Business strategic planning is different from a business plan. The business plan is a specific record that states what the steps of the plan are. It is written when you start a new business or product.
The strategic plan is about the organization as a whole and the direction it will take over the next year or so.
It's an important part of your business whether you are a large corporation or a small startup.
Basically, it's setting up a plan that the business will follow over a certain amount of time.
The first step is to define what the mission of the organization is. What business are you in? Sometimes the answer isn't that clear.
When you determine your business, it shouldn't be just about a certain product or service, otherwise it could limit your growth.
It should be about how your product or service will help the people that it is intended for. When you're not locked in to a process, you can expand when new ventures open up.
Another step would be to determine how you plan on running your company. Do you want to follow the book and grow slowly or do you want to take chances and see where it takes you?
Effective Goal Setting
Effective goal setting is the next step in the business strategic planning process. You should set clear, concise goals that are in line with your mission statement.
These goals should be measurable so that you know when you have reached it. As part of this, the goal should be attainable and realistic.
If you don't have the capability
to do it or if it's out of your reach, then it shouldn't be on your
list. Lastly, the goal should be completed in a timely manner,
otherwise, you'll just keep putting it off.
Once you have your goals written, you'll want to make a plan on how you will reach them. For example, you may want to offer the least expensive product for sale.
Your goal might be to find a manufacturer or wholesaler that provides the best discounted price.
Take action. Start the process on reaching your goals.
What is your goal setting strategy? What is the actual work that will be done in order to achieve your goal? Do you need to knock on 100 doors in order to sell 10 widgets?
Determine each activity that needs to be done.
Finally, you need to check your progress. If you go hog wild on all the steps but don't know if you're close to a goal or not, then what was the purpose of your business strategic planning?
It's important to use reference points as you're progressing in your plan. These points will tell you whether you're on target or not.
The following are related articles to the business strategic planning process: