Strategic planning for small business Owners and Entrepreneurs .Hello and Welcome. Today I’ll share some tips on strategic planning for small business which can give you an edge over your rivals in the market. Are you small business owner trying to get more sales or a running a startup but not getting much attention from your customers. I’m sure these steps will help you if you implement these correctly. Enjoy reading about strategic planning for small business
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Step 1: Develop a clear Vision and translate it into a meaningful mission statement.
Let us start with an example. You said “I want to build the best cafe in Los Angeles” these heavy words are just a vision of you. These are nothing if you don’t convert into a meaningful mission statement. Now you might be wondering what is a Mission Statement. Now a Mission Statement is “How you’re going to build the best cafe in Los Angeles”, “What steps you’ve to take right now or in a few days to get closer to that vision”, “How you’re going to analyze the competition” etc.
Step 2: Access the company’s strengths and weaknesses
Now take a deep breath, get a piece of paper and a pen. Make a balance sheet and write down all your strengths in one column and weaknesses in another. Don’t add the strengths you’re going to have in future but the strengths you’ve today. Your strengths and weaknesses are like Assets and liabilities to you. Now if you don’t know how a balance sheet looks like then look at the image below.
Step 3: Scan the environment for opportunities and threats
Now, what are opportunities and threats? Got it? Nope? Okay, let me explain. Let’s get back to the previous example. You’ve recently found out that the “customer’s service of your river X is very poor, he doesn’t talk sincerely to his customers”. Now, this is the opportunities, you have to catch to make a loyal customer base. Threats are “Entry of a new rival who has a big customer base or quality than you or maybe there is a sudden change in the market, that people have stopped going to the cafe because of a disease called ABC”. Threats could be anything that can affect your business. So watch out for these.
Step 4: Analyse the key factors of your company.
The key factor of Apple its uniqueness and maybe because the people who buy their product want to look rich or something else. There are plenty of examples of other famous companies. Now, what are your companies key factors? Is it a better quality than anyone in L.A or the joyful environment of your cafe where people love to spend time with their families? So, identify the key factors of your company it will take time but it will worth it.
Step 5: Analyse the competition
Now you’ve completed the four steps successfully now it’s time to see who are your competitors? what are their key factors? Are they targeting the whole market or only some specific number of people? Add more according to your business but you should be aware of your competitor’s each and every move to stay ahead.
Step 6: Create companies goals and objectives
I didn’t like making a timetable because I couldn’t stick to it for long. But now I’ve understood its value. I know you’re confused between goals and objectives? No no don’t smile. I’m also an Astrologer. Okay, get back to the point. In simple words: Goals are long-term and objectives are short-term. For you, goals could be ” Opening a franchise in Beverly Hills L.A.” and on the other hand, objectives are short which means daily weekly and monthly goals.
Step 7: Formulate Strategic options and select appropriate strategies
There are many companies who had to switch to plan B because their plan A didn’t work. So you should have different plans for the different time and execute those strategies accurately is essential.
Step 8: Translate Strategic plans into Action plans
It’s showtime! Now you’ve understood above steps perfectly and it’s time to take Action. If you haven’t then, take some time to understand but these are meaningless unless you don’t apply this step.
Step 9: Establish accurate control
Now, what does this step mean?
It means to have control over all the steps above. It doesn’t make sense You know everything stated except your key factors that isn’t good. You should know each and everything about your business. After all, it’s yours. 😛
I hope you’ve enjoyed the post. and now you have an idea about strategic planning for small business.
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Thanks for reading 🙂