Why Write a Business Plan?
How to Write a Strategic Plan By Erica Olsen Not to oversimplify how to create a strategic plan, but by placing all the parts of a plan into three areas, you can clearly see how the pieces fit together.
The three pieces of the puzzle are: Where are we now? Where are we going? How will we get there? Each part has certain elements to show you how and where things fit it. Our 4-Phase Guide to Strategic Planning lays out each step of the planning process.
As you think about where your organization is now, you want to look at your foundational elements mission and value to make sure there has not been a change. More than likely, you will not revise these two areas very often.
Then you want to look at your current position or your strategic position.
This is where you look at what is happening internally and externally to determine how you need to shift or change. You should review your strategic position regularly through the use of a SWOT.
These elements are as follows: Some mission statements include the business of the organization. Others explain what products or services they produce or customers they serve.
Does your mission statement say what you do? Why does your organization exist? This clarifies what you stand for and believe in. Values guide the organization in its daily business.
What are the core values and beliefs of your company? What values and beliefs guide your daily interactions? What are you and your people really committed to? SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats. These elements are crucial in assessing your strategic position with your organization.
The following elements help you define the future for your business: A sustainable competitive advantage explains what your are best at compared to your competitors.
Each company strives to create an advantage that continues to be competitive over time. What can you be best at? What is your uniqueness? What can your organization potentially do better than any other organization?
What will your organization look like in 5 to 10 years from now? The reason it takes so much time to develop is because there are a number of routes from your current position to your vision.
Picking the right one determines how quickly or slowly you get to your final destination.
The parts of your plan that layout your roadmap are listed below: Strategic objectives are long-term, continuous strategic areas that help you connect your mission to your vision.
Holistic objectives encompass four areas: What are the key activities that you need to perform in order to achieve your vision? This section explains how you travel to your final destination.
Does your strategy match your strengths in a way that provides value to your customers? Does it build an organizational reputation and recognizable industry position?
Short-term goals convert your strategic objectives into specific performance targets.Others say they were just too busy to develop a formal business plan.
But operating without a plan can prove even more time-consuming in the long run. The benefits of having a business plan. The time you invest in your business plan will pay off many times over.
Some of the most obvious benefits you can gain from business planning include. This section of your business plan provides a high-level review of the different elements of your business. This is akin to an extended If you have a board of directors, be sure to gather the following information when developing the outline for your business plan.
Logo development 2. Website 3. Business cards 4. Initial marketing campaign. Fill in the Blank Business Plan 8 of 10 Training (Do you have training for any staff prior to opening? If so list all costs associated with Fill in the Blank Business Plan 9 of 10 Expenses (you may need to obtain quotes – complete as much as you can and we can.
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The Business Plan provides a powerful strategic long-term framework which allows continued monitoring of the achievements of the Centre. By mapping out a clear vision, the plan serves to guide the Centre towards a position of relevance and sustain-.
In fact, for many advisory firms, a simple “one-page” financial advisor business plan may be the best output of the business planning process – a single-page document with concrete goals to which the advisor can hold himself/herself accountable.