I continue to be confused as to why so many small to mid-sized business owners do not take the time to develop a strategic plan. When asked, the responses I hear are consistent; ?Don?t know how?, or ?I know where I am going so why do a strategic plan?? One business owner had enough courage to admit that he did not know what a strategic plan really is. Well, what ever the reason, the fact remains that the majority of business owners have not, or will not, develop a strategic plan. So, why is that a problem? I don?t know that it is a problem. If your business is doing fine, you are predictably profitable and you have a high degree of confidence that you and your leadership team are working on the right short term and long term initiatives, then maybe you don?t need a Strategic Plan. Now, ask yourself how many businesses today meet that description? Not many. For the rest of us, we need a plan. So let me address the seemingly overwhelming reason why small business owners do not develop a strategic plan, ?What is a Strategic Plan and how do I do one??
A Strategic Plan is the process of defining an organizations short term / long term objectives. These objectives are ?High Impact? efforts that drive the organization forward and towards the achievement of pre-defined stretch goals that may take several years to achieve. The process is not attached to a specific time of the year and, as a ?Process?, is not concrete or bound by an ultimate completion date. Quite the contrary; as a ?Process? the plan must be flexible and achievable. Now, ?How do I do it?? you ask? Here are three easy steps to help you get started. Keep in mind that I will encourage all of you to hire an outside facilitator to conduct the planning session as you, as the owner, are to close to the business and can not effectively draw out the ideas of your leadership team. Step one: Write a future letter. Take the time to write a letter dated five years out describing your business revenues, Gross profit, Net income, Assets and organizational structure. This letter should clearly describe your clientele, products and/or services offered, market share and the roles of your key leadership personnel. Finally this letter should define how you will use your time. In my experience it will take 3 to 5 drafts reach a final letter. Step two: From that letter you will pull out your stretch goals. Make a list of these goals, email them to your leadership team with instructions to begin thinking how the company can reach these goals. Step three: Spend one &1/2 to two days with your team defining what specific initiatives need to be calendared for completion in order to get 20% closer to the 5 year goals.
The outcome of this meeting will be a list of prioritized, delegated and scheduled high impact initiatives that all lead towards the achievement of stretch goals that serve a 5 year vision. Follow up and follow through of these initiatives throughout the year is essential and next year, you do it all over again.
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Source: http://estradastrategies.com/blog/2012/08/the-power-of-planning/
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