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Without such a plan, you run the risk of running around in ways that have little to do with generating results.
You can end up "spinning your wheels," which suggests that you're busy but not productive. A five-year strategic plan describes where you are now and how you plan to achieve your goals over a five-year period.
When writing your plan, include subheads that are specific to your goals. Executive Summary First, start with an executive summary. This is key because the executive summary should encapsulate -- or summarize -- the key concepts explained in the plan's other sections.
The executive summary is usually written after you have completed the other sections, but it appears at the top of your strategic plan. This enables you to extract key points from the other sections, which you will include in your summary.
The executive summary gives the reader an overview of what the strategic plan contains. The topics discussed in the executive summary are elaborated on more fully in the sections of your strategic plan.
Mission Statements and Vision Statements The mission statement is a concise summary of the overall objective of a business, and it states what the business hopes to achieve.
Although the mission statement isn't very long, take the time to ensure that it states clearly what your company is about, and why your company exists.
For example, according to a January, article from Investopedia, Apple's mission statement is the following: Apple leads the digital music revolution with its iPods and iTunes online store.
Apple has reinvented the mobile phone, with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with iPad.
Using a five-year strategic plan as an example, the vision defines the company success over five years. An example of a vision statement for an accountant's office could be: Take an honest assessment of what your company and key team leaders are great at doing, and of what they need to improve upon.
Look for opportunities in the market, and examine any threats that might prevent you from achieving your goal.
A SWOT analysis helps identify areas that a business owner might take strategic actions on. For example, a business owner who determines that his weakness is in organizational skills, should hire someone who is strong in this area, so that he negates the weakness.
Strategic Goals Strategic goals look at specific ways to accomplish something. For example, a company that wants to improve viable prospects might set goals for online ad funnels, networking activities or referral programs.
|Small Business Plan Sample||How to Write a Business Plan by Fraser Sherman - Updated September 26, Writing a business plan forces you to review your assumptions about your company, Entrepreneur Magazine says. To write one requires looking analytically at the strengths, finances and challenges of your business and setting specific goals for the future.|
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It is important to review the goals and exactly how each potential solution might be able to achieve the goals. If networking provides fewer leads that have higher closing ratios compared to ad funnels, business owners need to evaluate the data and determine the next step toward success.
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