Does Your Business Have a Strategic Plan?
By Rieva Lesonsky,
December 31, 2018

A strategic plan is a document that details your business’s long-term goals and how you’ll get there. (A business plan is one type of strategic plan.) Strategic plans are often developed in five-year increments. However, with so much data now available about your market, your industry and the world, some experts suggest writing a 10-year or even 20-year strategic plan.

By looking further into the future, you can come up with options for how your business should react to possible scenarios. Then, you can use “agile planning” to create short-term strategic plans (such as six or 12 months out) to drive you closer to your ultimate goals.

Steps to writing a strategic plan
No matter how far in the future your strategic plan looks, the basic process is the same:

1. Take stock of how your business is doing. Get your business plan, business mission, and vision statements together. Gather your sales data and financial statements. Complete a SWOT analysis to identify your business’s strengths and weaknesses and spot opportunities and threats that the industry, the economy, and the competition pose.

2. Dream big. Decide where you want your business to be in five, 10, or 20 years. Do you want to expand your product line, add dozens of locations, or change your target market? Maybe you want to start selling nationally or even worldwide.

If you can’t envision your business’s future that far out, try imagining what you want your life to look like at that time. For example:
  • Do you want to be working fewer hours?
  • Do you want your business to be the size of Starbucks or McDonald’s?
  • Do you want to be traveling the world on buying missions?
  • Do you still want to be part of the day-to-day business, or would you rather focus on the “big picture”?
Put these personal goals in writing and then assess what business goals you have to achieve to make them happen.

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