5 tips for creating a strategic plan for your business

Planning is essential for the success of any business. In business circles, strategic planning refers to a process in which an organization construes its strategies and makes decisions concerning the allocation of resources to plans set forth by the business. A strategic plan can break or make your enterprise; thus you must put in lots of effort in the development stage.

Let’s explore the some of the tips applicable in the drawing up of a strategic plan for your business.

1. Delineate the vision and the mission

First, establish what your organization stands for. Where do you see your business in a decade or two? Why does the organization do what it does (mission)? Which market segment is it intended to serve and to what level does it aspire to grow?

It’s by answering the earlier mentioned queries that you’re able to establish your company’s main priorities.

Business management teams must address the issues raised above and give them priority as they play a key role in determining future success.

2. Conduct internal and external audits

You must endeavor to determine your company’s financial position through conducting internal and external audits. Audits aid in drawing up a SWOT analysis of your business.

Upon conducting the analysis, you’ll be able to identify the strengths and weaknesses facing your business and all opportunities and threats that may lead to failure.

Therefore, audits give direction on ways you the management can run a business to provide it with a competitive edge in the market.

3.  List the steps required to attain success

List the goals you wish to attain within a set period and the action plan to deliver on them. Key areas to focus on include; financial management, customer relations, operations and human resource management.

Develop a step wise plan detailing specific activities to be accomplished within a specified timeframe for purposes of attaining long-term objectives. Also, state on resource mobilization and allocation to support of success factors.

Lastly, list the personnel charged with spearheading efforts towards the attainment of objectives.

4. Insist on piloting proposed initiatives

It’s always good to test hypothetical scenarios before implementing them on a long-term basis.  Piloting helps in assessing various situations and taking up corrective measures where possible for maximum benefit and low risk.

Owing to the reluctance of managers to commit resources to untested waters, piloting remains the best way to go about trying out various business options. Include piloting efforts in your strategic plan.

5. Engage a professional

The elements of the plan include a business’ vision statement, mission statement, core values, SWOT analysis, long-term goals, yearly objectives and action plans. If you got no prior experience in drawing up a strategic plan or perhaps you continuously find yourself short of time, engage the services of expert business plan writers.