| On a scale of one to ten, having a good business | | | | business? |
| strategy rates about a fifteen! | | | | 3. Create a 3 to 5 year plan. Your long-term plan is |
| Creating a strategy can mean the difference | | | | based on the broad objectives that will help you get |
| between you working 60 to 80 hours a week all | | | | from where you are now, to where you want to be. |
| year long -- and then breaking even, or worse, losing | | | | 4. Develop a plan for this year. These are the specific |
| money. | | | | objectives you plan to accomplish this year that will |
| A plan is your roadmap; you would rarely take a road | | | | lead you closer to your long-term goals. Remember |
| trip with no plan on how to get there or where you | | | | to be "SMART" when setting your annual goals |
| wanted to end up (except for those romantic ideals | | | | (Specific, Measurable, Attainable, Realistic, and |
| of jumping in a car and taking off anywhere ahh...) | | | | Time-Oriented). Include a list of the barriers that are |
| I have worked with many businesses and in many | | | | stopping you from getting where you want to go. |
| industries through my time in consulting and there are | | | | Figure out what resources you've already got, and |
| usually two categories-: | | | | what resources you need to get you past those |
| (1) No Plan | | | | barriers. Then create an action plan that clearly lays |
| With no plan and no structure these businesses | | | | out how you will achieve your goals. Involve key |
| never end up going anywhere quickly and chase | | | | employees with this part of the planning process. |
| themselves around and around in circles. (No Chance | | | | 5. Create a set of milestones or benchmarks. This is |
| of taking themselves on the road to anywhere at | | | | very important, so that you can measure your |
| anytime they feel) | | | | progress. If you can't measure it you can't manage it |
| (2) With a Plan | | | | and you won't know if you have achieved your |
| On the other hand, many successful entrepreneurs | | | | desired outcomes. |
| who have a strategy work fewer hours and make | | | | 6. Share the plan with your employees, and anyone |
| piles of money -- and they usually attribute their | | | | else who will be involved in the process. Your annual |
| success to having a strategic plan and following it. | | | | strategy is the roadmap that will make sure |
| (The ability to take off and follow their hearts on | | | | everyone ends up at the same destination -- but to |
| one of those romanticised road trips) | | | | be effective, everyone needs the same map! |
| So what is strategic business management? Very | | | | 7. Put the plan into action. Now that you have the |
| simply, it's the process of defining the goals and | | | | roadmap, it's time to begin the journey. |
| objectives for your business, creating an action plan | | | | 8. Check your progress. Just like any trip, you need |
| so you can reach them and then following the plan in | | | | to check the map every now and then; to be sure |
| a nutshell a strategic business plan. | | | | you're still on the right road. If something isn't |
| So how do you create a strategic business plan for | | | | working, the sooner you figure it out and make the |
| you business? | | | | necessary adjustments, the sooner you'll be back on |
| 1. Know what your vision for your company is. If | | | | track. Strategic Business Plans should be well loved |
| there were no barriers, nothing stopping you from | | | | not a nice to have done and beautifully bounded on |
| taking your company as far as you could -- what | | | | the shelf never to be looked at again. |
| would that look like? THINK BIG, this is your dream, | | | | 9. Follow the same cycle next year. (Dream, Plan, |
| your vision! | | | | Act, Check). |
| 2. What are your company's core values? What are | | | | Creating a business strategy and following it will |
| its guiding principles? What is your culture? In other | | | | ensure that you enjoy the journey as much as |
| words, why are you in business and how do you do | | | | getting to your final destination. |