Whether you are the CEO of a small business or a large corporation, you must understand the importance of a strategy. Without strategic planning, your organization will not have a clear path to achieve your goals. However, many CEOs and business owners are intimidated by the process of planning for where they wish to see their business in three, five, or even ten years.
A strategic plan is like a road map outlining the steps you will take to achieve the goals you have set for your business to achieve in the next three, five, or ten years. Although some businesses may appear to do very little formal planning, most of these professionals will tell you that they have a vision that continues to steer their organization towards success.
Strategically planning for the future growth of your business, even on a small scale, will provide you with countless long-term benefits and opportunities. Strategic planning does not have to be an intimidating task that requires months of focus. In fact, you can plan with a purpose using just five simple steps.
5 Steps to Creating a Strategic Plan
Many times, the thought of planning for the future of your business is overwhelming. By following these five simple steps, you can create a purposeful plan in no time.
1. Create Your Mission & Vision
Nothing happens until you have a mission and a vision for your business. You must know where you are headed to plan the steps you will take to achieve success. Your vision should include tangible targets such as revenue goals, market share goals, etc., as well as intangibles like values, culture, and purpose.
2. Identify Your Obstacles
With every great accomplishment in business, there are bound to be obstacles. It is important to identify these obstacles to understand what you must overcome to reach your goals. Doing so will allow you to be as effective as possible. Common obstacles might include things like staff, technology, or competition, to name a few.
3. Evaluate Your Resources
Evaluate what resources you currently have that will help you achieve your vision, and what resources you need. What resources will you need to achieve your end goal? Your strategic plan may require you to hire different people, update your web page, or purchase new equipment.
4. Develop an Action Plan
Determine the essential things you must do to move toward the vision and mission. What actionable steps must you take as an organization to reach the benchmarks you have established for the next three, five, or ten years? Create an action plan that portrays the steps you will take to achieve your goal.
5. Monitor & Evaluate Your Strategy
Creating a strategic plan for your business is not a one-time task. You will need to constantly monitor your strategy and actions, making adjustments as necessary to continue the course. Many business owners or CEOs choose to conduct yearly reviews of their strategic plan, adjusting for the coming year as they see fit.
With a purposeful plan in place, you allow your organization to work towards a common goal of measured success. Regardless of where you are in your business, we encourage you to set aside a few days to create a strategic plan to guide your organization’s growth.
LUXA Enterprises specializes in HR services, outsource accounting, bookkeeping, and payroll services. We match up with ideal candidates for services by allowing small to midsize businesses to increase focus on their growth through outsourcing. If you want to know how we can help you, contact us today!