PAYSTUBMAKR.COM is completing the third article about Strategic Planning
Include the following in your strategic plan:
The internal factors analysis – Your SWOT analysis results about strengths and weaknesses.
Analysis of external factors– This the marketplace character, offer and demand factors, and cost influence. All those are representing the opportunities and risk elements of the SWOT analysis.
The statement of your vision – Where your business is going to be in five or ten year time?
Most important objectives – These objectives are the middle goals that you need to accomplish as the base for your main goal or your vision; it may be new products or services and a new market segment that you need to achieve to gain from the general marketplace or an important finance source.
Implementation – Those are key actions that you made with the required results for your growth plans.
The resources – A summary of the influences of the strategic implications on the resources you will need for the business. The reflecting of manpower that you will need and space for them to work. You can add an executive summary for the partners.
The greatest strategist in history, Alexander the great
Consider planning strategy for the below issues:
As the owner or the manager of a growing business, you can expect serious changing challenges and roles. The same is correct about your subordinates. The task of supervising more people, more critical decision-making issues to take in consideration when you are working on your strategic plan. You may need to look for better-trained staff.
Some less important decisions you used to take by yourself, will have to be delegated to other people, planning for new people is essential. Remember about the retails that move their skins when they grow, it takes the snake some time to prepare itself with the new skin, take the snake lesson to your strategy.
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Watch this list and include it in your plan
Your role as an owner of the bigger business – Bigger means more responsibility, not more job to do, more important thing to take care. You may found that you need to pass some things to other employees.
Location for the bigger business – You should take care of this issue in your planning. A bigger business may need a bigger place or a relocation to a better taxation place or close to new clientele or to a place where you can find the employees with the skills and traits you need.
Ownership issues – Growing business will need more finance, take a position on how you do with your partners, You may sell or give part of your shares in exchange for investment. Partners are more conformable than banks. You may need to overcome some emotional issue if you are a founder of this business. It may be that you will get a final decision not to grow and keep your business for yourself in the small size that you made it at the beginning.
Your strategic plan is ready; now it is the implementation time.
The Implementation of your strategic plan needs to be planed too, this time it is operational planning.
Like with any operation, there are needs like enough money and deadlines for the staff that will execute the jobs. A clear list of responsibilities and responsible people for the work to be done on time and correctly.
You need the sources to monitor the works for your growing business; monitoring is a constant process.
There is a concept that plans are the base for changes, even the best planed once can need a constant watch for updating to the new reality. Monitoring the implementation is a key factor. Your staff needs to have a clear list of targets for the introduction of the strategic plan.
A business plan is born from a strategic plan so you should have the business plan in hand while working on your growing project. Business plans are a short and practical tool made for building your operation. Remember that changes are not easy to implement, people like the present status they do not like changes, especially at work, there is the fear of losing the stables job they have. The company culture is going to suffer changes, Workmate maybe living and a new face in the office is going to need to adapt themselves to your place.
Some thoughts about growing
Growing is a definite term, we are looking for our growth since the starting of our life, children like to build bigger and get to be adults. Another term for growing is our desire to have more of anything that we have or can be collected; It may be money or properties or any collection like art or a hobby like a stamp collecting. We can say that the interest in having more is the motive that makes the nature of a business person to look for the way they can make more business, the way they can make their business grow more and more. Our aspirations to grow bigger, have more money or satisfaction of doing great things.
As a result of ambitions to grow more and more, we may see what we want to see or look at what looks good for us but lose the sight of the threats and risks. Pushing your business into growing and more growing may bring you to lose it all. If you have the best bookstore in town, it does not mean that you can grow into a chain-store for books.
The traits and skill to manage the two type and size of business are different, make sure that you can do the change and not lose your money or make money but lose your happiness because of high levels of stress.
Business in the 21st century needs your open eye on the fast-changing marketplaces. Not adapting to change is dangerous, you must first stay alive and later see if you can grow.