Writing a strategic business plan

strategic planning

Section 5: Goals Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan. Section 3: Company Mission Statement Your company mission statement explains what your business is trying to achieve.

What do you want to be the focus of your business and your source of competitive advantage over your rivals in the marketplace?

How to write a strategy document template

A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, but a strategic plan will be more specific on how the company will go about achieving company goals. Mission, vision and value statements. A consultant could give you suggestions on content, clarity and tone. However, you should conduct an analysis to ensure the market size is growing if not, you might want to diversify , and to help identify new opportunities for growth. We cannot guarantee that the information applies to the individual circumstances of your business. They key is to first identify your 5 year or long-term goals. Implementing a strategic plan The plan needs to be implemented and this implementation process requires planning. However, you can expect to include the following content: Executive summary You want the reader to quickly grasp the mission of your company, its values, issues and goals and key strategies to reach goals. This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry. Draft a plan No two businesses are alike so there's no real standard for developing a strategic plan. Writing and communicating a strategic plan Share It may seem like a daunting task, but good writing is basically clear thinking.

Monitoring implementation is the key. The Executive Summary is important since it will help other key constituents, such as employees, advisors, and investors, quickly understand and support your plan. Then work backwards two more times to determine your goals for the next quarter and the next month.

What do you need to do to get there? Aligning your personal vision with your company vision is key to achieving your personal and professional goals.

They key is to first identify your 5 year or long-term goals. Monitoring the progress of the implementation plan and reviewing the strategic plan against implementation will be an ongoing process. Develop this statement and make it publically available to both employees and customers.

Strategic plan example for small business

And writing your strategic plan first involves sifting through your content, deciding what's pertinent and developing a good outline. What a written strategic plan should include There is no set blueprint for how to structure a strategic plan, but it is good practice to include the following elements: Analysis of internal drivers - corresponding, for example, to the strengths and weaknesses of a SWOT strengths, weaknesses, opportunities and threats analysis. Five Forces The Five Forces model aims to help businesses understand the drivers of competition in their markets. What changes will you need to make in order to deliver on your strategic objectives? By contrast, the purpose of the business plan is to provide the detailed roadmap that will take you in your desired direction. For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. Photo Credits business plan sobre la mesa image by pablo from Fotolia. As a starting point, you need to ask yourself the following three questions: Where is your business now? Think about the business as a whole, for example consider diversification, existing growth, acquisition plans, as well as functional matters in key areas. Getting the planning document right The priority with strategic planning is to get the process right.

Print Need help? Implementing a strategic plan The purpose of strategic planning The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does.

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What Is a Strategic Business Plan?