An up-to-date strategic plan is critical for business success, regardless of where a business is in its lifecycle. The only timing issue is the sooner the better.
Strategic planning builds success through unity and focus within an organization, and the role of strategic planning is to focus a company's energies around winning in its industry – to establish and sustain a competitive advantage.
Elements of strategic planning include:
- Clear, long-term objectives
- Gaining an understanding of the competitive environment
- An objective appraisal of resources
- Effective implementation
Key planning concepts are often confused. To get started on or evaluate your plan, first state the company's mission of the company, followed by the objectives and specific goals for the company.
After goals are set, the tactics and action plan can be laid out. Finally, how the plan's success will be measured needs to be identified so you'll know when the company has accomplished its goals.
Paul Winters, president of Vancouver-based Winters & Assoc., presented these points at the Small Business Success Series. More information about strategic planning and the series is available at www.biz-success-series.com.
