What is a strategy? It is how you will approach a problem or achieve a goal. A strategy is more forward looking, often longer term (2-5 years).
Why does a small business need a strategy? Isn’t that reserved for big companies that have been around for years and generate hundreds of millions of dollars in revenue? Yes, but strategy is not limited to big companies.
A small business, with limited resources is well-served by creating a strategy for how it will get from where it is to where it desires to be in the future.
What is your vision and mission for your company?
Your big picture, long-range aims form the elements of your strategic plan and should be geared toward helping the business realize its mission and vision.
What could help or hurt your chances of executing your strategic plan?
Consider what opportunities you have that will help you realize this aim.
What risks might you encounter that will threaten your ability to realize your strategic plan?
Where are you weak and require support?
What assets are you able to bring to bear that will help you achieve your plan?
Taking into account the business strengths, the external threats that could derail your plans and the opportunities that exist in the market, how will you execute on your plan?
What are the goals you will need to establish to execute the plan?
As a reminder, the goals should be SMART-specific, measurable, actionable and time-bound.
Once you set your plan in place, aim to revisit it on a regular basis to determine whether you are making progress towards the long-range goals you’ve set.
Here’s to more business birthdays!