Do you need a Strategic Plan for your Small Business?
This is by far the most important thing you can do for your business. No other step you can take has as much potential to dramatically change your business as this one…
Don’t believe us? Give our team a chance and we will show you. Most of our clients have the potential to improve your sales by 300% by working a step-by-step plan. Is it easy? No way! Will it take a lot of hard work? For sure! Is it worth it? What’s going to change if you don’t do something?
Just imagine having a strategic marketing and business plan that will:
- help you focus and bring your sales goals to life
- serve as your step-by-step guide to your company’s success
- provide your team with an easy-to-follow road map
- substantially increase repeat business with your existing customers
- save you money by outlining spending and budgets
- empower your employees by charting a definite sales destination
What do we include in our Strategic Plans?
A strategic plan is a roadmap to grow your business. To help you succeed, use this proven strategic plan template, and the information below details the 13 key sections you must include in your strategic plan.
Section 1: Executive Summary
The Executive Summary of your strategic plan should be completed last, and this section merely summarizes each of the other sections of your plan.
Section 2: Elevator Pitch
An elevator pitch is a brief description of your business. Your elevator pitch is included in your strategic plan since it’s key to your business’ success, and often times should be updated annually. Here’s why it’s important: if your employees can’t clearly and concisely articulate your business to others, you inevitably miss out on tons of sales and other opportunities.
Section 3: Company Mission Statement
Your company mission statement explains what your business is trying to achieve. While it may seem unimportant, it’s not. You see, for internal decision-making, your mission statement guides employees to make the right decisions; decisions that are in line with helping the company achieve its mission. For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.
Section 4: SWOT
The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals. It also helps you identify which strengths you must develop in the near future to improve your company.
Section 5: Goals
Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan.
They key is to first identify your 5 year or long-term goals. Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.
Then work backwards two more times to determine your goals for the next quarter and the next month. Ideally you update you strategic plan monthly to modify this section.
Section 6: Key Performance Indicators (KPIs)
Great businesses understand their metrics and KPIs. By tracking your KPIs, you know exactly how your business is performing and can adjust as needed.
Section 7: Target Customers
In this section of your strategic plan, you will identify the wants and needs of each of your target customer groups. This is important in focusing your marketing efforts and getting a higher return on investment on your advertising expenditures. This is because the more you can “speak” directly to your target customer wants and needs in your marketing, the better you will attract them.
Section 8: Industry Analysis
Your industry analysis doesn’t have to be a comprehensive report on what’s going on in your market. However, you should conduct an analysis to ensure the market size is growing (if not, you might want to diversify), and to help identify new opportunities for growth.
Section 9: Competitive Analysis & Advantage
Similarly to your industry analysis, your competitive analysis doesn’t have to be a thorough report listing every detail about every competitor. Rather, in addition to defining who your key competitors are, you should list their strengths & weaknesses.
Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages.
Section 10: Marketing Plan
In addition to your strategic plan, I recommend you develop a comprehensive marketing plan describing how you will attract prospects, convert them to paying customers and maximize your lifetime customer value.
Section 11: Team
The team section of your strategic plan ensures you have the human resources to execute on the opportunities you’ve identified and to achieve the goals you established in section 5 of your plan.
Here you should list your current team members and identify the types of people you need to hire in the next year to achieve your goals.
Section 12: Operations Plan
Your operations plan helps you transform your goals and opportunities into reality. In this section of your plan, you will identify each of the individual projects that comprise your larger goals and how these projects will be completed. Finally, you’ll map out each of your initiatives, ideally in a Gantt chart, so you know when each project will start and who will lead them.
Section 13: Financial Projections
The final section of your strategic plan is your financial projections. Your financial projections help in multiple ways. First, you can use a financial model to assess the potential results for each opportunity you consider pursuing.
Stop trying to figure it out all by yourself. Let our experienced strategic consultants implement the right strategic plan for your business! Theo is ready to answer your questions.