Strategic Planning For Small Business

Strategic Planning For Small Business-18
Then work backwards two more times to determine your goals for the next quarter and the next month.Ideally you update you strategic plan monthly to modify this section.

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Strategic planning is the intentional process of crafting that strategic plan and serves as a blueprint for a small business.

The ironic thing is only a small percentage of small businesses consistently engage in strategic planning year after year and even a smaller segment of those businesses review their strategic plans at designated milestone points in order to make needed adjustments.

Section 1: Executive Summary The Executive Summary of your strategic plan should be completed last, and this section merely summarizes each of the other sections of your plan.

The Executive Summary is important since it will help other key constituents, such as employees, advisors, and investors, quickly understand and support your plan.

Section 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.

Strategic Planning For Small Business

By tracking your KPIs, you know exactly how your business is performing and can adjust as needed.

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.

Once the SWOT analysis has been completed the next step is to review each SWOT quadrant and begin developing strategies which build on strengths, resolve weaknesses, exploit opportunities and avoid threats.

The final step in strategic planning is to come up with specific interim goals and a relevant set of key performance indicators (KPIs) and metrics around those goals.

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