|
How Do You Create a Strategic Plan for Your Business
Creating a business strategy and
following it will ensure that you enjoy the journey
as much as getting to your final destination.
On a scale of one to ten, having a good business strategy
rates about a fifteen!
No matter what kind of business you
have -- whether you sell products or a service, as the
saying goes, "if you fail to plan, then you're
really planning to fail."
Creating a strategy can mean the difference
between you working 60 to 80 hours a week all year long
-- and then breaking even, or worse, losing money.
On the other hand, many successful entrepreneurs
who have a strategy work fewer hours and make piles
of money -- and they usually attribute their success
to having a strategic plan and following it.
So what is strategic business management?
Very simply, it's the process of defining the goals
and objectives for your business, creating an action
plan so you can reach them and then following the plan.
How do you create a strategic plan for
you business?
1. First, know what your vision for
your company is. If there were no barriers, nothing
stopping you from taking your company as far as you
could -- what would that look like?
2. Next, what are your company's
core operating values? What are its guiding principles?
In other words, why are you in business and how do you
do business?
3. Now create a 3 to 5 year plan.
Your long-term plan is based on the broad objectives
that will help you get from where you are now, to where
you want to be.
4. Develop a plan for this year.
These are the specific objectives you plan to accomplish
this year that will lead you closer to your long-term
goals. Remember to be "SMART" when setting
your annual goals (Specific, Measurable, Attainable,
Realistic, Time-oriented). Include a list of the barriers
that are stopping you from getting where you want to
go. Figure out what resources you've already got, and
what resources you need to get you past those barriers.
And then create an action plan that clearly lays out
how you will achieve your goals. Involve key employees
with this part of the planning process.
5. Create a set of milestones or
benchmarks. This is very important, so that you
can measure your progress.
6. Share the plan with your employees,
and anyone else who will be involved in the process.
Your annual strategy is the roadmap that will make sure
everyone ends up at the same destination -- but to be
effective, everyone needs the same map!
7. Put the plan into action.
Now that you have the roadmap, it's time to begin the
journey.
8. Check your progress. Just
like any trip, you need to check the map every now and
then; to be sure you're still on the right road. If
something isn't working, the sooner you figure it out
and make the necessary adjustments, the sooner you'll
be back on track.
9. Follow the same cycle next year.
(Dream, Plan, Act, Check).
1howto.com
--------------------------------------------------
Please
Share Your Tips with Us
|
