Strategic Planning For Small Business

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Detailed action items should be assigned to team members with due dates attached to those team member deliverables.

The upside to strategic planning is that those companies who choose to engage in a consistent and persistent strategic planning exercise on an annual basis at a minimum will begin to distance themselves from their competitors and gain more market share.

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.

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.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.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.Fortunately, there are strategic planning methodologies specifically suited for small businesses.Effective strategic planning for small businesses begins with revisiting the foundational aspects of the business which include company mission, vision, and core values.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.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.

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