needs, and roles.

When performed in the right way the planning of business analysis governance should provide an output of governance approach which contains information on decision making stakeholders and their authority and responsibility.

The business analysis governance planning includes the following key elements:

  • Decision making;
  • Change control process;
  • Plan prioritisation approach;
  • Plan for approvals.

Guidelines and tools that will come useful for planning business analysis governance are business analysis performance assessment, business policies, the current state description, and legal/regulatory information.

Stakeholders of significance for business analysis governance planning are domain subject matter expert, project manager, regulator, and sponsor.

Plan Business Analysis Information Management

The role of business analysis information management planning is to define the way information gathered during the business analysis process will be captured, stored, accessed, and integrated with other available information. This includes all information elicited, created, and compiled over the course of the business analysis process.

The amount of information obtained this way can be enormous and proper handling is essential for its future use. All of the information should be optimised and easily accessible for whatever period it is needed.

Business analysis information management planning uses all of the outputs from previous tasks as its input. This includes the business analysis approach, stakeholder engagement approach, and governance approach. The main expected output is the information management approach which defines the state of information upon the completion of the change.

The key elements of planning the business analysis information management task are:

  • Organisation of business analysis information;
  • Level of abstraction;
  • Planning a traceability approach;
  • Planning for requirement reuse;
  • Storage and access;
  • Requirements attributes.

Guidelines and tools used during this task are business analysis performance assessment, business policies, information management tools, and legal/regulatory information.

The main stakeholders with the role to play at this stage are domain subject matter expert, regulator, and sponsor.

Identify Business Analysis Performance Improvements

Identifying business analysis performance improvement s include monitoring and management of business analysis performance in order to ensure the realisation of improvements and securing continuous opportunities.

It’s the assessment of the work that the business analyst has done and serves as a guideline for implementing improvements where needed. This task consists of establishing performance measures, conduction analysis based on those measures, reporting, and identifying potential necessary actions.

The primary inputs are business analysis approach and performance objectives which are the external goals set by an organisation. The output of this task is the business analysis performance assessment. It details puts actual performance against the planned one, identifies potential issues, and proposes solutions.

Identifying business analysis improvements includes a few key elements:

  • Performance analysis;
  • Assessment measures;
  • Analysing the results;
  • Recommending actions for improvement,

The main tool used here is the organisation performance standard including performance metrics or organisational expectations.

For this business analysis planning and monitoring task, the main stakeholders are domain subject matter expert, project manager, and sponsor.

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Business Analysis Approach Template

Having a set of business analysis planning and monitoring templates will help you provide the groundwork for the successful completion of your whole project.

Conclusion – Business Analysis Planning and Monitoring

In all business analysis projects whether waterfall or agile the business analyst will need to understand and review their business analysis planning and monitoring approach to suite the context of their project (and also when they arrived in the project).

This article has provided an introduction to the business analysis planning and monitoring activities necessary for the successful completion of the whole project.

Learn more about the other IIBA business analysis knowledge areas:

Jerry Nicholas

Jerry continues to maintain the site to help aspiring and junior business analysts and taps into the network of experienced professionals to accelerate the professional development of all business analysts. He is a Principal Business Analyst who has over twenty years experience gained in a range of client sizes and sectors including investment banking, retail banking, retail, telecoms and public sector. Jerry has mentored and coached business analyst throughout his career. He is a member of British Computer Society (MBCS), International Institute of Business Analysis (IIBA), Business Agility Institute, Project Management Institute (PMI), Disciplined Agile Consortium and Business Architecture Guild. He has contributed and is acknowledged in the book: Choose Your WoW - A Disciplined Agile Delivery Handbook for Optimising Your Way of Working (WoW).

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The Ultimate Guide to Business Analysis Planning

Why proper planning prevents poor performance.

It’s vitally important to define the objectives of your business analysis project, and show how those objectives are going to be met. Upfront.

Before I became a business analyst, I was a spatial systems analyst. My major at university was geographic information systems and during that time I was very fortunate to win short-term contract with a research centre.

My role was to define the requirements and implement an online spatial database for a very large pastoral property in the Northern Territory. It was a pilot and, bearing in mind that this was many years ago, the technology was very new for that part of the world.

What was also very new to me was the concept of a structured approach to planning and execution. When I was asked to present my plan to the project board, I went way off the reservation. The feedback was embarrassing. I had spent a lot of time and effort in getting it all wrong.

I was no longer at university. This was real work in the real world, but I had no idea what I was doing and no idea of what questions to ask. Fortunately people who did know surrounded me, and I was put on the correct path.

Here’s the thing. It’s vitally important to define the objectives of your business analysis project, and show how those objectives are going to be met. Upfront. This is so you are correctly aligned with the expectations and aims of the desired outcome.

Also, every organisation usually has a set of defined procedures and methodologies that informs the way you plan and carry out your business analysis effort. Using the organisation’s framework in conjunction with an understanding of the steps in the business analysis process will help you define the scope, your approach and the primary objectives of your work.

Proper planning and preparation prevents poor performance.

Planning is crucial, and so is checking with your stakeholders that the proposal is on the right path and meets their expectations. It is important not to skip it, or imagine that you know what you’re doing. Like I did all those years ago.

If I hadn’t been realigned with my work, I may have wasted considerable time and resources to achieve an outcome that didn’t suit the needs of my employer and their clients.

3 reasons why you should plan your business analysis activities

If you want to be more effective on your next BA project, it’s worth investing some time in planning your activities and approach.

As Business Analysts we must understand the importance of planning.

Without a way to describe our approach, it’s easy to get waylaid on a tangent or stuck in analysis paralysis. Often the overarching project initiation plan – typically written by the project manager – does not adequately cover the business analysis components of a project. If the BA work is not clearly defined, it can present a risk to project outcomes and stakeholder perceptions.

One way to overcome this is to develop a Business Analysis Approach document which describes the activities, deadlines and approach to delivering your work. This document can work in conjunction with a project plan or as a standalone item.

Here are 3 reasons why you should plan your next Business Analysis effort.

1. You improve your communication.

A very important part of successfully completing your work is communication with your stakeholders. The BA Approach Document clearly describes what you will deliver and why. It sets the expectations on how you perform your work, the resources you need and the types of activities you will engage in, e.g. workshops and interviews. So everybody is on the same page! Planning also increases the transparency of your work as the small processes of your work are better understood. This helps when expectations have to change.

2. You’re better organised

In developing the Business Analysis Approach you’ve laid out all aspects of your work in front of you. Not only does this benefit your stakeholders, but you have a clear and agreed path to follow. This prevents tangents and over analysis. Having a plan also helps when you are working on multiple projects or activities. This is because you need to consider timeframes for your activities, and any other outside work that will impact on them.

3. You’re more focussed on the goal

A project plan is not only important for communication with your stakeholders, it’s also valuable to keep you on track. It’s a way of keeping your work aligned to the finished product. With every activity you perform, you should ask yourself if it is relevant to the end product. Ask yourself, “What value am I adding here? Is this relevant to what I’m delivering? Is this in the plan?”

The number one thing Business Analysts should avoid

By adequately considering the goals and objectives of a project, the problem you’re solving, and the desired organisational outcomes, you will be better placed to focus your activities in the right direction.

There’s a lot written on the topic of common mistakes made by business analysts. That’s because considerable thought is given to how good business analysis practice can add value to an organisation, which is important for sustainability and growth.

Some of the bigger issues for business analysts are:

  • Failure to see the bigger picture and the problem that needs to be solved, which results in poorly aligned deliverables,
  • Being too solutions focussed, which leads to requirements written for a solution that does not satisfactorily meet the needs of the organisation,
  • Missing requirements in the specification or requirements are poorly expressed, which causes misinterpretation and wasted time in rework,
  • Poorly managed requirements due to inadequate tool support (i.e. no traceability), and
  • Inadequate stakeholder involvement, which results in signing off requirements without sufficient collaboration and verification from all user classes.

In my experience, the risk of these issues occurring can be significantly reduced with good planning . In my opinion, not planning your work is the one mistake that business analysts must avoid from the outset.

By adequately considering the goals and objectives of a project, the problem you’re solving, and the desired organisational outcomes, you will be better placed to focus your activities in the right direction. And you’ll mitigate the larger risk of some of those common business analysis mistakes occurring.

Of course there’s no guarantee, but you are putting your best foot forward by taking the time to think through your approach. And that gives you the comfort of knowing that you’ve done your best to communicate and mitigate any identifiable risks to the project at the level of your work.

Recommended resources

Business Analysis Approach Planning Template

Business Analysis Approach Planning Template

Make a great start on your next project with the Business Analysis Approach Template. This template helps you set the expectations on how you perform your work, the resources you need and the types of activities you will engage in, e.g. workshops and interviews. So everybody is on the same page! Planning also increases the transparency of your work as the small processes of your analysis are better understood. This helps when expectations have to change. A well written plan will help you communicate exactly what’s required of you and your stakeholders to produce the necessary deliverables for your business analysis effort, and why.

planning of business analysis

  • Business strategy |
  • What is strategic planning? A 5-step gu ...

What is strategic planning? A 5-step guide

Julia Martins contributor headshot

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

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What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

[inline illustration] Strategic plan elements (infographic)

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time. 

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

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Business Analysis Blog

Business Analysis Planning Techniques

planning of business analysis

Three Project Planning Techniques that is useful for Business Analysts to apply

There are a few reasons why it is really good for a Business Analyst to have some familiarity and practical skills when it comes to some basic (but powerful) Project Planning Techniques. Apart from the fact that most Business Analysts operate within a project environment and therefore should really understand the main planning activities and cycles that is happening around them it can also be extremely useful for a Business Analyst to be able to properly plan for their own Business Analysis activities on a project using these Business Analysis Planning techniques.

It is also very useful knowledge for a Business Analyst simply from the perspective of adding even more value as a Business Analyst within a project environment.

planning of business analysis

So let’s now have a look at the three core Business Analysis Planning Techniques (borrowed from the Project Management Profession) that will help you in your role as a great Business Analyst.

These three Business Analysis Planning Techniques are distinct techniques but they all work together to build up a comprehensive Project Plan which turns into the Project’s detailed schedule. The steps to build this overall Project Plan / Project Schedule is as follows:

Step 1: Build a Work Breakdown Structure (WBS)

Step 2: Create a Network Diagram (using your WBS)

Step 3: Create a Gantt Chart (using the Network Diagram)

Business Analysis Planning Technique #1: Work Breakdown Structure (Step 1 in Building a Project Plan)

Let’s first define the specific terms you need to understand when learning about the Work Breakdown Structure :

Phase: The Phase of a project is a logical grouping of activities and deliverables that is grouped together for purposes of planning for a project. The Phases often aligns with the phases used in the Systems Development Life Cycle although this will be different when you plan for an Agile based Project .

Deliverable: A deliverable is a specific output that the project must deliver along the way of being executed. Examples of deliverables could be documents, software packages or any tangible result that makes the project progress to the next stage of the plan.

Tasks: A task in the context of project planning refers to a set of steps or activities that is typically performed to work towards achieving a deliverable. Therefore there will be a set of different tasks that needs to be completed before a deliverable can be achieved. In most cases it takes more than just one task to deliver an outcome. When you define your tasks you should break down small enough to assign to one person or one group with specific skills to execute. A task will be typically something that requires between 1 and 5 days worth of work effort.

So now that you understand the concepts you need for starting to build your Work Breakdown Structure. You should also take note that there is another approach to determining all the required work for a project by using a Product Breakdown Structure. This method is similar to the Work Breakdown Structure and achieves the same overall outcome but is underpinned with another methodology called Prince II. We will not be covering that method here but once you understand the Work Breakdown Structure Technique, you will be in a great position to understand the Product Break Down Structure too.

How to build your Work Breakdown Structure?

Ideally you should get yourself a big white board or a large table to work on. Get yourself some large and medium sized “Post It” notes and some different coloured marker pens. You are going to be sticking things on the wall and scribbling on them as you go, so make sure you are prepared. The reason using “Post It” notes are recommended is because you are going to be moving the “Post It” notes around and will be using them again when you start Step 2: Creating the Network Diagram.

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Define your Phases: The second step you will do is to define which phases you believe will be involved with your project. For example, if you are planning a software development project you may want to have phases such as: Initiation Phase, Analysis Phase, Design Phase, Build Phase, Test Phase and Implementation Phase. You should take the large “Post It” notes and write a Phase Name on each of them. You will then stick them at the top of your white board from left to right (leave as much space in between each Phase “Post It” note as you can.

Define your Deliverables : Now that you have your Project Name and Phases defined and up on the white board or the table, you can start thinking about what key deliverables each phase will be delivering. For example: Your Analysis Phase will probably be delivering the following two deliverables (as a minimum): Business Requirements Document and Business Analysis Approach Document. These are just two examples but you can image the type of deliverables that you need to think of here.

You should again take the large “Post It” notes and write the name of the Deliverable on the note. You then stick these “Deliverable”s under each Phase (where they will be completed) as if they are the Phase’s sub-ordinates on an organisational chart.

Define your tasks: Each Deliverable will have to be delivered as a result of a range of different tasks that was performed by the project team. This is now where you take each Deliverable and break down exactly what tasks must be completed in order to deliver that deliverable. Examples of some tasks required for the delivery of the Business Requirements Deliverable could be: Perform a Requirements Gathering Workshop , Document Business Requirements , Review Business Requirements.

You now take the small “Post It” notes and write each task on the note and stick the tasks underneath the corresponding Deliverable on your white board or table. Once you have done all the tasks for each deliverable you will have the framework for your WBS all set up and ready for estimation.

Now that you have all the Phases, Deliverables and Tasks outlined on the White board or table you are ready to evaluate each task in terms of how much effort is involved to complete this task. It is typically suggested that you write the minimum number of days (or hours for a smaller project) in one corner of the small “Post It” note and the maximum number of days (or hours) in another corner of the “Post It” note. You only do this for the Tasks because the tasks are the only things on your WBS which requires effort to complete. So now go through each Task with your team and agree on the minimum and maximum values for each Task.

As a final step before you complete the Work Breakdown Structure is to identify the Deliverables and Tasks which you see as Milestones. A milestone in the context of Project Management is when you feel like you have reached a critical point or achieved a significant result in the project.

With your team you should review all the Deliverables and Tasks and decide which ones are deemed “milestones” for your project as it progresses. For those milestones you should draw a diamond symbol on the “Post It” note to illustrate that the particular item is a milestone for the project.

Now you can stand back and admire the WBS. It is a great idea to mark each Deliverable and Task in a way which will remind you which Task belongs to which Deliverable and which Deliverable is part of which phase. This is important especially for the next step where you will start the build the Network Diagram.

Business Analysis Planning Technique #2: Network Diagram (Step 2 in Building a Project Plan)

The purpose of the Network Diagram is to ultimately determine the critical path of the project. The Network Diagram shows the sequence and dependencies that project tasks have upon each other.

How to build your Network Diagram:

You do this by taking all the ‘Post It’ notes which are the Tasks (put the Deliverables & Phases aside) of your project. Start to take them one by one and by starting on the left of the white board, you place it in the sequence of execution. Part of the objective here is to figure out which tasks can run in parallel and what dependencies exist between tasks.

Task 1: Put the kettle on

Task 2: Find a cup,

Task 3: Drink the coffee.

You would place Task 1: Put kettle on and Task 2: Find a cup in the same invisible column on the white board on the left (working from left to right). Then you will place Task 3 (drink the coffee) in the next invisible column along.

Task 1 & 2 are not dependent on each other because they can be executed at the same time and there were enough people helping to make the coffee and therefore you place one below the other in the first invisible column.

Task 3 is dependent on both Task 1 and Task 2 to be executed before you can start executing Task 3. This is why you place Task 3 in the next invisible column.

You should now try and do this with all the Tasks in your real project.

Critical Path

Once you have all your Project tasks outlined in the way described you have achieved two key project planning results. You know what sequence you need to execute the tasks in and you also know which tasks is dependant on other tasks. You now have to determine what the duration of the project is by working out what is the longest time-frame the project needs to execute all the tasks. Keep in mind that the number of people who you would have available to execute your project has not been determined yet. It is now just about understanding based on the sequence and dependencies what is the quickest and the slowest duration of the project.

How to determine the critical path?

When you determine the critical path you need to identify each task in each invisible column on the Network Diagram with the maximum duration assigned to it. Remember how you placed a minimum and maximum duration on each task? Now is the time to use this maximum number. So for each task that you identify in each invisible column with the highest maximum value, you should make a circle around the maximum duration for that task (preferably in a new colour). Once you have determined the highest maximum task for task in the invisible column and you marked them out you should add the maximum durations for all these tasks together. Once you come up with a total duration you will know that maximum length of time the project should take. These tasks you identified forms what is referred to as the critical path of your project. If any of the tasks on the critical path is taking longer to finish than the maximum duration that was planned for, your project is effectively running over the critical path and is therefore running late. This is why project managers are often very focussed on doing whatever they can to stay within the critical path of the projects!

Finally, you can a similar exercise to determine the quickest that project can be completed by identifying, marking and adding up the highest minimum duration values for each invisible column on your Network Diagram. This is another great measure for project managers because they will know that regardless of how many people they assign to their project, the project would need at least that minimum number of days to be completed.

You have now successfully created the Network Diagram for your Project Plan. You now only need to finish Step 3 of Building the Project Plan before you completed!

Business Analysis Planning Technique #3: Gantt chart (Step 3 in Building a Project Plan)

This final step of creating the Gantt Chart or Project Schedule is where people often start. Starting with this step is not a great way to build a project plan because you have not considered the WBS step or Network Diagram step in any detail. It means you will be guessing a lot of the tasks, their dependencies and durations with trying to start directly within a calendar based planning tool. It is really valuable to first complete the WBS and then the Network Diagram before drafting the Schedule.

So what does this step really entail? In short, it is a combination of your WBS (Phase, Deliverable, Milestones and Tasks!) and Network diagram (Sequence and Dependencies) with the additional layer of a calendar and resources. You are essentially combining all your steps with a calendar where you are able to see specific calendar months and assign and share tasks among resources for your project. It shows you the “real” duration of the project in calendar months rather than work effort required.

Use a Gantt Chart (MS Project) to put this together electronically rather than the “Post It” notes.

In Conclusion

In a nutshell, if you are able to do these three project planning techniques and you understand the underlying purpose of each step, you are set to start participating or leading any project planning efforts! You will by know have a greater appreciation for the benefits of how these Project Planning Techniques and steps can assist you in your own Business Analysis Planning activities. Once you applied these three steps in practice once, you will never stop using it – promise! Give it a go!

Please share your opinions, views and ideas around Project Planning below.

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Table of Contents

Definition of business analysis, what are business analysis techniques, best business analysis techniques, do you want to become a business analyst, top effective business analysis techniques.

Top 10 Most Effective Business Analysis Techniques

Business analysts are such an essential element for an organization’s survival and success today. By using different structured business analysis techniques, these analysts help companies identify needs, root out flaws, and sift through a flood of data and options to find the right actionable solution.

We’re here today to explore some of the top business analysis techniques and how they are successfully leveraged for an organization’s success. There are many of these proven business analysis problem-solving techniques to choose from. Still, the ones highlighted here are the more commonly used methods, and it’s reasonable to infer that their popularity stems from their effectiveness. Here is the list of the top business analysis techniques:

Business Process Modeling (BPM)

Brainstorming, moscow (must or should, could or would), most (mission, objectives, strategies, and tactics) analysis, pestle analysis, swot analysis, six thinking hats, non-functional requirement analysis, design thinking.

Business analysis is an umbrella term describing the combination of knowledge, techniques, and tasks employed for identifying business needs, then proposing changes and creating solutions that result in value for the stakeholders. Although a significant number of today’s business analysis solutions incorporate software and digital data-based elements, many professionals in the field may also end up advising on organizational changes, improving processes, developing new policies, and participating in strategic planning.

So, business analysts spur change within an organization by assessing and analyzing needs and vulnerabilities and then creating and implementing the best solutions. Much of the information used to draw these conclusions comes from data collected by various means, often falling under the term “big data.”

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Business analysis techniques are processes used to create and implement plans necessary for identifying a company’s needs and delivering the best results. There is no such thing as a “one size fits all” technique because every business or organization is different.

Here are the top business analysis techniques. Keep in mind that business analysts who want to be project managers should be familiar with most, if not all, of them.

1. Business Process Modeling (BPM)

BPM is often used during a project’s analysis phase to understand and analyze the gaps between the current business process and any future process that the business is shooting for. This technique consists of four tasks:

1. Strategic planning

2. Business model analysis

3. Defining and designing the process

4. Technical analysis for complex business solutions

Many industries, especially the IT industry, favor this technique because it’s a simple, straightforward way to present the steps of the execution process and show how it will operate in different roles.

2. Brainstorming

There’s nothing like good, old-fashioned brainstorming to generate new ideas, identify a problem’s root causes, and come up with solutions to complex business problems. Brainstorming is a group activity technique that is often used in other methods such as PESTLE and SWOT .

CATWOE identifies the leading players and beneficiaries, collecting the perceptions of different stakeholders onto one unified platform. Business analysts use this technique to thoroughly evaluate how any proposed action will affect the various parties. The acronym stands for:

  • Customers: Who benefits from the business?
  • Actors: Who are the players in the process?
  • Transformation Process: What is the transformation at the core of the system?
  • World View: What is the big picture, and what are its impacts?
  • Owner: Who owns the impacted system, and what’s their relation?
  • Environmental Constraints: What are the constraints, and how do they impact the solution?

4. MoSCoW (Must or Should, Could or Would)

MoSCoW prioritizes requirements by offering a framework that evaluates each demand relative to the rest. The process forces you to ask questions about the actual necessity of any given element. Is the item a must-have or a should-have? Is the demand something that could make the product better, or is it something that would be a good idea in the future?

5. MOST (Mission, Objectives, Strategies, and Tactics) Analysis

MOST is a robust business analysis framework—considered one of the best techniques for understanding an organization’s ability and purpose. This technique includes conducting a detailed, complete internal analysis of the organization’s goals and how to approach them. The acronym stands for:

  • Mission: What is the organization’s purpose?
  • Objectives: What are the key goals that help achieve the mission?
  • Strategies: What are the options available for achieving the objectives?
  • Tactics: What are the methods that the organization will follow to carry out the strategies?

6. PESTLE Analysis

Business analysts use the PESTLE model (sometimes called PEST) to identify environmental factors that can influence their company and how best to address them when making business decisions. Those influences are:

  • Political: Financial support and subsidies, government initiatives, and policies.
  • Economic: Labor and energy costs, inflation, and interest rates.
  • Sociological: Education, culture, media, life, and population.
  • Technological: New information and communication systems technologies.
  • Legal: Local and national government regulations and employment standards.
  • Environmental: Waste, recycling, pollution, and weather.

By analyzing and studying these factors, analysts gain a better understanding of how they will influence the organization’s narrative. This understanding, in turn, makes it easier for analysts to develop strategies on how to address them.

7. SWOT Analysis

One of the most popular techniques in the industry, SWOT identifies the strengths and weaknesses in a corporate structure, presenting them as opportunities and threats. The knowledge helps analysts make better decisions regarding resource allocation and suggestions for organizational improvement. The four elements of SWOT are:

  • Strengths: The qualities of the project or business that give it an advantage over the competition.
  • Weaknesses: Characteristics of the business that pose a disadvantage to the project or organization, when compared to the competition or even other projects.
  • Opportunities: Elements present in the environment that the project or business could exploit.
  • Threats: Elements in the environment that could hinder the project or business.

SWOT is a simple, versatile technique that is equally effective in either a quick or in-depth analysis of any sized organization. It is also useful for assessing other subjects, such as groups, functions, or individuals.

8. Six Thinking Hats

This business analysis process guides a group’s line of thinking by encouraging them to consider different ideas and perspectives. The ‘six hats’ are:

  • White: Focuses on your data and logic.
  • Red: Uses intuition, emotions, and gut feelings.
  • Black: Consider potential negative results, and what can go wrong.
  • Yellow: Focus on the positives; keep an optimistic point of view.
  • Green: Uses creativity.
  • Blue: Takes the big picture into account, process control.

The six thinking hats technique is often used in conjunction with brainstorming, serving as a means of directing the team’s mental processes and causing them to consider disparate viewpoints.

9. The 5 Whys

This technique is commonly found as often in Six Sigma as it is in business analysis circles. While journalism uses the “Five W’s” (Who, What, When, Where, and Why) in reporting, the 5 Whys technique just operates “Why” in a series of leading questions, this approach helps business analysts pinpoint a problem’s origin by first asking why the issue exists, then following it up by asking another “why?” question relating to the first answer, and so on. Here’s an example:

  • Why? Because the wrong models were shipped.
  • Why? Because the product information in the database was incorrect.
  • Why? Because there are insufficient resources allocated to modernizing the database software.
  • Why? Because our managers didn’t think the matter had priority.
  • Why? Because no one was aware of how often this problem occurred.
  • Countermeasure: Improve incident reporting, be sure managers read reports, allocate budget funds for modernizing database software.

10. Non-Functional Requirement Analysis

Analysts apply this technique to projects where a technology solution is replaced, changed, or built up from scratch. The analysis defines and captures the characteristics needed for a new or a modified system and most often deal with requirements such as data storage or performance. Non-functional requirement analysis usually covers:

  • Performance
  • Reliability

Non-Functional Requirement Analysis is commonly implemented during a project’s Analysis phase and put into action during the Design phase.

11. Design Thinking

Design Thinking is a business analysis technique that is primarily used for problem-solving and innovation. It's a human-centered approach that emphasizes empathy, collaboration, and creative thinking to develop solutions that meet user needs and create positive user experiences. Design Thinking is often employed to address complex, ambiguous, or user-centric problems by focusing on understanding the end-users' perspectives, motivations, and pain points.

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How to Plan BA Governance - 5 Definitive Steps

Sonal Singh

Unlocking the true potential of a project requires careful planning and strategic execution. And at the heart of this process lies the role of a business analyst. A skilled navigator who can steer the ship toward success, a business analyst brings clarity to complex requirements and ensures that every stakeholder's needs are met. But how do they achieve this feat? Enter Business Analysis Governance – an essential framework that sets the stage for effective analysis and decision-making throughout the project lifecycle. This blog post will dive deep into Planning Business Analysis Governance and explore its purpose, key elements, stakeholders involved, and how it ultimately helps propel the entire project forward. So grab your compasses as we embark on a journey to understand how crucial this governance approach is for any business analysis endeavor!

What is Business Analysis Governance

Business Analysis Governance is the framework that governs and guides a project's entire business analysis process. It sets the rules, principles, and guidelines for conducting business analysis activities to ensure successful outcomes. Think of it as a roadmap that outlines the path toward achieving project objectives.

At its core, Business Analysis Governance aims to establish transparency, accountability, and consistency in decision-making processes throughout the project lifecycle. It provides a structured approach for managing requirements, identifying risks and constraints, and aligning stakeholders' expectations.

This governance approach encompasses various aspects, such as defining the roles and responsibilities of business analysts, establishing communication channels between stakeholders, implementing change management protocols, and ensuring compliance with industry standards or regulatory requirements.

With Business Analysis Governance in place, organizations can effectively manage stakeholder interactions by providing clear channels for feedback and collaboration. This promotes a better understanding of requirements from all perspectives and reduces ambiguity or misunderstandings.

Furthermore, Business Analysis Governance helps establish a common language among stakeholders by leveraging standardized techniques from established frameworks like BABOK (Business Analysis Body of Knowledge). This ensures consistent interpretation of requirements across different teams or departments involved in the project.

Business Analysis Governance is a crucial foundation for successful business analysis efforts. Providing structure, clarity, and alignment among stakeholders enables efficient decision-making processes that drive projects toward their intended goals. So buckle up as we delve deeper into Planning Business Analysis Governance – an essential step on this journey!

What is the purpose of Planning Business Analysis Governance?

The purpose of planning business analysis governance is to establish a framework and guidelines for how the business analysis activities will be conducted throughout the project. It provides clarity and structure, ensuring all stakeholders are aligned on expectations and responsibilities.

By planning business analysis governance, organizations can ensure they have the right processes to effectively gather, analyze, and document requirements. This helps prevent scope creep, reduces rework, and increases overall project success.

One key aspect of planning business analysis governance is defining the roles and responsibilities of the business analyst within the project team. This ensures that everyone understands who is responsible for each task and avoids confusion or duplication of efforts.

Another vital purpose is identifying the key inputs driving the planning process. These can include stakeholder needs, organizational goals, industry standards, existing documentation, or lessons learned from previous projects.

Additionally, planning business analysis governance involves selecting appropriate tools and techniques to support the analysis activities. This could include software applications for requirements management or collaboration platforms for communication among team members.

Having a well-planned approach to business analysis governance sets clear expectations for all involved parties and improves communication across different functional areas within an organization. It enhances decision-making processes by providing accurate information based on thorough data-gathering techniques such as interviews or surveys with relevant stakeholders

Description of the task

The first step in planning business analysis governance is to define the tasks that must be undertaken clearly. This involves identifying the specific activities and responsibilities that will be carried out by the business analysts throughout the project.

One of the critical tasks is to gather requirements from various stakeholders. This includes conducting interviews, workshops, and surveys to understand their needs and expectations. The business analyst also analyzes existing documentation and processes to identify gaps or areas for improvement.

Another important task is documenting and communicating requirements effectively. This involves creating clear and concise requirement documents, such as use cases, user stories, and process flows. The business analyst must ensure that these documents are easily understandable by technical and non-technical stakeholders.

In addition, the business analyst plays a crucial role in facilitating collaboration between different teams involved in the project. They act as a bridge between stakeholders with conflicting interests or priorities, helping them find common ground and reach consensus on critical decisions.

Monitoring and managing changes throughout the project is essential for a business analyst. As new information emerges or circumstances change, they must assess the impact on requirements and communicate any necessary adjustments to all relevant parties.

Clearly defining these tasks at the beginning of a project ensures that everyone involved understands what needs to be done and how it will contribute to achieving successful outcomes!

Key inputs that set up Business Analysis Governance planning

Several vital inputs need to be considered to plan Business Analysis Governance for a project effectively. These inputs provide the foundation and set-up for the planning process.

One crucial input is understanding the organization's overall strategic goals and objectives. This helps determine how business analysis activities can contribute to achieving those goals. It also helps identify any specific requirements or constraints that need to be considered during planning.

Another crucial input is the project scope and context. This includes understanding the project's objectives, stakeholders, and any existing processes or systems that the proposed changes will impact. Clearly understanding these factors makes it easier to define governance roles and responsibilities.

Information about relevant industry standards, regulatory requirements, and best practices is also essential. This ensures compliance with external guidelines while incorporating proven approaches into the governance plan.

Engaging with key stakeholders is vital in setting up Business Analysis Governance planning. Stakeholders such as senior management, project sponsors, subject matter experts, and end-users should be involved in discussions to gain their insights and perspectives on how governance should be structured.

By considering these key inputs during the initial stages of planning Business Analysis Governance for a project, organizations can establish a solid framework that aligns with strategic goals while addressing specific project needs. The resulting governance approach will help smoothly guide business analysis activities throughout the project lifecycle.

Tools and Guidelines for Planning Business Analysis Governance

Planning business analysis governance requires using various tools and guidelines to ensure its effectiveness. These tools help organize and manage the process, while guidelines provide a framework for decision-making.

One essential tool is the Business Analysis Body of Knowledge (BABOK), which provides a comprehensive guide to the tasks, techniques, and knowledge areas required for effective business analysis. It serves as a reference point for analysts to understand best practices and industry standards.

Another essential tool is project management software that allows for efficient collaboration among team members. This software helps document requirements, track progress, and ensure timely delivery of deliverables.

Guidelines such as templates for documenting requirements facilitate consistency across projects. These templates outline the necessary information needed to communicate requirements to stakeholders effectively.

Additionally, having well-defined roles and responsibilities within the governance framework ensures clear accountability. This includes identifying who will be responsible for making decisions regarding scope changes or prioritizing requirements.

Furthermore, establishing communication channels through tools like email or project management platforms enables effective communication between stakeholders involved in planning business analysis governance.

By utilizing these tools and following guidelines, businesses can streamline their approach to planning business analysis governance while ensuring clarity and efficiency.

Four primary focus elements of the Business Analysis Governance Plan

One key aspect of planning the business analysis governance approach for a project is identifying and understanding the four primary focus elements of the business analysis governance plan. These elements play a crucial role in ensuring that the project's requirements are effectively managed and aligned with business objectives.

The first focus element involves defining the roles and responsibilities of various stakeholders involved in the business analysis process. This includes clearly outlining who will be responsible for gathering, analyzing, and validating requirements and identifying decision-makers who will ultimately approve or reject proposed changes.

The second focus element is establishing communication channels and protocols within the organization. Effective communication is vital to ensure that all stakeholders are informed about project updates, changes, and potential impacts on their areas of responsibility. It also helps to foster collaboration between teams working on different aspects of the project.

The third focus element is developing processes and procedures for managing requirements throughout the project lifecycle. This includes defining how requirements will be documented, reviewed, prioritized, tracked, and validated to meet stakeholder needs while aligning with organizational goals.

It is essential to establish measurement criteria for evaluating whether or not the implemented solutions have achieved their intended outcomes. This involves defining key performance indicators (KPIs) that can help assess if desired benefits have been realized through effective requirement management practices.

By focusing on these four elements - roles and responsibilities, communication protocols, requirements management processes, and outcome measurement - a well-designed business analysis governance plan can help organizations achieve successful outcomes by ensuring alignment between business objectives and project deliverables.

Business analysis techniques used during Business Analysis Governance Planning

Business analysis techniques play a crucial role in the planning of Business Analysis Governance. These techniques help business analysts gather and analyze information, identify requirements, and make informed decisions throughout the project.

One commonly used technique is brainstorming, allowing stakeholders to generate ideas and solutions collectively. This helps identify potential risks, opportunities, and gaps that need to be addressed during governance planning.

Another helpful technique is SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). It helps assess the current state of the organization or project by analyzing internal strengths and weaknesses as well as external opportunities and threats. This analysis aids in understanding factors that may impact governance planning.

Furthermore, process modeling is employed to represent how activities are performed within an organization visually. By mapping out processes using tools such as flowcharts or swimlane diagrams, analysts can identify inefficiencies or areas for improvement in current processes.

Data-gathering techniques like interviews and surveys are also utilized during governance planning. Interviews allow analysts to have one-on-one discussions with stakeholders to understand their perspectives on governance needs and expectations. Surveys provide a broader view by collecting feedback from a larger group of individuals involved in the project.

Requirement prioritization techniques such as MoSCoW (Must-have/Should-have/Could-have/Won't have) enable analysts to prioritize requirements based on their importance or urgency. This helps ensure that critical requirements are addressed first during governance planning.

By employing these various business analysis techniques during the planning phase of Business Analysis Governance, organizations can gain valuable insights into their current state while effectively identifying goals and objectives for successful implementation!

Stakeholders involved in the Business Analysis Governance Planning

Stakeholders play a crucial role in the planning of Business Analysis Governance. These individuals bring their unique perspectives, expertise, and influence to ensure that the governance approach aligns with the organization's goals and objectives.

Project sponsors are key stakeholders who provide financial support and have a vested interest in the project's success. Their involvement is essential as they can allocate resources and make strategic decisions that impact business analysis activities.

Business analysts themselves are stakeholders in this process. They contribute their expertise by identifying requirements, conducting gap analyses, and recommending solutions that align with organizational needs.

Additionally, senior executives and decision-makers are involved in Business Analysis Governance Planning. Their input is critical for setting the overall direction and ensuring alignment between business analysis efforts and broader corporate strategies.

Furthermore, subject matter experts (SMEs) from various departments or teams may be engaged to provide domain-specific knowledge throughout the governance planning process. SMEs serve as valuable resources for validating requirements and providing insights into industry best practices.

Last but not least important are end-users or customers who will ultimately benefit from the project's outcomes. Their involvement helps to ensure that user needs are adequately addressed during governance planning.

Involving these diverse stakeholders in Business Analysis Governance Planning ensures comprehensive representation across different levels of an organization. This collaborative effort fosters transparency, enhances communication channels, mitigates risks early on, and increases stakeholder buy-in throughout implementation stages while delivering successful outcomes aligned with business objectives

Outputs of Business Analysis Governance Plan Approach

The outputs of the Business Analysis Governance Plan approach play a crucial role in ensuring the success of a project. These outputs serve as guidelines and roadmaps for business analysts, helping them navigate through the complexities of their tasks.

One significant output is the identification and prioritization of business analysis activities. This helps determine which tasks are most critical to achieving project objectives and ensures that resources are allocated efficiently. By clearly defining these activities, the plan enables stakeholders to understand what needs to be done at each stage of the project.

Another key output is the establishment of communication channels and protocols. Effective communication is essential for collaboration among team members, stakeholders, and business analysts. The governance plan outlines how information should flow between different parties involved in the project, ensuring clear lines of communication throughout.

Additionally, the plan defines performance metrics that can be used to measure progress and success. These metrics provide a means to evaluate whether business analysis efforts meet desired outcomes or if adjustments need to be made.

A critical output is risk assessment and mitigation strategies. The governance plan identifies potential risks that may impact business analysis activities and provides strategies to mitigate them. This proactive approach minimizes disruptions during implementation by addressing potential challenges before they arise.

The outputs of a well-planned Business Analysis Governance Plan approach provide valuable guidance for business analysts throughout a project's lifecycle. They establish priorities, define communication processes, set performance standards, and mitigate risks - all contributing to successful project outcomes!

How does Planning Business Analysis Governance affect the project as a whole?

Planning a project's business analysis governance approach is crucial for its success. Organizations can effectively align their objectives with the project's requirements by ensuring a well-defined structure to guide and manage the business analysis activities.

The purpose of planning business analysis governance is to establish clear guidelines and procedures that facilitate effective decision-making, promote consistency in delivering quality outcomes, and ensure that stakeholders' needs are met throughout the project lifecycle.

Through careful consideration of critical inputs such as organizational goals, BABOK (Business Analysis Body of Knowledge), and industry best practices, organizations can develop a comprehensive plan that outlines roles and responsibilities, communication channels, change control processes, risk mitigation strategies, and other essential elements necessary for successful business analysis governance.

Moreover, leveraging tools and guidelines specific to business analysis governance planning further enhances its effectiveness. These may include templates for stakeholder identification and engagement plans or checklists to assess compliance with regulatory requirements.

The four primary focus elements covered in a business analysis governance plan - strategic alignment, governance framework definition, performance measurement strategy, and continuous improvement mechanisms - provide a holistic view of how an organization will oversee its BA activities throughout the project's life cycle. Each element ensures that all aspects of business analysis are managed efficiently while supporting overall project success.

During the planning process, domain knowledge from experienced BAs coupled with various techniques such as SWOT Analysis or PESTLE Analysis enables organizations to identify potential risks or opportunities related to their projects more effectively. This information helps stakeholders make informed decisions about resource allocation or prioritize certain tasks over others based on potential impact.

Engaging relevant stakeholders during Business Analysis Governance Planning allows for collaboration among different teams working on various aspects of the project. It ensures alignment between other organizational functional areas by clarifying expectations regarding deliverables, timelines, budgets, etc. Ultimately through effective Business Analysis Governance Planning, Organizations benefit from improved decision-making, streamlined communication, enhanced stakeholder satisfaction, and increased chances of project success.

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The Ultimate List of Business Analysis Models | With Editable Templates

Updated on: 5 January 2023

The business analysis models come into play when understanding the requirements of stakeholders in every organization whilst identifying opportunities for growth and problem-areas which needs attention. While there are many areas to look at, it would consume more time unless you have the correct tools at hand.

In this guide, we have compiled a list of business analysis models that you can use during a strategic, tactical or operational business analysis. They are as follow,

Analyzing Organizational Strengths and Weaknesses

Organizational charts.

Organizational charts help to visualize the hierarchy of your organization and the reporting relationships among employees. Org charts are useful when planning a project, allocating resources, planning for future projects or organizational developments.

Any change you want to make to your organizational structure should start with an organizational chart template like the one below.

Organogram Template for business analysis

Organogram Template (Click on the template to edit it online)

More Organizational Chart Templates

MOST Analysis

Business analysts use the MOST analysis to plan and analyze organizational activities and make sure that they are centered around your business goals.

How to do it

MOST stand for,

Mission – Mission is basically what your organization wants to accomplish or its purpose. It should be centered around your stakeholders and benefits.  Write down your mission statement in the Mission box of your MOST analysis template.

Objectives – These are the individual goals that will help you complete your mission.

Strategy – This section includes the different tasks you have to do to reach your objectives.

Tactics – Here you need to identify and list down the specific tactics you need to get your activities done.

Once you’ve filled out the template, you can get a quick overview of how you need to plan your organizational strategies.

MOST analysis template

MOST analysis template ( click on the image to edit this online )

PESTLE Analysis

PESTLE analysis is a tool that is used to identify and examine the external factors that affect a business. These macro environmental factors the analysis try to identify are

  • Political factors such as government policies, trading policies or elections
  • Economic factors such as economic trends, taxes, or import/export ratios
  • Social factors such as demographics, lifestyles, or ethnic issues
  • Technological factors like advancing technology or technology legislation
  • Legal factors such as employment laws or health and safety regulations
  • Environmental factors such as climate change or environmental regulations

PESTLE Analysis for Business Analysis

PESTLE Analysis for Business Analysis (Click on the template to edit online)

More PESTLE Diagram Templates

SWOT Analysis

SWOT analysis can be used to identify both internal and external factors that may affect a business. These are Strengths, Weaknesses, Opportunities and Threats.

Refer to our post on SWOT Analysis: What, Why and How to Use Them Effectively to learn about the technique in more detail.

SWOT Analysis for Business Analysis

SWOT Analysis for Business Analysis (Click on the template to edit online)

Check out our post on Marketing Strategy Planning Tools to learn about more useful tools and techniques for business analysts.

Analyzing Competitors and the Market Trends

A competitive analysis lets you identify what makes your product or service unique from that of your competitors and develop strategies to attract your competitors.

There are many competitor analysis techniques like Porter’s Five Forces, value proposition canvas, radar chart etc. to conduct a research on your competitors. Refer to our post on Visual Techniques to Conduct a Competitive Analysis to learn about these techniques in detail.

Analyzing Products and Services

Product roadmap.

Product roadmaps are a great way to analyze the development or the evolution of a product over time. They highlight the goals, milestones, and deliverables of your product development project.

They can also be used

  • To communicate product related details to stakeholders and customers
  • As a guiding document for strategic planning
  • To coordinate the product development process
  • To track your progress in achieving your objectives

How to create it

Step 1: Decide the duration of your roadmap and who you are designing it for. While you need to tailor your roadmap for your audience (i.e. if it is for your product development team the map should detail all specific tasks and features and dates), the timeframe should be reasonable.

Step 2: Collect the information you need to create the roadmap . These include goals, tasks, deadlines, key milestones etc.

Step 3: Using a product roadmap template like the one below, you can easily visualize these details for quick reference

Product roadman - business analysis models

Product Roadmap (Click on the template to edit it online)

More Roadmap Templates

Mind Map of Product Features

The initial phase of a product development process or any other project usually make up of brainstorming sessions. There are a lot of ideas and opinions shared and requests made. Business analysts can use mind maps to capture and organize these ideas shared.

Mind Map of Product Features

Product Feature Mind Map (Click on the template to edit online)

Analyzing Systems and Processes

Activity diagrams.

Activity diagrams visualize use cases at a more detailed level. Business analysts can use them to illustrate the flow of events in a business process, or the flow activities through a system.

How to use it

Step 1: Identify the various steps in your business process or the activities in your system

Step 2: Identify the actors involved in the process. If you know who they are, it would be easier for you to decide the steps performed by them

Step 3: Find the order in which each order the process steps flow

Step 4: Add swimlanes to your activity diagram to highlight the responsible actors

To learn about activity diagrams in more detail, refer to our Easy Guide to Activity Diagrams .

Activity Diagram Templates

Use Case Diagrams

Use case diagrams let you identify the different roles in a system and how they interact with it. These come in handy when you want to communicate how a system functions to your stakeholders etc.

Here’s our use case diagram tutorial to learn how to draw a use case diagram.

Use Case Diagram - Business analysis models

Use Case Diagram for Business Analysis (Click on the template to edit online)

Use Case Diagram Templates

Navigation Map

The website navigation map helps you design your wireframes and UI mockups. It basically outlines how the user interface flows, or how your customer would interact with your website.

To draw a navigation map, you need to know the touchpoints your ideal website visitor would interact with upon visiting your site. You can use a customer journey map to identify these touchpoints and then use the following navigation map template to outline the website journey of your visitors.

Website Navigation Flow for Business Analysis Models

Website Navigation Flow for Business Analysis (Click on the template to edit online)

Wireframe and UI Mockup Templates

User Interface Wireframes

Wireframes present a blueprint of your website or application screen. It will help you define the information hierarchy of your design and in turn letting you plan your website or app in a user-friendly way.

Step 1: Decide on all the details you want to add to your design.

Step 2: Create the layout by drawing boxes on the grid. It would be easier for you if you start adding information from top to bottom and left to right. Or you can simply select a wireframe like the one below from the Creately UI mockup and wireframe templates to get a head start.

Step 3: Add text to define the information hierarchy. Here you can use different font sizes to see how it would look.

User interface wireframe for Business Analysis

User Interface Wireframe for Business Analysis (Click on the template to edit online)

Process Maps

With process maps , it’s easier to understand processes and identify bottlenecks and blockers that might be slowing your business processes, as they visualize a process step-by-step.

You can use a current-state process map and future-state process map to identify gaps in your processes and communicate how your work gets done to your stakeholders.

Check out our process map tutorial to learn how to draw a process map. Our post on process map improvement techniques covers 9 process improvement methodologies that you can use to streamline your business processes.

Analyzing Stakeholders and Their Interests

Stakeholder map.

When planning a project, it’s important to know who the stakeholders are and why the project is important to them. It helps identify stakeholder roles and responsibilities.

Step 1: Identify the stakeholders of your project. These are the people who may be affected by your project directly or indirectly. Remember to consider those who come from outside your company as well.

Step 2: Based on the stake they have in your project, group and prioritize them.

Step 3: Using a stakeholder map, categorize your stakeholders.

Stakeholder Map

Stakeholder Map (Click on the template to edit online)

Threats and Opportunity Matrix for Stakeholders

Threats and opportunity matrix is used by business analysts to examine how project stakeholders will be affected by implementing and not implementing a proposed solution. It helps to make better decisions with regard to your stakeholders as it helps you look at things from their perspective.

Step 1:  Get a list of stakeholders and have a look at your project charter

Step 2: List down the reasons for the change you want to implement. Then list down the threats of not implementing the change, and the opportunities you can gain by implementing the change.

Step 3: Think of the reaction of stakeholders who would not like the change and list down the threats of implementing the change and opportunities of not making any changes.

Step 4: Get together your team and discuss the results. Arrive at a conclusion that won’t negatively affect your key stakeholders.

Threats and Opportunity Matrix for Stakeholders

Threats and Opportunity Matrix for Stakeholders (Click on the template to edit online)

MoSCoW Method

MoSCoW method is used to understand priorities. With it, you can quickly decide which to prioritize when it comes to your customer requirements, projects, project tasks, and products etc.

While the o’s are added to make pronunciation easier the rest of the letters stand for

M – Must Have (a requirement you must have to meet a business need)

S – Should Have (a requirement you should have if possible)

C – Could Have (a requirement you could have if it doesn’t affect other project activities negatively)

W – Would Have (a requirement that you would like to have later)

By categorizing your requirements with a matrix like below, you can decide which requirements to prioritize, which you can do later and which to exclude.

MoSCoW Method Template

MoSCoW method template (Click on the image to edit this online )

Managing and Dealing with Change

In the context of business, implementing change is never easy, especially as it may affect so many aspects. By using the correct tools, you can make sure that you adapt to new changes seamlessly.

In our Guide to Change Management Tools , we discuss change management techniques that you can use to plan ahead for the changes in your organization.

Add to the List of Business Analysis Models

Whether planning a project, developing strategies, or improving business processes, you can use the business analysis models in this list, for quick solutions.  These are just a few business analysis techniques from those that are out there.

What other business analysis models do you use in your organization? Do add them in the comment section below so we can expand this list.

Join over thousands of organizations that use Creately to brainstorm, plan, analyze, and execute their projects successfully.

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  • Project Management

All About Business Analysis Planning And Monitoring

A business analyst contributes to a project’s life cycle by performing a prior business evaluation that serves as a guide. The planning and completion of business analysis are based on a procedure called Business Analysis Planning and Monitoring. It is also the foremost of the knowledge areas in BA. 

The planning and monitoring part employs the fundamental principles of BACCM (BA Core Concept Model). These concepts help in approaching the satisfaction of organizational needs in the right way. The responsibility of assessing stakeholders’ requirements lies with a business analyst. It is a prerequisite of appropriate monitoring and planning. Performance analysis is also included in this phase since it is the means of adding value to an enterprise’s business. 

planning of business analysis

Steps To BA Planning And Monitoring

The tasks listed here emphasize role defining, approaches to different project areas, and coordination between stakeholders and analysts. 

Approach to business analysis

The planning of how to address business analysis is a task in itself. It is the stage of deciding on methods of business analysis execution. This task involves the basic preparation of activities related to every other BA knowledge area. Project deliverables and timelines are the outputs of this stage. Business analysts create a structured framework of approaches and procedures to standardize their performance. This calls for their cooperation with project stakeholders. An organization’s opportunities, problems, and needs are considered inputs for drafting the mode of business analysis. Keeping in mind that business needs may change with the project’s course, a business analyst would frame the plan accordingly. 

Stakeholder engagement

As mentioned earlier, the collaboration of stakeholders and business analysts plays a pivotal role. The stakeholder engagement phase is crucial to make this joint effort successful and maintain it, as well. Business analysts must be adept at identifying stakeholders’ requirements alongside understanding the latter’s relevance. This is possible only through effective communication with stakeholders. Before that, a business analyst must thoroughly study the traits of every prominent stakeholder of the project. 

The complexity of this task increases with the number of stakeholders involved in the project. An existing approach undergoes adjustment each time the project includes a new stakeholder. The organizational need is the input for this planning phase, as well. Proper knowledge of what an enterprise requires helps in properly identifying the chief stakeholders. Besides, the selection of appropriate business analysis methods is also responsible for ensuring better communication between stakeholders and business analysts. Information on the characteristics and assignments of every stakeholder, along with their total count, is derived at this stage. A business analyst considers the following factors while arranging for stakeholder management:

  • Description of the current state
  • Strategy for bringing changes
  • Evaluation of the performed business analysis task

Project sponsors, managers, suppliers, regulators, end-users, and domain experts come within the list of a project’s prime stakeholders. To sum up, the responsibilities of a business analyst in organizing stakeholder management are as follows:

  • Meet the requirements of interacting with stakeholders
  • Establish collaboration with stakeholders
  • Identify the potential, decision-making authority, role, and attitude of different stakeholders in a project. 

Business analysis governance

This stage is about identifying the components that will assist in an organization’s governance. Proper planning for making business decisions is essential. This covers all business aspects, including prioritization, reviews, requirements, changes, and designs. The smooth sailing of an enterprise depends on a straightforward governance process. This calls for spotting decision-makers with the right competencies. The availability of precisely defined information is also necessary for decision-making. Both the stakeholder engagement and business analysis approaches appear significant during this phase. The results of those two tasks serve as primary inputs for planning the governance of business analysis. This governance approach selects and mentions the details of stakeholders who will possess the authority of decision-making. The core components of the governance plan are:

  • Approval planning
  • Prioritization approach
  • Control process change
  • Decision-making

Regulatory information, business policies, information on the current state of business operations, and the assessment of business analysis execution. These are the tools used in governance planning. The list of stakeholders for this phase remains the same as that of the previous one. 

Information management

The task of planning information management involves the sorting out of methods for collecting information. It includes the ways of accessing, storing, and integrating the information generated from business analysis with the available information. This results in the acquisition of an enormous amount of data that demands proper handling for future usage. The planning phase is significant for the optimization of the gathered information so that it can be accessed whenever required. Apart from tools related to information management, the other guidelines of execution remain the same as in the previous stages. Project sponsors, regulators, and domain experts are counted as leading stakeholders for this purpose. The core areas of concentration are:

  • Information storage and accessibility
  • Organization of the collected information
  • Plan the traceability approach
  • Requirement reuse planning
  • Determine the abstraction level and requirements attributes

Identify performance improvements

The ultimate task in the planning and monitoring of business analysis is to identify its benefits. To find out whether the business analysis performance is fructifying is essential for tapping every possible opportunity for improvement. This stage is centered around the implementation of corrections wherever required. It involves the evaluation of a business analyst’s performance. An organization’s extreme goals and the determined business analysis method are the main inputs of the performance management stage. The output of this phase is a comparison between the details of both the planned and performed business analysis activities. Identification of serious issues and finding effective solutions to them form the core of business analysis performance improvement. 

Courses regarding PMI-PBA Training encourage individuals to become knowledgeable in the varying aspects of business analysis. This knowledge area of BA is crucial for mastering the skills to become an ace in this domain.

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Unraveling the world of business analysis

Business analysis approach planning

planning of business analysis

The plan business analysis approach is used to decide on the business analysis approach to be used in the solution.

It describes the work to be done, the frequency of the work to be done and the work to be produced.

The business analyst could start with an initial approach which might change as they understand the required organizational changes.

The choice in business analysis approach might also be limited by the organizational standards or methodology.

Some organizations already have standard processes in place which the business analyst must adhere to, but this is an exception to the rule.

There are two business analysis approaches which can be used in implementing the change.

These are the predictive approach and the adaptive approach.

The predictive approach is used for solutions whose requirements can be well defined upfront so it minimizes the risk of the solution and maximizes control.

The adaptive approach is used for solutions whose requirements are not so clear and therefore riskier.

The needs of the organization can help the business analyst in deciding which of the two approaches is suitable for the change.

But there are some factors which can also help the business analyst in identifying the best approach to use and these are:

1. Formality and Level of Detail of Business Analysis Deliverables : Depending on the level of formality in the organization the business analyst might decide on one of these two approaches.

The predictive approaches uses more formalized documentation while the adaptive approaches uses less.

2. Business Analysis Activities: The business analysis approach describes the activities which would be performed by the business analyst.

Which include the activities needed to produce the work, dividing the work into iterations and applying lessons learned from previous projects.

3. Timing of Business Analysis work: The business analyst is in charge of deciding the task to be done, who would perform the task and when the task would be performed.

4. Complexity and Risk : Based on the complexity and risk of the change the business analyst would decide on the best approach to use.

5. Acceptance: Once the business analyst has decided on the business analysis approach, they document it and give it to the stakeholders to approve.

But there might be some reason why the stakeholders might not agree with the the business analysis approach.

These reasons include: organization standards, risk appetite, cultural norms of the organization and technological complexities.

There are many factors which come into play when a business analyst is deciding which business analysis approach to chose from but these factors can help an experienced business analyst make an informed decision on the right approach to take.

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What does a business analyst do?

Woman gives a data presentation in a boardroom.

New innovations are being developed every day, and companies are placing big bets on whether their products will be the future. Apple’s Vision Pro or Elon Musk’s Neuralink are two examples of that today. 

But what’s in common behind virtually every major decision being made at businesses small and large—and across industries: the reliance on business analysts. 

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The Online MS in Business Analytics from Pepperdine

Business analytics involves the identification of data trends and their application to business decision-making. And with more companies relying on this data to power their biggest endeavors, business analysts are in high demand.

Based on Fortune analysis of online job board platforms LinkedIn and Indeed, there are thousands of business analyst jobs open at companies small and large and across all types of industry—from McDonald’s and Lego to Amtrak and Harvard University.

With the professional on average promising close to six-figure salaries, the field is an enticing one for individuals interested in the intersection of technical skills with business acumen. Plus, they’re increasingly quintessential to a successful enterprise.

“Every business needs business hours, I always think about business analysts as a Swiss army knife,” says Yao Morin, chief technology officer at JLL .  “And you have to be curious as to running all kinds of business problems across different industries, because you are needed everywhere.”

While a business analyst job can sound enticing, the field centers around one main idea: problem solving. 

On the daily, a business analyst may read dashboards, interpret data, and mold data into narratives that fit into a company’s objectives. Jan Ackerman, senior vice president of global recruiting at Oracle, adds that business analysts are effective communicators and data visualizers.

For example within the recruiting arm of an organization, like Ackerman oversees, business analysts may focus on how the company can make their recruiting services faster, smarter, and cheaper.

But it’s also important to keep in mind that in reality, a business analyst’s responsibilities may differ depending on the company and your seniority. 

A junior analyst, for example, may start out by focusing on simply identifying business needs that could be benefited from analytics, and over time, you may work more with the data itself.

“Believe it or not, the analysis is the shortest part of it. The biggest part is finding the business problem, finding the value that you can add, getting and sourcing the data and understanding if the data is correct and accurate for your need,” says Devanshu Mehrotra, curriculum developer and lead instructor at General Assembly, with a background in analytics.

Mehrotra adds that an individual’s interaction with data isn’t just “playing around with data until you find something cool,”—adding value to a company is of the utmost importance. 

Ackerman reiterates this by noting that above all, business analysts’ main objective is to solve business problems.

Where do business analysts work?

To keep it simple, business analysts work everywhere, especially at large companies. And even when there may not be a namesake business analyst, it is likely that someone is performing business analyst tasks anyway.

Even the International Institute of Business Analysis admits that the exact role of those in business analysis is difficult to pinpoint. Those conducting business analyst tasks could hold titles like business analyst, project manager, business systems analyst, product owner, or consultant. 

In its 2023 Global State of Business Analysis Report , over 1 in 4 business analysis professionals reported having a title that does not fit into one of those five buckets.

How much do business analysts make?

Business analysts earn an estimated $93,482 in total pay in 2024, according to Glassdoor . But again, salary may differ based on company, location, and experience level. 

Education experience may also play a factor, especially when it comes to raises and promotions. IIBA’s report notes that 39% of business analysis professionals hold a master’s degree. 

If obtaining an advanced degree in business analytics is something for you, Fortune has narrowed the choices for you in our ranking of the best online master’s in business analytics . If you are looking for something a little less intensive, checking out a business analytics course or certification program may be an easy way to learn the ropes or upskill with the most up-to-date skills.

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Strategic Financial Management: Functions, Planning & Analysis - Essential Practices for Business Owners

Strategic Financial Management

Running a business is not easy. As a business owner, you know the challenges associated with financial management and the importance of financial risk management. Money management is the foundation of any business growth and without proper planning, it's hard to sustain the business. To help you ace your business growth and manage your finances, Amazon Business is breaking down the essential practices you need to implement as a business owner. Register with Amazon Business to grow your business 10x times! Let's dive in!

What is Financial Management?

financial management

Financial management is the strategic management of an organization's financial resources, involving planning, organizing, controlling, and directing activities. The role of financial management involves setting financial goals, creating comprehensive plans, making investment decisions, managing working capital, mitigating risks, analyzing financial performance, and ensuring compliance. The ultimate goal of financial management is to maximize the value of financial resources, achieve financial objectives, increase profitability, and create sustainable value for the firm and its stakeholders.

Importance of Financial Management

What's the importance of financial management, you ask? Let's take a look:

importance of financial management

1.    Resource Allocation

Proper financial management allows for the efficient allocation of financial resources, ensuring that funds are directed toward the most productive and value-generating areas. The importance of financial management lies in the fact that it helps optimize the use of available capital and maximize returns. This is one of the most important role of financial management.

2.    Investment Decision-Making

Financial management is vital in making informed investment decisions. The importance of financial management lies in evaluating different investment options, assessing their potential risks and returns, and selecting the most suitable investments that align with the organization's goals. Investment decisions is one of the crucial role of financial management.

3.    Risk Management

Financial management helps identify and overcome financial risks affecting the organization's stability and profitability. Financial risk management ensures your business is ready and will not crumble in unprecedented circumstances. Accumulating a contingency fund is an important role of financial management to mitigate business risks.

4.    Stakeholder Confidence

Sound financial management practices instill confidence and trust among stakeholders, including investors, lenders, and shareholders. Transparent financial reporting, accurate financial statements, and prudent financial management enhance the credibility and reputation of an organization.

5.    Compliance and Governance

Financial management ensures that a company complies with legal and regulatory requirements for financial reporting and transparency. It promotes good governance practices, including internal controls, audits, and ethical financial conduct.

Goals of Financial Management

Here are the top goals of financial management:

goals of financial management

1. Wealth Enhancement

Financial management is your ally in building a treasure trove of wealth. It helps you construct a solid financial foundation that grows and multiplies over time. Some may even argue wealth enhancement is the purpose of financial management. You can accumulate and enhance your wealth through innovative investment finance strategies, prudent risk management, and side business ideas .

2. Cash Flow Optimization

Financial management will help with maintaining healthy cash flows. It helps to ensure a steady income stream and efficient expense management. You can minimize cash crunches and seize growth opportunities by monitoring and fine-tuning your cash flow cycles. Read about business expansion strategies and wholesale business ideas in India for additional cash flow.

3. Capital Structure Optimization

Strategic financial management will help you design the ideal debt and equity financing. You can maximize the return for stakeholders by analyzing the cost of capital, evaluating the risk-return tradeoff, and determining the optimal capital structure. Optimizing the capital structure is yet another purpose of financial management.

4. Liquidity Management

Financial management focuses on maintaining adequate liquidity to meet short-term obligations. It will help your capital work effectively and maintain emergency funds' access. This way, you can navigate cash flow fluctuations and ensure liquidity when needed. This is one of the most important goals of financial management.

5. Stakeholder Value Creation

Strategic financial management also creates value for stakeholders. It will promote finance strategies that generate sustainable returns, offering attractive dividends or capital appreciation. Moreover, it will also help you maintain transparent communication to foster trust and loyalty among your stakeholders.

Different Types of Financial Management

types of financial management

1. Corporate Financial Management

It is one of the popular types of financial management that focuses on managing the financial resources and activities of a corporation or business entity. Moreover, it also involves making financial decisions to maximize shareholder value, such as capital budgeting, financial analysis, investment decisions, and business financial planning. Strategic corporate finance planning is integral here.

2. Personal Financial Management

Personal financial management covers the types of financial management based on managing an individual's finances. It focuses on achieving personal financial goals, building wealth, and securing a sound financial future. This includes the following:

●   Budgeting

●   Saving

●   Investing

●   Debt management

●   Retirement planning

●   Tax planning

3. Public Financial Management

Public financial management signifies the types of financial management practices that governments and public institutions employ. The objective is to ensure efficient and transparent use of public funds while meeting public service needs. This includes the following:

●   Revenue management

●   Expenditure control

●   Financial reporting

●   Fiscal planning

4. Financial Risk Management

Financial risk management focuses on identifying, assessing, and mitigating financial risks individuals or organizations face. It covers the following:

●   Managing risks related to market fluctuations

●   Credit

●   Liquidity

●   Operational issues

●   Other potential threats

Some companies rely on business process outsourcing to tackle risk or spread it.  

5. Investment Management

Investment management involves the professional management of investment portfolios on behalf of individuals or institutions. It covers:

●   Analyzing investment options

●   Making investment decisions

●   Monitoring and adjusting portfolios to achieve specific financial goals

6. International Financial Management

This type deals with managing financial activities in a global context. It covers aspects such as:

●   Foreign exchange management

●   International investments

●   Cross-border transactions

●   Managing risks associated with international operations

7. Nonprofit Financial Management

Nonprofit financial management focuses on managing the finances of nonprofit organizations and ensuring the effective utilization of resources to support their missions. It includes the following:

●   Fundraising

●   Grant management

●   Compliance with regulations

Strategic Financial Management

1. why do you need strategic financial management.

Strategic financial management is important for businesses as it offers protection against unforeseen circumstances by helping you chart a good course of action for your finances. It helps manage finances in a balanced and optimized way for all resources. You can create wealth, profit, goodwill and grow your company . Therefore, strategic financial planning is important.    

2. Importance of Strategic Financial Management in Today's Businesses  

If you're running a business, the following reasons are why you need strategic business financial planning for your business today!

a.   Adaptability

In a rapidly changing business landscape, strategic financial management helps businesses adapt to new business opportunities and challenges. Companies can effectively allocate resources by aligning financial decisions with the overall strategy. Moreover, companies can make informed investment choices and adjust financial plans. This is an important aspect of strategic financial planning that lets you invest in ventures like starting an e-commerce business in India .

b.  Competitive Advantage

Strategic financial management provides a competitive edge by optimizing businesses' financial resources. It helps companies to identify cost-saving measures and investment opportunities and pinpoint areas for growth. By strategically managing finances, businesses can outperform competitors and seize market opportunities. Another advantage of strategic business financial planning.

c.   Decision-Making Support

Strategic financial management provides valuable insights and analysis to support informed decision-making. With the help of strategic financial planning, businesses can evaluate the financial implications of different options while assessing their feasibility and weighing potential risks and rewards. This empowers decision-makers to make sound financial choices aligned with the business strategy. Strategic corporate finance planning is important.

3.    Features of Strategic Financial Management

Here are the features of strategic financial management:

Strategic financial management involves developing a comprehensive financial plan that aligns with the organization's strategic goals. It includes setting financial objectives, creating strategies, and developing a roadmap for achieving financial targets. Planning also helps businesses anticipate future financial needs, allocate resources effectively, and identify growth opportunities.

Budgeting estimates and allocates funds to different organizational activities, departments, or projects. It serves as a financial roadmap that outlines expected revenues, expenses, and investments over a specific period, typically for a year. The importance of financial planning stresses how budgeting helps businesses plan and control their finances effectively, making it an essential tool for achieving financial goals and driving strategic initiatives.

  • Managing & Assessing Risk

Strategic financial management involves identifying and managing financial risks that may impact the organization's objectives. Financial risk management involves identifying threats, evaluating their impact on the organization, and implementing strategies to mitigate or manage those risks effectively. It is an essential aspect of financial management as it helps safeguard the organization's financial health and ensures its ability to withstand unexpected events. Risk management is very crucial to financial planning.

  • Establishing Standard Operating Procedures (SOPs)

Standard Operating Procedures (SOPs) are documented guidelines that outline the specific steps and protocols to be followed for various financial activities within an organization. They provide a standardized framework for business planning processes and ensure consistency, efficiency, and accuracy in financial operations. The importance of financial planning also lies in establishing standard operating procedures.

4.    Benefits of Strategic Financial Management

A. financial performance evaluation.

One of the biggest advantages of strategic financial management is that it enables businesses to evaluate their financial performance effectively. It involves setting key performance indicators (KPIs) to assess business growth. It also involves monitoring financial metrics and conducting regular performance reviews. This helps identify areas of strength, areas for improvement, and opportunities to optimize financial outcomes.

b. Investor Relations and Capital Market Access

Another notable advantage of strategic financial management is that it enhances investor relations and facilitates access to capital markets. Businesses can attract investor interest and support by effectively communicating the organization's financial performance, growth prospects and strategic initiatives. This opens up opportunities for equity financing, debt financing, and partnerships that can fuel business growth.

c. Business Continuity and Resilience

Strategic financial management contributes to business continuity and resilience. Businesses can better withstand economic downturns and market volatility alongside unexpected disruptions by establishing contingency plans, conducting stress tests, and maintaining adequate financial reserves. This enhances their ability to navigate challenging times and ensures long-term sustainability.

What is Financial Planning and Analysis (FP&A)?

Financial Planning and Analysis (FP&A) is a key factor in an organization involving financial data analysis, forecasting, and planning to support strategic decision-making. It provides insights into the organization's financial performance. It also identifies trends and facilitates informed financial planning.   

Understanding the flow of Financial Planning and Analysis

A.  data gathering.

The FP&A process begins with gathering relevant financial data from various sources, including financial statements, transactional records, market data, and operational metrics. This data serves as the foundation for analysis and planning activities.

b.  Performance Monitoring

FP&A teams continuously monitor and track actual financial performance against the forecasts and budgets. It involves tracking and evaluating the actual financial performance of an organization against predetermined goals, budgets, and projections. It allows businesses to assess their financial health, identify improvement areas, and take corrective actions if needed.

c.  Scenario Analysis and What-If Modeling

FP&A professionals conduct scenario analysis and what-if modeling to assess the potential impact of different scenarios on the organization's financial position. Scenario analysis involves evaluating multiple possible future scenarios and their potential effects on key financial metrics. This technique helps businesses anticipate and plan for different outcomes, allowing them to be better prepared for potential risks and opportunities. By considering various scenarios, businesses can develop contingency plans and make informed decisions that align with their strategic objectives.

Why is it important for Businesses to Plan the Finances?

plan finances

✔ Planning & Budgeting

Financial planning allows businesses to set clear financial goals and develop a roadmap. It involves creating a budget that outlines expected revenues, expenses, and investments. By aligning financial resources with strategic objectives, businesses can prioritize spending, allocate resources effectively, and make informed financial decisions.

✔ Forecasting the Cash Flow

Cash flow forecasting helps businesses anticipate and manage their liquidity needs. Companies can identify potential cash shortages or surpluses by analyzing historical cash flow patterns and future projections. A great financial planning advice would be to plan for necessary financing, manage working capital effectively, and ensure the funds availability to meet operational and investment requirements.

✔ Scenario Planning

Businesses face uncertainties and risks in the market. Scenario planning involves evaluating potential scenarios and their financial impact on the business. By considering different possibilities and their likelihood, businesses can develop contingency plans and make proactive adjustments to mitigate risks, seize opportunities, and maintain financial stability.

✔ Cost Management and Profit

Financial planning helps businesses manage costs and maximize profitability. Businesses can optimize their operations, improve efficiency, and increase their bottom line by analyzing cost structures, identifying cost drivers, and implementing cost control measures. Effective financial planning enables businesses to allocate resources efficiently, invest in value-added activities, and achieve sustainable profitability.

✔ Operational Planning

Financial planning supports operational decision-making by providing financial insights and guidelines. It helps businesses determine optimal production levels, staffing requirements, inventory management, and capacity utilization. By aligning operational plans with financial objectives, businesses can enhance operational efficiency, minimize waste, and improve overall performance.

✔ Tax Reporting

Planning finances includes ensuring compliance with tax regulations and optimizing tax obligations. By accurately forecasting and planning for tax liabilities, businesses can minimize tax risks, take advantage of available tax incentives, and avoid penalties. Effective tax planning contributes to overall financial health and helps businesses optimize their tax position.

✔ Analysis of Finances

Financial planning enables businesses to analyze their financial performance and identify strengths, weaknesses, and areas for improvement. Businesses can evaluate profitability, liquidity, solvency, and other key financial indicators by conducting financial analysis. This analysis provides insights into the business's financial health and supports data-driven decision-making.

✔ Financial Reports

Financial planning involves preparing accurate and timely financial reports. This involves income statements, balance sheets, and cash flow statements. These reports provide a good view of the organization's financial position, performance, and cash flow. They are crucial for internal management, external stakeholders, and regulatory compliance.         

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●   cost savings.

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●   Tracking and Planning of Business Expenses

With our robust systems for tracking and managing your business expenses, Amazon Business helps with expense tracking tools, establishing expense policies and controls, and more! You can now make informed decisions and plan your budget effectively.

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Amazon Business will help identify available tax benefits, credits, and incentives that your business may be eligible for. With GST benefits, you can take your business expansion to the next level!

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Financial planning is the backbone for the growth of any business or individual. Financial planning is a must if you wish to grow your business and personal life monetarily. We hope you've got the insights you need to plan your company's and personal finances.

What is the scope of strategic management?

The scope of strategic management encompasses formulating, implementing, and evaluating long-term finance strategies to achieve organizational goals. It involves analyzing internal and external factors, setting objectives, making strategic decisions, and managing resources effectively.

What are the six elements of financial management?

The six elements of financial management are:

●   Financial Planning

●   Cash Flow Management

●   Risk Management

●   Financial Analysis and Reporting

●   Capital Structure Management

What are the things to consider in strategic financial management?

When considering strategic financial management, key factors to consider include:

●   Setting clear financial goals aligned with the overall business strategy.

●   Assessing the necessary financial resources to achieve those goals.

●   Evaluating and managing financial risks.

●   Making informed investment decisions.

●   Optimizing the capital structure and managing financing options.

●   Monitoring and evaluating financial performance.

What is a strategic management model?

A strategic management model is a framework or process to guide strategic management activities. It typically includes environmental analysis, strategy formulation, implementation, and evaluation.

What is the aim of strategic financial management?

Strategic financial management aims to optimize an organization's financial resources in alignment with its strategic objectives. It involves making financial decisions that support long-term value creation, maximize profitability, ensure financial stability, and enhance shareholder wealth.

What is the formula for ratio analysis?

Ratio analysis involves calculating various financial ratios to assess a company's performance and financial health. The specific formulas depend on the type of ratio being calculated. Examples of commonly used ratios include:

●   Current Ratio: Current Assets / Current Liabilities

●   Return on Investment (ROI): (Net Profit / Total Investment) x 100

●   Debt-to-Equity Ratio: Total Debt / Total Equity

When do we require strategic financial management?

Strategic financial management is mainly required when an organization must make critical financial decisions with long-term implications. It is imperative during growth, expansion, mergers and acquisitions, significant investments, financial restructuring, or when navigating challenging economic conditions.

Product Updates

planning of business analysis

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Sample Cleaning Service Business Plan

Growthink.com Cleaning Service Business Plan Template

Writing a business plan is a crucial step in starting a cleaning service business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring cleaning service business owners, having access to a sample cleaning service business plan can be especially helpful in providing direction and gaining insight into how to draft their own cleaning service business plan.

Download our Ultimate Cleaning Service Business Plan Template

Having a thorough business plan in place is critical for any successful cleaning service venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A cleaning service business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The cleaning service business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your cleaning service business as Growthink’s Ultimate Cleaning Service Business Plan Template , but it can help you write a cleaning service business plan of your own.

Example – PristineClean Experts

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

PristineClean Experts is a professional cleaning service located in Jacksonville, FL, dedicated to providing top-notch cleaning solutions for residential and commercial clients. We are committed to maintaining a high standard of cleanliness and hygiene, with services tailored to meet the diverse needs of our clients, ranging from regular home cleanings to comprehensive commercial maintenance. Our team, equipped with the latest cleaning technology and eco-friendly products, aims to offer an unparalleled cleaning experience, ensuring customer satisfaction and loyalty. Our focus on quality, reliability, and customer service positions us as a leading choice for cleaning services in the Jacksonville area.

Our success is driven by our unwavering commitment to quality and customer satisfaction. We’ve built a strong reputation in the Jacksonville area through our reliable service, attention to detail, and the ability to tailor our offerings to meet the unique needs of each customer. Our team’s expertise and use of advanced cleaning technologies have set us apart in the industry. To date, we’ve achieved significant milestones, including a growing base of loyal residential and commercial clients, and we are continuously expanding our services to cater to the evolving needs of our community.

The cleaning services industry is experiencing robust growth, driven by increasing demand from both residential and commercial sectors. In Jacksonville, FL, this upward trend is reflected in the growing number of households and businesses seeking professional cleaning services to maintain hygiene and appeal. The industry’s expansion is further fueled by heightened health awareness and the need for sanitized environments, particularly in the wake of health crises. PristineClean Experts is well-positioned to capitalize on this demand, offering comprehensive cleaning solutions that cater to the specific needs of our diverse client base.

PristineClean Experts targets a wide range of customers in Jacksonville, FL, focusing primarily on homeowners and apartment dwellers seeking regular and one-off cleaning services. Our tailored approach aims to accommodate the unique cleaning needs of each homeowner, ensuring their spaces are impeccably maintained. Additionally, we serve landlords and small to medium-sized businesses, including office spaces and retail stores, who value professional cleaning to enhance their environment for tenants and clients alike. By addressing the distinct requirements of these customer segments, we ensure high satisfaction and loyalty.

Top Competitors:

CleanMaster Solutions: Offers a range of residential and commercial cleaning services. Sparkle Homes: Specializes in residential cleaning with customizable packages. OfficeClean Express: Focuses on commercial spaces, providing tailored cleaning services.

Competitive Advantages: PristineClean Experts stands out through our commitment to using eco-friendly cleaning products and state-of-the-art equipment, ensuring a thorough and environmentally safe clean. Our highly trained staff and personalized service plans offer a superior cleaning experience, setting us apart from competitors and making us the preferred choice in Jacksonville.

Our marketing plan emphasizes the diversity and quality of our cleaning services, with competitive pricing to match. We offer a range of services from basic home cleaning to specialized commercial maintenance, ensuring a tailored approach to meet the specific needs of our clients. Pricing is structured to provide value while reflecting the high standard of our services. Promotions will be conducted through various channels including social media, local advertising, and word-of-mouth referrals. Special offers and discounts for first-time clients and loyalty programs for regular customers are key strategies to attract and retain our customer base.

Our operations are centered around efficiency and customer satisfaction. Key processes include streamlined booking and scheduling, responsive customer service, rigorous staff training, and stringent quality control measures. We employ reliable scheduling software and maintain excellent communication with clients. Our equipment and inventory are regularly checked to ensure operational readiness. Financial management, marketing efforts, and compliance with safety regulations are also integral parts of our daily operations. Achieving these operational milestones is essential for delivering consistent, high-quality service.

Our management team consists of experienced professionals with diverse backgrounds in business management, customer service, and the cleaning industry. Their collective expertise provides the strategic direction and operational oversight necessary to achieve our business objectives. This strong leadership is instrumental in fostering a culture of excellence, innovation, and customer-centricity within PristineClean Experts.

Welcome to PristineClean Experts, a new Cleaning Service making waves in Jacksonville, FL. We pride ourselves on being a local cleaning service business, filling a much-needed gap in the community. Our mission is to provide unparalleled cleaning services, as we’ve identified a lack of high-quality local cleaning service businesses in the area. Our team is dedicated to ensuring every corner of your space shines, offering a comprehensive suite of cleaning solutions tailored to meet the unique needs of each client.

At PristineClean Experts, our services cater to a wide range of needs including Residential Cleaning, Commercial Cleaning, Janitorial Services, Move-In/Move-Out Cleaning, and Specialized Cleaning Services. We understand the importance of maintaining a clean and healthy environment, whether it’s the comfort of your home or the professionalism of your business space. Our team is equipped with the latest cleaning technology and practices, ensuring efficient and thorough service delivery. We are here to simplify your life, providing hassle-free and reliable cleaning solutions right at your doorstep.

Based in Jacksonville, FL, PristineClean Experts is strategically located to serve customers throughout the city. This prime location allows us to respond quickly to our clients’ needs, ensuring timely and reliable service. We are committed to making a noticeable difference in our community, one clean space at a time.

PristineClean Experts is uniquely qualified to succeed for several reasons. Firstly, our founder brings a wealth of experience from running a successful cleaning service business previously. This experience is invaluable in understanding the intricacies of the industry and ensuring that we stay ahead of the competition. Moreover, we are confident in our ability to offer better cleaning services than our competitors, thanks to our dedicated team, state-of-the-art equipment, and innovative cleaning techniques.

Since our inception on January 3, 2024, as a S Corporation, we have achieved several milestones that we’re incredibly proud of. Our journey began with the creation of a unique logo that represents our brand’s ethos and dedication to cleanliness. We also invested time in developing a memorable company name that resonates with our mission and values. Additionally, we secured a great location that serves as the hub for our operations, enabling us to efficiently manage our services and cater to the needs of our clients in Jacksonville, FL. These accomplishments are just the beginning, and we are excited about the future of PristineClean Experts.

The Cleaning Service industry in the United States is currently experiencing significant growth and is poised for continued expansion in the coming years. According to a market research report, the industry generated approximately $46.3 billion in revenue in 2020. This indicates a substantial market size and highlights the demand for professional cleaning services across the country. Furthermore, the market is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028, reaching a projected value of $74.3 billion. These figures demonstrate the immense potential for growth and profitability within the Cleaning Service industry.

Several trends in the Cleaning Service industry are contributing to its positive outlook, which bodes well for PristineClean Experts. Firstly, there is a growing emphasis on cleanliness and hygiene, particularly in light of the COVID-19 pandemic. Customers are now more conscious of the importance of maintaining cleanliness and sanitization in their homes and workplaces. This increased awareness has led to a surge in demand for professional cleaning services. Secondly, an aging population and busy lifestyles have resulted in a greater need for outsourcing household chores, including cleaning. As more individuals seek convenience and time-saving solutions, the demand for Cleaning Service providers like PristineClean Experts is expected to rise.

Furthermore, technological advancements and the adoption of innovative cleaning methods are shaping the future of the industry. Cleaning companies are increasingly utilizing advanced equipment, environmentally friendly cleaning products, and digital platforms to enhance their efficiency and effectiveness. PristineClean Experts can capitalize on these industry trends by offering state-of-the-art cleaning solutions and leveraging digital marketing strategies to reach a wider customer base. By staying ahead of the curve and providing exceptional service, PristineClean Experts is well-positioned to thrive in the growing Cleaning Service industry in Jacksonville, FL.

Below is a description of our target customers and their core needs.

Target Customers

PristineClean Experts will target a broad spectrum of local residents in Jacksonville, FL, focusing on homeowners looking for regular and one-time cleaning services. This group is expected to form the core of their customer base, seeking to maintain their homes in pristine condition without dedicating personal time to the task. The company will tailor its offerings to meet the specific needs of these homeowners, ranging from basic cleaning to deep cleaning services.

Aside from individual homeowners, PristineClean Experts will also cater to apartment dwellers and landlords who require cleaning services for move-ins and move-outs. This segment recognizes the value of maintaining clean living spaces to attract and retain tenants. By offering flexible and customizable cleaning plans, PristineClean Experts will address the unique demands of apartment cleaning, ensuring spaces are spotless for current and future residents.

Moreover, PristineClean Experts will extend its services to small and medium-sized businesses in Jacksonville, FL. This customer segment comprises office spaces, retail stores, and small clinics that must uphold a high standard of cleanliness to ensure a healthy and appealing environment for employees and clients alike. The company will develop commercial cleaning packages that guarantee thorough cleaning, disinfection, and maintenance of business premises, aligning with the professional image these establishments aim to project.

Customer Needs

PristineClean Experts can fulfill the profound need for high-quality cleaning services among Jacksonville residents who desire a spotless living environment without the time or energy to achieve it themselves. Clients expect thoroughness and attention to detail, ensuring that every corner of their home meets their high standards of cleanliness. This demand highlights the necessity for a service that can consistently deliver exceptional results, tailored to the individual needs of each household.

In addition to the basic expectation of cleanliness, customers also seek reliability and trustworthiness in their cleaning service provider. PristineClean Experts understands the importance of sending only well-vetted, professional cleaners into clients’ homes. Customers can rest assured knowing that their personal spaces are being treated with the utmost respect and care, fostering a relationship based on trust and mutual respect.

Moreover, the modern customer values convenience and flexibility in service arrangements. PristineClean Experts addresses this need by offering easy scheduling options and customizable cleaning plans. By accommodating the busy lifestyles of Jacksonville residents, PristineClean Experts ensures that maintaining a clean and healthy home environment does not add to the stresses of daily life but rather alleviates them.

PristineClean Experts’s competitors include the following companies:

Bonnie’s Maids offers a comprehensive suite of cleaning services tailored for residential properties, including standard house cleaning, deep cleaning, and move-in/move-out services. Their price points are competitive, aiming to offer value through quality services at accessible rates. Revenues for Bonnie’s Maids suggest a strong local market presence, indicative of their ability to retain and satisfy a diverse client base. They operate primarily within the Jacksonville area, focusing on residential customers seeking regular or one-time cleaning services. Key strengths include their established reputation and customer loyalty, while a potential weakness is their limited service offerings beyond residential cleaning.

Evolution DR Cleaning Service specializes in both residential and commercial cleaning solutions, providing a broad spectrum of services ranging from regular housekeeping to specialized cleaning for offices and retail spaces. Their pricing strategy is flexible, offering customized quotes based on the size and specific needs of the job, allowing them to cater to a wide range of budget considerations. Evolution DR Cleaning Service generates significant revenue, reflecting their broad service offerings and ability to serve both households and businesses effectively. They serve the greater Jacksonville area, including some neighboring regions, targeting both homeowners and commercial entities. Their key strengths lie in their versatility and ability to handle diverse cleaning needs. A potential weakness could be the complexity of managing a wide range of services, which might impact service consistency.

Nicki’s House Cleaning focuses on delivering personalized cleaning services to residential clients, emphasizing customer satisfaction and attention to detail. They offer a variety of packages from basic cleaning to premium services, including eco-friendly options, with pricing that varies based on service depth and frequency. This approach allows them to attract different segments of the market, from budget-conscious to premium clients. Nicki’s House Cleaning has a solid revenue stream, supported by a loyal customer base and strong word-of-mouth referrals in Jacksonville and its suburbs. They exclusively serve the residential segment, providing them with a focused market approach but potentially limiting their growth in the commercial sector. Their strengths include high customer satisfaction and personalization of services. However, their focus on only residential services and the absence of commercial offerings could be seen as a weakness in diversifying their customer base.

Competitive Advantages

At PristineClean Experts, we pride ourselves on offering superior cleaning services compared to our competition. Our team is dedicated to providing meticulous attention to detail, ensuring that every nook and cranny of our clients’ spaces are impeccably cleaned. We understand the unique needs of each customer and adapt our services accordingly, which allows us to deliver personalized cleaning solutions that exceed expectations. Additionally, our use of eco-friendly cleaning products not only ensures a thorough clean but also promotes a healthier environment for our clients and their families.

Moreover, our competitive advantage extends beyond just the quality of our cleaning services. We are committed to exceptional customer service, making sure that we are always accessible and responsive to our clients’ needs and feedback. Our flexible scheduling options can accommodate even the busiest of lifestyles, making it convenient for our customers to enjoy a pristine clean without disrupting their daily routines. Furthermore, our team consists of highly trained and trustworthy professionals who are passionate about what they do, which reflects in the quality of their work. With PristineClean Experts, clients can expect a seamless and satisfactory cleaning experience every time.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

PristineClean Experts caters to a wide array of cleaning needs for both residential and commercial clients. Their comprehensive service offerings ensure that every nook and cranny, whether at home or in the office, is meticulously cleaned to perfection. The services they provide are not only varied but are also customized to meet the unique requirements of each client, ensuring satisfaction across the board.

Starting with Residential Cleaning, PristineClean Experts offers a thorough cleaning solution for homes of all sizes. This service includes dusting, vacuuming, mopping, bathroom cleaning, and kitchen cleaning, aiming to create a pristine living environment for homeowners. Prices for their residential cleaning services start at an average of $120 for a small home, scaling up based on the size of the property and specific cleaning requirements.

For businesses looking to maintain a clean and professional atmosphere, Commercial Cleaning services are available. PristineClean Experts understands the importance of a spotless workspace for both employee productivity and customer perception. Their commercial cleaning package includes office cleaning, restroom sanitation, trash removal, and floor care, with prices beginning at $200 for small office spaces. Larger commercial spaces can expect custom quotes based on the area to be cleaned and the services required.

Their Janitorial Services are designed to cater to institutions such as schools, hospitals, and large office buildings that require daily or weekly maintenance. This service focuses on ensuring that these high-traffic areas are consistently clean and sanitized. The starting price for janitorial services is around $250, adjusting for the frequency of cleaning and the scope of work.

Understanding the chaos associated with moving, PristineClean Experts offers Move-In/Move-Out Cleaning services to ease the transition. This comprehensive cleaning ensures that new residents step into a spotless space, and those moving out leave behind a clean slate. Prices for these services begin at $150 for small apartments, with variations depending on the size of the property and the extent of cleaning needed.

Lastly, Specialized Cleaning Services are available for those requiring more than just the standard cleaning procedures. This includes deep cleaning, carpet cleaning, window washing, and pressure washing, among others. These services are tailored to the specific needs of the client, with prices starting at $100 and increasing based on the complexity and requirements of the job.

In summary, PristineClean Experts offers a broad spectrum of cleaning services designed to meet the needs of both residential and commercial clients in Jacksonville, FL. Their commitment to providing impeccable cleaning solutions is reflected in their diverse service offerings and competitive pricing, ensuring that every space they touch is left in pristine condition.

Promotions Plan

PristineClean Experts leverage a dynamic mix of promotional methods to attract customers in Jacksonville, FL, with a primary focus on online marketing. They understand that in today’s digital age, a strong online presence will not just be beneficial but essential for reaching their target audience effectively. Hence, they will engage in a comprehensive online marketing strategy that includes the use of social media platforms, search engine optimization (SEO), and targeted advertising campaigns. Through these channels, PristineClean Experts will showcase their cleaning services, share customer testimonials, and provide valuable cleaning tips to engage with potential customers.

In addition to online marketing, PristineClean Experts will also deploy traditional marketing techniques such as distributing flyers and placing ads in local newspapers. These methods will complement their digital efforts by reaching potential customers who may not be as active online but are equally valuable to their business. Moreover, PristineClean Experts will establish partnerships with local businesses and real estate agents, creating a referral network that will help spread the word about their exceptional cleaning services.

Email marketing will play a crucial role in their promotional strategy. By collecting email addresses through their website and at local events, PristineClean Experts will send out regular newsletters that include special promotions, cleaning tips, and updates about their services. This direct line of communication will keep them at the forefront of their customers’ minds and encourage repeat business.

Understanding the power of word-of-mouth, PristineClean Experts will implement a customer referral program. Satisfied customers who refer new clients will receive discounts on future services, incentivizing them to spread the word about PristineClean Experts. This approach will not only help in acquiring new customers but also in building a loyal customer base.

Lastly, PristineClean Experts will actively seek out opportunities to sponsor local events or participate in community service projects. This will not only increase their visibility within the community but also build their reputation as a business that cares about the well-being of Jacksonville, FL.

By combining these promotional methods, PristineClean Experts will effectively reach and attract customers, establishing themselves as a leading cleaning service in Jacksonville, FL.

Our Operations Plan details:

  • The key day-to-day processes that our business performs to serve our customers
  • The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of PristineClean Experts, there are several key day-to-day operational processes that we will perform.

  • Utilize a reliable scheduling software to manage appointments efficiently.
  • Confirm appointments with customers a day ahead to ensure readiness and prevent no-shows.
  • Maintain a responsive customer service system, including phone, email, and chat support.
  • Collect feedback from customers after service completion to improve quality and customer satisfaction.
  • Conduct daily briefings with cleaning teams to discuss the day’s assignments and any special instructions from clients.
  • Ensure staff are well-trained in cleaning techniques and customer service skills.
  • Regularly check and maintain cleaning equipment to ensure they are in good working condition.
  • Keep track of inventory levels for cleaning supplies and reorder as necessary to prevent shortages.
  • Implement a quality control checklist for all cleaning jobs to ensure high standards are met consistently.
  • Conduct random spot checks on cleaning jobs to ensure compliance with company standards.
  • Monitor daily expenses and revenues to manage cash flow effectively.
  • Process payments promptly and follow up on any outstanding invoices.
  • Regularly update the company website and social media platforms with engaging content and special promotions.
  • Encourage satisfied customers to leave positive reviews online to enhance the company’s reputation.
  • Ensure compliance with local, state, and federal regulations regarding cleaning services and employment.
  • Conduct regular safety training sessions for staff to prevent accidents and injuries.

PristineClean Experts expects to complete the following milestones in the coming months in order to ensure its success:

  • Secure Necessary Licenses and Insurance: Obtain all required business licenses and insurance policies to operate legally and safely in Jacksonville, FL. This step will mitigate legal risks and protect the company and its customers.
  • Establish an Effective Branding and Online Presence: Develop a strong brand identity, including a company logo, website, and social media profiles. This milestone is crucial for attracting customers and establishing trust in the market.
  • Hire and Train Cleaning Staff: Recruit, hire, and extensively train cleaning staff to ensure high-quality service. This includes training on cleaning techniques, customer service, and safety protocols, which is fundamental to building a reliable and professional team.
  • Launch Our Cleaning Service Business: Officially start offering cleaning services to residential and commercial clients in Jacksonville, FL. This involves marketing the launch to generate initial customers and feedback.
  • Secure Key Contracts with Commercial Clients: Obtain contracts with commercial entities such as offices, retail stores, and apartment complexes. This will provide a steady income stream and help in achieving financial stability.
  • Implement a Customer Feedback and Quality Control System: Establish mechanisms for collecting customer feedback and conducting regular quality checks. This system will ensure continuous improvement and high customer satisfaction, which is critical for repeat business and referrals.
  • Reach $15,000/Month in Revenue: Achieve the financial goal of generating $15,000 in monthly revenue. This milestone will indicate market acceptance and the potential for sustainable growth and profitability.
  • Expand Services or Service Area: Depending on market demand and operational capacity, consider expanding the range of services offered or extending the service area beyond Jacksonville, FL. This growth strategy should be based on solid customer demand and the ability to maintain quality standards.

These milestones are designed to build a strong foundation for PristineClean Experts, mitigate risks associated with starting a new business, and guide the company towards achieving success in the competitive cleaning service industry.

SavorFest Caterers management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Ava Thompson, President

Ava Thompson, President, brings a wealth of experience to PristineClean Experts, having previously led a successful cleaning service business. Her entrepreneurial journey is marked by her ability to identify market needs and respond with innovative solutions that drive customer satisfaction and loyalty. Ava’s leadership style is characterized by a hands-on approach, fostering a culture of excellence and accountability within her teams. Her proven track record in business management and strategic planning makes her uniquely qualified to guide PristineClean Experts towards achieving its vision of becoming the leading provider in the cleaning services industry.

To reach our growth goals, PristineClean Experts requires significant funding. This investment will be directed towards expanding our service offerings, marketing efforts to increase brand visibility, and enhancing operational efficiencies. By securing the necessary funding, we are poised to capitalize on market opportunities, drive revenue growth, and establish PristineClean Experts as a market leader in the cleaning services industry in Jacksonville, FL.

Financial Statements

Balance sheet.

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Income Statement

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Cash Flow Statement

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Cleaning Service Business Plan Example PDF

Download our Cleaning Service Business Plan PDF here. This is a free cleaning service business plan example to help you get started on your own cleaning service plan.  

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IMAGES

  1. What is Business Analysis? Process & Techniques

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  2. Creating a Business Plan: Why it Matters and Where to Start

    planning of business analysis

  3. Business analysis planning considerations

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  4. Business Analysis: Planning and Ensuring Success (Part 1)

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  5. Business Analysis Planning and Monitoring

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  6. Business Analysis Competency Model

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VIDEO

  1. Corporate planning process

  2. Strategic Planning: Business Plan in 1 Minute

  3. Introduction to Business Analysis

  4. Business Processes & Planning

  5. Business Analysis to Project Management

  6. Business Plan Implementation

COMMENTS

  1. A Checklist for Business Analysis Planning

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  3. Business Analysis Mastery: Planning, Skills, and Perspective

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  6. PDF Plan Business Analysis Approach

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  11. PDF Business Analysis Planning Sneak Peek

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  13. What is Strategic Planning? A 5-Step Guide [2024] • Asana

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  14. Business Analysis Techniques: Planning and Monitoring ...

    In this course, Business Analysis Techniques: Planning and Monitoring Business Analysis Work, you will gain the ability to understand the purpose of each of the selected techniques and the steps to employ it in a particular situation. First, you will learn that each technique is customized for the knowledge area and the task.

  15. Business Analysis Planning Techniques

    Step 1: Build a Work Breakdown Structure (WBS) Step 2: Create a Network Diagram (using your WBS) Step 3: Create a Gantt Chart (using the Network Diagram) Business Analysis Planning Technique #1: Work Breakdown Structure (Step 1 in Building a Project Plan)

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  20. Business Analysis Models for Quick Strategic Planning

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  21. All About Business Analysis Planning And Monitoring

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  22. PDF The new reality for business planning and analysis

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  26. Strategic Financial Management: Functions, Planning & Analysis

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  29. Sample Cleaning Service Business Plan

    The cleaning service business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your cleaning service business as Growthink's Ultimate Cleaning Service Business Plan Template, but it can help you write a cleaning service business plan of your own. Example ...