Strategic planning

How to create a strategic plan for your business

I am going to preface this by saying a business plan and a strategic plan are different, but both play an important role in your business. A business plan is focused on short to mid-term goals, while a strategic plan is focused on your businesses medium to long-term goals.

Create a strategic plan

A strategic plan includes the strategy you intend on using to achieve these goals and will include answers to some important questions.

  1. Which direction do I want to grow my business in?
  2. Where is my business right now?
  3. How am I going to get my business from where it is to where I want it to be?
  4. What metrics will I use to keep me on track?
  5. Do I have an exit plan?

“By failing to prepare, you are preparing to fail.” ~ Benjamin Franklin

Which direction do I want to grow my business in?

In order to grow your business, you have to know the direction you want your business to take, what services you want to offer and who you want to serve. Without knowing these three crucial pieces of information, you’ll stay on the business hamster wheel.

Where is my business right now?

This will be different for everyone, but knowing your business metrics are key to creating an effective strategic plan.
Identify your current clients and the commitments you have made to them. Know how much income is being earned from each client and look at ways you can offer even more value for additional revenue.

How am I going to get my business from where it is to where I want it to be?

Once you have determined your current business status and how you want your business to grow, you can create a detailed strategic plan that includes a breakdown of how you are going to achieve your goals and meet your deadlines.
Remember to include your revenue streams as well as your key indicators in this section.

 

Enjoying this blog post? You might find this one helpful too. Is your mindset suffocating your desire to be successful?

 

What metrics will I use to keep me on track?

Change must be measurable. The only way to know that you are on track with your planning is having a unit against which you will measure it. Identify the things that move your business forward and dedicate time & resources to those areas.

 

Do I have an exit plan?

The key here is to focus on your strengths and invest in yourself.  Often times we dive into business head first and every day we focus on what our clients need and the tasks that we need to accomplish. We forget that we are the biggest asset in our business and this is where most of our investment should be.

 

Take time to find a mentor who understands your business and is rooting for your success. Make time to learn new skills and to strengthen current ones. The world of virtual assistance is changing constantly, but the one thing that will remain consistent is your need to grow your skills.

 

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