Having a strong strategic plan for your business creates a roadmap for success and helps to unite your team towards a common goal. Your strategic business plan should not only help your business know where it want to go but also identify the tools that it will need to get there. Mijo! Brands presents the 5 Steps to Creating a Business Strategy that will give your organization a leg up against the competition.
1) Create a Vision StatementIn two or three lines, capture what your business wants to be or what it hopes to achieve.
2) Create a Mission StatementIn one or two lines, describe what it is that your business is passionate about and what path it will take to achieve its vision.
3) Gap AnalysisIdentify and examine the “gaps” between the current state of your business and where you want your business to be. Some examples of places to research would be market share, financials, internal systems, customer service and public relations.
4) Set SMART GoalsSpecific, measureable, attainable, realistic, timely.
5) Monitor ProgressCheck your status monthly, quarterly and annual and readjust your strategy as needed, based on the results.
A good strategic plan is not only the backbone of your business brand but a path towards future success. Have you had success in creating a strategic plan? Or run into unexpected challenges? Leave us your comments below.