A great road map to business success is a strategic plan. Strategic plans clearly lay out the goals and objectives of a business and how they are to be accomplished.
3 STEPS TO DEVELOPING A STRATEGIC PLAN
- Determine the state of your company now. Creating a strategic plan starts with a company audit to shed light on your company’s strengths and weaknesses.
- Create a vision and mission for your company. If you do not have an idea for where you see your company in the future, you will have a hard time positioning your company for future success. Clearly define your company’s mission, vision, values, goals, and objectives.
- Set realistic objectives that support your new goals. Determine who will accomplish the new tactics that now accompany your new objectives.
THE STRATEGIC PLANNING PROCESS CONSISTS OF:
- Creating a company’s mission statement or company vision and objectives that are S.M.A.R.T. (specific, measurable, attainable, realistic, and timely)
- An internal analysis of your company’s strengths, weaknesses, opportunities, and threats.
- An external analysis of your company’s consumers, supplies, competition, legal restrictions, etc.
- A plan for maintaining a competitive advantage over competition based on differentiation. Essentially, what is your company’s USP (unique selling proposition).
- Implementing your formulated strategy by communicating the strategy well to those who are to implement it.
- Ways in which your company will evaluate and monitor deliverables stated in the strategic plan. This should include target goals, performance measurements, standards, and quality controls.
A strategic plan also sets the course for product development, customer relationships, brand development, and marketing strategy. Don’t let your business lose out on reaching new heights of success. Have a sound, thoughtful strategic plan addressing today’s highly competitive business environment for how it will sustain and grow.