| On a scale of one to ten, having a good business | | | | objectives you plan to accomplish this year that will |
| strategy rates about a fifteen! | | | | lead you closer to your long-term goals. Remember |
| No matter what kind of business you have -- | | | | to be "SMART" when setting your annual goals |
| whether you sell products or a service, as the saying | | | | (Specific, Measurable, Attainable, Realistic, and |
| goes, "if you fail to plan, then you're really planning to | | | | Time-oriented). Include a list of the barriers that are |
| fail." | | | | stopping you from getting where you want to go. |
| Creating a strategy can mean the difference | | | | Figure out what resources you've already got, and |
| between you working 60 to 80 hours a week all | | | | what resources you need to get you past those |
| year long -- and then breaking even, or worse, losing | | | | barriers. And then create an action plan that clearly |
| money. | | | | lays out how you will achieve your goals. Involve key |
| On the other hand, many successful entrepreneurs | | | | employees with this part of the planning process. |
| who have a strategy work fewer hours and make | | | | 5. Create a set of milestones or benchmarks. This is |
| piles of money -- and they usually attribute their | | | | very important, so that you can measure your |
| success to having a strategic plan and following it. | | | | progress. |
| So what is strategic business management? Very | | | | 6. Share the plan with your employees, and anyone |
| simply, it's the process of defining the goals and | | | | else who will be involved in the process. Your annual |
| objectives for your business, creating an action plan | | | | strategy is the roadmap that will make sure |
| so you can reach them and then following the plan. | | | | everyone ends up at the same destination -- but to |
| How do you create a strategic plan for your | | | | be effective, everyone needs the same map! |
| business? | | | | 7. Put the plan into action. Now that you have the |
| 1. First, know what your vision for your company is. | | | | roadmap, it's time to begin the journey. |
| If there were no barriers, nothing stopping you from | | | | 8. Check your progress. Just like any trip, you need |
| taking your company as far as you could -- what | | | | to check the map every now and then; to be sure |
| would that look like? | | | | you're still on the right road. If something isn't |
| 2. Next, what are your company's core operating | | | | working, the sooner you figure it out and make the |
| values? What are its guiding principles? In other | | | | necessary adjustments, the sooner you'll be back on |
| words, why are you in business and how do you do | | | | track. |
| business? | | | | 9. Follow the same cycle next year. (Dream, Plan, |
| 3. Now create a 3 to 5 year plan. Your long-term plan | | | | Act, Check). |
| is based on the broad objectives that will help you | | | | Creating a business strategy and following it will |
| get from where you are now, to where you want to | | | | ensure that you enjoy the journey as much as |
| be. | | | | getting to your final destination. |
| 4. Develop a plan for this year. These are the specific | | | | |