Summary:

Although a strategic plan translates to a greater ability to accomplish goals, few invest the time necessary to actually create a plan. Strategic planning involves a lot of marketing research, forecasts, and a clear understanding of the business.

Management should review the company’s mission, vision and cultural statement and assess goals, objectives, strategies and a tactical plan to get from Point A to Point B. A good plan usually covers 3-5 years and should be a living, breathing document providing focus, but that allows for changes in direction should opportunities or threats arise.

The first step in developing a business plan is to understand what these plans are supposed to achieve. A good business plan should provide detailed guidelines, objectives and action that will enable you to:

1. deliver a product that satisfies the customer
2. become more efficient than your competition
3. become more profitable

Article Quote:

“I am amazed how many people spend weeks planning their vacations, but never set aside time to plan the year(s) for their business or life. I also see the opposite, people who over complicate their strategic planning and get overwhelmed and discouraged in the process.”

Link:http://small-business-management.bestmanagementarticles.com/a-35901-how-do-you-or-should-you-do-your-small-business-planning.aspx

Developing a strategic plan is only the first half of the battle, executing the plan is the second. In order to successfully execute a strategic plan, it needs to be broken down into actionable steps that easily translate into to-do’s and objectives. This enables leadership to monitor results and make course corrections when necessary, while at the same time keeping the plan alive.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/