What direction is your business going in? Setting a direction for your business is critical to the future success of your organization. The best way to get moving in the right direction is to understand how to get there. Strategic Planning might be an unknown aspect of your business, but it is imperative to have a plan.
What is a Strategic Plan?
Simply put, a strategic plan is a document that helps communicate your business’ goals. It also includes what actions need to be taken to achieve these goals and any critical elements that are developed during the planning period. Having a plan helps keep you on the right path. Your plan should include certain elements, like mission, values, and vision statements, and avoid common pitfalls, like neglecting the specific needs of your organization, so it becomes your road map for success.
Parts of a Strategic Plan
Strategic plans can be short or long; the important part is that you have one. All strategic plans, no matter what shape or size, should consist of these major components:
Mission Statement
Vision Statement
Values Statement
SWOT
Competitive Advantage
Long-term Strategic Objectives
Short-term Goals
Action Items
Financial Assessment
With a little guidance, you can answer the questions “Where are you now?”, “Where are you going?”, and “How will you get there?”. Don’t try to do it all on your own. Let a professional guide you in the right direction.
Eric has over 25 years’ experience in small business, startup, and large companies and has held numerous roles focusing on business and financial strategy in businesses. He is currently the CEO and Owner of EDGe Business Planning. EDGe works with small business owners to help them understand their financial and business information and use it to grow their business profitably. For more information about EDGe Business Planning, contact us at hello@edgebusinessplanning.com.