Strategic Planning Process
Mar 28, 2022
Do you have a strategic plan?
Do you need one?
I hope you said "Yes!" to both of those questions!
If you didn't, that's ok. Keep on reading!
There are a lot of conflicting opinions out there on strategic planning. Some "experts" say strategic plans are critical and others say they are a waste of time. Why is that?
Based on my experience, I think it boils down to the difference between planning just to plan or getting stuck in the planning phase and taking action.
Planning and taking action are both important to your business's long term success.
What exactly is a strategic plan?
Your strategic plan:
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Defines what you want your company to be and why you do what you do
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Lists your guiding principles which determine culture
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Assesses products, services, and market conditions
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Identifies clients and acquisition strategies
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Builds your financial plan and cash management strategies
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Outlines situational (SWOT) analysis
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Sets goals and objectives to achieve your vision
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Develops an action plan to achieve goals and objectives
Sounds like a lot, right?
Maybe a little overwhelming?
Here's some good news: your plan doesn't have to look like you wrote a book to get value out of it.
The complexity of your strategic plan is really going to depend on your business model, industry, and financing needs. Your plan will change over time as your business develops. You're not tied to the first version forever. It's more important to go through the process and make sure you've answered the critical questions so you can be successful in the current phase of your business and plan for the next phase.
You can use the Strategic Planning Formula to get started and build from there.
Vision:
This is your dream for your business. What is it that you want to accomplish through your business?
Mission:
What is it that your business does and why does it do it?
Objectives:
What will be accomplished and when to achieve your mission and vision for your business?
Strategies:
How will objectives be achieved?
Action Plan:
What needs to be done to execute the strategies?
When you're answering these questions, think about the products and services you will sell, how you will bring value to your customers, and the resources you will need to do so (funding, target revenue, employees, partnerships, etc.). This will help you develop a clear path forward to achieving your goals.
Download our free guide to the Strategic Planning Formula for more details!