A plan is only as good as the preparation that preceded it. This 3-Step Guide will teach you how to effectively plan and how to strategically set and accomplish your business goals.
The aim of a strategic plan is to evaluate your business structure by identifying all of the things your business is capable of doing. In doing this, you are able to narrow your focus by identifying ways in which you can heighten all the things your company does well in an effort to maximize profits.
Step 1: Be Honest
Take a step back from your company, and truly evaluate what you are doing well. Consider the sector of your business that is most profitable and the sector of your business that is least profitable. Identify these areas through a S.W.O.T Analysis and/or by asking yourself the following questions:
- Consider the mission of your business, which serves as your benchmark for how you will measure your business goals. How well did you carry out your mission statement? How aligned are your daily operations to your mission statement?
- Evaluate the successes and failures of your business. Dissect each aspect - What was the underlying issue that resulted in both your successes and failures as a company?
- Identify some great opportunities, and identify some missed opportunities. What made it a great opportunity? What caused you to miss that particular opportunity?
Step 2: Create a Plan
Based on your analysis, create 1- 2 detailed SMART Goals that you can work on within a 30, 60, or 90-day period. Your goal is to create a plan for all 3, meaning that your larger, more defined projects should take place over a 90-day period, and your smaller projects can be condensed to a 30-60 day period.
The word, SMART stands for Specific, Measurable, Attainable, Realistic, and Timely. In constructing these goals, consider the following statements:
- Explain what you aim to accomplish.
- Examine the purpose and/or benefit of achieving the goal.
- Identify requirements and barriers of the goal.
- Construct a measurable timetable with detailed action steps with completion dates.
Step 3: Grow
At the start of each week, strategically outline what you have to accomplish in a "To Do List" format in order to fulfill the components of your overarching goal. Essentially, you are rebuilding your business structure by providing solutions to the barriers identified based on your analysis of your business. If you follow this systematic, step-by-step plan, you will be well on your way to expanding your business.
We cannot expect growth until we first prepare for it. Preparation is key to any business endeavor, and it is preparation that maintains growth long-term.
Let's Grow together!