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When The Alternative Board, Bradford West Director Andrew Hartley was responsible for designing and delivering a three year, $10m environmental business support program, a full and detailed action plan was required for funding. Review packet with the executive team by 9/15.” Using the previous example, an action plan might be: “CMO develops competitor research packet for new offerings by 9/1. But, must also be specific about what you’re doing, when you will do it, who will be accountable, what resources will be needed, and how that action will be measured.Īction plans put a process to your strategies. The best analysis, in-depth market research, and creative strategizing are pointless unless they lead to action.Īn action plan needs to be a working document it must be easy to change and update. Outlining a marketing and sales plan for the new offeringĪn action plan is an essential part of the business planning and strategy development process.Getting in touch with vendors and suppliers.If the short term goal is “build out a new product or service,” the strategies might be: Strategies are the steps you’ll take to meet your short-term goals. See Also: Goal Setting That Leads to Greatness 5. 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. Goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).Īn example of S.M.A.R.T. Short-term goals should include everything you (realistically) want to achieve over the next 36 months. Questions such as “What needs improvement?” and “What more could the business be doing?” can help guide your strategic plan in a way that closes gaps and opens up opportunities.įor more on completing a SWOT analysis, see our SWOT analysis guide. A SWOT analysis can also help you plan for making improvements. Questions such as “Why is this business important?” and “What does this business do best?” are a great place to start. By knowing where your business is now, you can make more informed predictions for how it can grow. Know your businessĬonduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
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Know that statement inside and out and keep it at the forefront of your decision making. Just as with your company vision, have your personal vision written down in a 100-word statement.
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Your personal vision should incorporate what you want your business to bring to your life-whether that’s enormous growth, early retirement, or simply more time to spend with family and friends.Īligning your personal vision with your company vision is key to achieving your personal and professional goals. While your personal vision is just as important to your strategic plan, it does not need to be shared with your team and customers.
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See Also: How to Write a Mission Statement in 5 Easy Steps 2. If you have them written down, congrats! You’ve completed the first and most critical step in creating a long-term strategic plan. This statement should answer the key questions that drive your business: Where is your company headed? What do you want your company to be? If you don’t know the answer to these questions off the top of your head, then you have some thinking to do! If you have the answers in your head, but not on paper-get writing. Develop this statement and make it publically available to both employees and customers. You should be able to define your company vision in 100 words.
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Each tip is a critical stepping stone in leading your business toward your goals.
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In this article, we’ll discuss 11 essentials for creating a thorough and effective strategic plan. A strategic plan requires you to define your goals, and in defining them, enables you to achieve them-a huge competitive advantage. Working with a plan will focus your efforts, unify your team in a single direction, and help guide you through tough business decisions. Strategic planning is a management tool that guides your business to better performance and long-term success.