Strategic Planning For Small Business

Strategic Planning For Small Business-5
Those small businesses are asking themselves relevant questions such as what went right during the 1st half of the year? It succinctly lays out a company’s goals and explains why they are important.

Those small businesses are asking themselves relevant questions such as what went right during the 1st half of the year? It succinctly lays out a company’s goals and explains why they are important.The strategic planning process also helps small businesses identify areas for potential improvements so they can operate at their fullest potential.Once the SWOT analysis has been completed the next step is to review each SWOT quadrant and begin developing strategies which build on strengths, resolve weaknesses, exploit opportunities and avoid threats.

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Here’s why it’s important: if your employees can’t clearly and concisely articulate your business to others, you inevitably miss out on tons of sales and other opportunities.

Section 3: Company Mission Statement Your company mission statement explains what your business is trying to achieve. You see, for internal decision-making, your mission statement guides employees to make the right decisions; decisions that are in line with helping the company achieve its mission.

A strategic plan is a roadmap to grow your business.

To help you succeed, use this proven strategic plan template, and the information below details the 13 key sections you must include in your strategic plan.

Strategic planning is the intentional process of crafting that strategic plan and serves as a blueprint for a small business.

The ironic thing is only a small percentage of small businesses consistently engage in strategic planning year after year and even a smaller segment of those businesses review their strategic plans at designated milestone points in order to make needed adjustments.Every small business planning for success needs to engage in the strategic planning process both at the beginning of each year, at the mid-year point and finally at year end.Small businesses generally don’t need the sophistication and time consuming strategic planning process of Fortune 500 companies.For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.They key is to first identify your 5 year or long-term goals.Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.It also helps you identify which strengths you must develop in the near future to improve your company.Section 5: Goals Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan.

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