You are not going to die with your business; neither are your investors. This is why you need to prepare an exit plan not just for yourself but also for your investors. They fail even before launching because the business was poorly planned. This reminds me of a quote from my mentor:
Although strategies are considered "high-level" concepts, the success always lies in the details of measurable actions and monitoring the metrics.
Business owners don't need to create a long strategic business plan but should instead put their energy toward understanding the market and the business opportunity so they can develop clarity about the company direction.
Establish the Company Position Before you can brainstorm about strategies for success, you need to know what it is you want to accomplish. This is established in the organization's mission and vision statements. These two statements define why a company does what it does and how it sees itself in the future.
For example, an optometrist's mission statement might be: Look at competitors, and establish what your competitive advantage is in the marketplace.
Review the Potential Strategies Sometimes, strategies are obvious. Even when there are obvious strategies, a business owner should still brainstorm as many ideas as possible. This gives a business owner some options and enables the owner to test one strategy against another.
There are times when a proven strategy becomes ineffective.
Develop strategic concepts that either work with your strengths or that seek to offset competition's strength and weaknesses. Establish short- and long-term financial goals and give them clear objectives.
For example, if a weakness, such as a poorly trained sales force is costing key sales, a priority is to establish a training program.
Define the key performance indicators, setting budgets and goals over a timeline of a one- to five-year period. These types of goals keep team members focused on actions that help determine success rather than make them wait for lagging indicators of success.
A SMART goal strategy example would be to require every sales person to find three new networking locations per month, which expands the local brand recognition.
Evaluate the Results If strategies and goals are properly set, evaluating the results becomes easy. Don't wait for the end of the ultimate goal over a plan of several years to determine success.
Break goals down into short-term goals. Review each goal and objective, and define if the goal was met and what the statistics or metrics were in getting there. Test strategies against each other to see which strategies are working best.
For example, an ad campaign on the radio might outperform social media ads. Being able to see which ad is working enables you to divert funds and team resources to things that are working so that you can scale up the successful strategies.A five-year strategic plan explains the company purpose and how the goals are going to be achieved over time.
The Freelance Writer’s Bible: Your Guide to A Profitable Writing Career Within One Year by David Trotter is a perfect guide for aspiring writers. YOU ARE ACCESSING A U.S. GOVERNMENT (USG) INFORMATION SYSTEM (IS) THAT IS PROVIDED FOR USG-AUTHORIZED USE ONLY.
By using this IS (which includes any device attached to this IS), you consent to the following conditions. Writing the Strategic Plan. 1. Have a small number of people write the first draft of the plan.
YOU ARE ACCESSING A U.S. GOVERNMENT (USG) INFORMATION SYSTEM (IS) THAT IS PROVIDED FOR USG-AUTHORIZED USE ONLY. By using this IS (which includes any device attached to this IS), you consent to the following conditions. Why You Need a Business Plan for your Small Business. Writing your business plan is not the end of your business planning process because business planning is a never ending process. However, it’s an important intermediate stage (failing to plan can mean planning to fail). A three-year business plan is designed to help you look at where your company is and how to get it to a desired level three years into the future.
An outside facilitator (someone hired from outside of the organization to facilitate the planning process) should not be the one who writes the plan.
Stanbridge Primary School 3 Year Strategic Plan September – August Achievement Curriculum Leadership Partnerships.
Strategic Plan. The University of North Florida's strategic plan was approved by the Board of Trustees September 23,