Date June 29st, 2007
In This Issue
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Plan for a STRATEGIC change.
Anyone that owns a business knows that CHANGE is their constant companion. Planning is the foundation for turning change into useful, meaningful transformation.
How do you create transformation? One word – implementation.
So what is the difference between a business plan and a strategic plan: a strategic plan revolves around who does what by when or simply stated – implementation. In all the coaching we do here at Impression Engineers, implementation continues to baffle large and small business owners alike.
The strategic plan is the big picture from which the smaller courses of action are determined. If your business has departments, each department should have a strategic plan within the main strategic business plan.
By predicting your future performance, you can begin to properly plan to achieve the desired results. A good plan contains a concise statement of the business's goals, values, objectives, and intent for the overall company as well as the departments such as sales or marketing. The plan should provide the ultimate direction for everything that comes next.
At a minimum, a good plan should define the scope, budget, and schedule for implementing the business objectives and goals. Keep the plan and its action steps short and to the point. Outlines or bulleted lists work well for the major goals, the implementation plan, and the technical items. The finished plan should contain the goals and objectives statements, as well as the implementation steps to achieve them.
Some key elements of a strategic plan include:
- Vision, Values and Mission
- Objectives and Goals with major implementation steps
- Analysis of External and Internal Factors e.g., new technologies, competition (consider a SWOT analysis--see March 15, 2007 Best Impressions for IE's version of a SWOT analysis worksheet)
- Marketing plans
- Sales forecasts and plans
- Financials / Budgets
The strategic plan becomes a reference point to judge new ideas, ensures the decisions you are making support the overall goals and objectives and can be used to measure progress toward the ultimate goals. The plan also provides your team with a compass to keep the business focused on its ultimate purposes.
Strategic planning has three main focuses:
- Leadership to set a direction. Leaders communicate with employees and customers their mission, vision, objectives, and ideas.
- Systems to implement the plan for results and review. Systems help employees understand the direction and own their role in the changes that may be required to implement the plan.
- Resources, both human and materials to determine what items and actions are needed for improvement.
Remember, if your business fails to plan, it is planning to fail. T create a plan that will get results, the rule to remember is: simple, flexible, and understandable by all. So get planning and see you at the finish line.
Have a great day in whatever your adventure,
To Success! To Life!
7 Great Reasons for Planning
- Defines a clear direction — what is necessary for success and longevity.
- Establishes a common language, focus, sense of purpose and commitment.
- Clearly defines operating weaknesses, challenges and obstacles.
- Focuses everyone on serving both the internal and external customer.
- Establishes operating goals and priorities including implementation plans and benchmarks for your financials, marketing and sales strategies.
- Examines your business ideas and practices. Allows for review against your competition.
- Creates credibility for a stronger relationship with your vendors and lenders.
Download your weekly printable Action Quote. One word – implementation.pdf
Is it your company's time to change too?
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Resources
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