5 simple considerations to include when developing your Business Strategic Plan

As a Business Growth Expert Strategist, I show entrepreneurs how to use strategy to grow their businesses; empowering them to be the architects of their own success. And, when owners are running 100 miles per hour yet growing no-where fast, it affirmatively tells me there’s a lack of effective strategy in place for the business in question.

Although our firm creates strategic plans for many Business Owners, we also empower others to develop their own strategic plans.  When doing so, below are 5 simple considerations to include, in order to craft a masterful strategic plan.

5 simple considerations to include when developing your Business Strategic Plan

1. Determine the business focus category the strategy will fall under. (I.e. Financial, Marketing, Technology, Regulatory, Management of People or Process, Products/Services, etc.)
2. Secondly, identify the desired objective of the strategy. What are you hoping to accomplish thru this strategy, including what's the driving force? (I.e. Will this be a pro-active strategy or reactionary/remediation strategy?)
3. Next, if the strategy’s objective is accomplished, what will it mean for the business?  What’s the expected result? This should be clearly defined next to each strategy.
4. Lastly, what’s the definition of done? How will the completion of this strategy be defined, or will this be an ongoing strategy?
5. Most importantly, consider how you’ll measure the effectiveness of the strategies in place.  Key Performance Indicators, known as (KPIs), evaluate the success of a particular activity in which it engages.

Note: In order to measure a strategy’s success, you’ll need KPIs, as outlined in my example. (I.e. My business’s networking strategy will be considered effective when I’m able to attend 6 events per month, quickly identify key people vs. common connections, follow-up in 24 hours with Key people, land critical initial meetings with a minimum of 80% of those Key people within 7 days of networking event. )

The considerations listed above, are 5 MUST HAVES to include. Include meaning, adding to other components needed for building out your strategic plan; when crafting on your own.

However, for deeper  advisement of how to develop a full end to end strategic plan, please contact us at Ready Set Grow!

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