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Let the experts at FocalPoint Business Coaching of Plymouth, MN, create a strategic plan for your business.
A strategic plan is a roadmap for business success, outlining your company’s goals and objectives. Depending on the size and complexity of the business, a strategic plan can be a single page or an entire folder. Here are the seven crucial elements of strategic planning you should know about.
Vision Statement
A vision statement defines your company’s long-term objective. It should be clear, concise, and easy for your employees, customers, and other stakeholders to understand. Additionally, your vision statement should be periodically reviewed and revised to ensure that it aligns with your future goals for the company.
Mission Statement
While your vision statement conveys your goals for your business to your stakeholders, a mission statement focuses on the services you offer and the intention behind them. This statement tells people what your company does as well as why and how you will achieve your corporate mission. Having a mission statement will help your business avoid straying from its vision.
Core Values
Core values are characteristics or attributes that represent an organization’s strongly held beliefs and fundamental driving forces. They are the very essence of what your company and its personnel project to the world. Your organization’s vision to the wider world comprises your core principles. You will attract and retain the best employees by laying out core principles and finding talented people who embody them.
SWOT Analysis
SWOT analysis is a detailed evaluation of your organization’s strengths, weaknesses, opportunities, and threats. Through rigorous internal and external analysis, you’ll gain an understanding of your flaws and advantages as well as the threats you face from competitors. For example, a company might be great at building relationships with its local clientele while it struggles to break into a national or global market. An opportunity could be the failure of a competitor that creates space in the market for your company to fill.
Long-Term Goals
While your vision and mission are general statements about what you want to do and where you want to go, long-term goals are specific objectives that flesh out your vision for the business and explain how you intend to accomplish it. It’s normal to set a list of goals for three to five years in the future.
Yearly Objectives
Yearly objectives can be thought of as annual milestones that help measure your progress toward your long-term goals. Your yearly objectives should be a scaled-down reflection of your long-term goals, and they should be SMART: Specific, Measurable, Aligned with your values, Realistic, and Time-based.
Action Plans
Each goal should include a plan outlining precisely how your company will accomplish it. Your action plan is the blueprint for achieving your long-term goals and vision. The more detailed an action plan is, the less flexibility managers and employees have. Therefore, it is vital to maintain a balance.
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The experts at FocalPoint Business Coaching of Plymouth, MN, have helped countless business leaders and entrepreneurs develop an effective strategic plan and achieve sustainable growth. Contact our business consultants and coaches to take your business to the next level!
