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Section 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.
Section 10: Marketing Plan In addition to your strategic plan, I recommend you develop a comprehensive marketing plan describing how you will attract prospects, convert them to paying customers and maximize your lifetime customer value.
Include a summary of your marketing plan in your strategic plan.
Also, once you determine the opportunities you will pursue, your financial projections will map out the goals.
For example, you’ll know exactly how many new customers you must attract in the next month, and at what price point, to achieve next month’s goal.
Section 12: Operations Plan Your operations plan helps you transform your goals and opportunities into reality.
In this section of your plan, you will identify each of the individual projects that comprise your larger goals and how these projects will be completed.For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.Finally, you’ll map out each of your initiatives, ideally in a Gantt chart, so you know when each project will start and who will lead them.Section 13: Financial Projections The final section of your strategic plan is your financial projections. First, you can use a financial model to assess the potential results for each opportunity you consider pursuing.Section 7: Target Customers In this section of your strategic plan, you will identify the wants and needs of each of your target customer groups.This is important in focusing your marketing efforts and getting a higher return on investment on your advertising expenditures.Rather, in addition to defining who your key competitors are, you should list their strengths & weaknesses.Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages.For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.