Strategic Planning For Small Business

Strategic Planning For Small Business-78
Section 1: Executive Summary The Executive Summary of your strategic plan should be completed last, and this section merely summarizes each of the other sections of your plan.

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For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.

Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.

SWOT is an acronym for strengths, weaknesses, opportunities, and threats.

Ideally, the SWOT analysis should be a brainstorming exercise with the business owners and key strategic decision makers within the company.

We recently closed out the 1st half of the year and many small businesses are currently in the process of forecasting for the balance of 2019.

Savvy small businesses understand the value of revisiting their strategic plan at the mid-year point. A strategic plan is a written document that serves as the focal point for small businesses.Section 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.By tracking your KPIs, you know exactly how your business is performing and can adjust as needed.Once the SWOT analysis has been completed the next step is to review each SWOT quadrant and begin developing strategies which build on strengths, resolve weaknesses, exploit opportunities and avoid threats.The final step in strategic planning is to come up with specific interim goals and a relevant set of key performance indicators (KPIs) and metrics around those goals.The ability to plan for the long term and execute short term tactics is a process that will produce better outcomes and more realistic operating guidelines for small businesses.Too often strategic plans are put on the back burner and not kept at the forefront of the small business continuum.Those small businesses are asking themselves relevant questions such as what went right during the 1st half of the year? It succinctly lays out a company’s goals and explains why they are important.The strategic planning process also helps small businesses identify areas for potential improvements so they can operate at their fullest potential.For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.

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