Develop this statement and make it publically available to both employees and customers.This statement should answer the key questions that drive your business: Where is your company headed? If you don’t know the answer to these questions off the top of your head, then you have some thinking to do! goals include “building out a new product or service within the next year” or “increasing net profit by 2 percent in ten months.” If you’ve already conducted a SWOT analysis, you should have an idea of what your business can reasonably achieve over a specified period of time.Tags: Essay Writing 5th GradersGeorg Hegel Thesis Antithesis SynthesisEcton Inc Case Analysis EssayMichelangelo EssayDissertation Proposal Example TopicsSmall Business Medical PlansFire Insurance Claims Case Studies
If you have the answers in your head, but not on paper—get writing. You’ve completed the first and most critical step in creating a long-term strategic plan. An action plan is an essential part of the business planning and strategy development process.
While your personal vision is just as important to your strategic plan, it does not need to be shared with your team and customers. The best analysis, in-depth market research, and creative strategizing are pointless unless they lead to action.
3-5 Year strategic plans do not come from Eureka moments.
They are developed over time when you dedicate yourself to a Think Rhythm and should be reviewed every year at your Annual Planning Session.
Strategic planning is a management tool that guides your business to better performance and long-term success.
Working with a plan will focus your efforts, unify your team in a single direction, and help guide you through tough business decisions.Conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis. Short-term goals should include everything you (realistically) want to achieve over the next 36 months. “Even I was surprised about how helpful that action plan was,” he says.By knowing where your business is now, you can make more informed predictions for how it can grow. “I cannot image approaching any significant project or business without one.” To align your team, you must communicate strategically.Your goal here is to set your Targets and identify the Strategic Growth Initiatives (Winning Moves) and Scaling Initiatives (Winning Moves for Profit) you’ll need to develop in order to hit those Targets and move in the direction of achieving your BHAG.Be sure to include the year you that believe you will hit those Revenue Targets so that you can hold each other accountable.Have the team document up to 5 assumptions they are making on each idea, then allow time to use data and experience to test those assumptions.This process aids to develop Winning Moves based on facts instead of emotion.Some examples of Winning Moves for Profit include the following: Winning Moves are your company’s leading indicator of future revenue growth and financial health.Conversely, lack of Winning Moves is the leading indicator that you will hit the growth ceiling and stall. These are the steps to identify the 1-3 Winning Moves you want to include in your 3-5 year plan.Your 3-5 Year Strategic Plan can be viewed as a base camp on the way to the summit.The summit is your BHAG (or Big Hairy Audacious Goal) which is typically measured 10 to 20 years in the future, which can feel like a lifetime in today's business environment.