- Personal Finance
There is an old proverb that says "if you fail to plan you plan to fail". Similarly, another proverb reminds us that "without a vision the people perish". With these two thoughts in mind it is recommended that businesses of all sizes develop a strategic plan to ensure survival and success. It is also recommended that the plan be reviewed and revised on a regular schedule by all levels of management. Below is a sample outline for a basic strategic plan.
Briefly describe the business and the purpose of doing the plan.
Briefly describe the purpose of the business and where it is going.
List three of four high level plans and direction for the business.
List several specific, measurable, attainable, realistic, and tangible goals (Setting S.M.A.R.T. Goals) that are directly linked to the mission statements. With each goal also include the following information:
- Objectives for the goal
- Performance measures for the goal
- Strategies to reach goal
- Milestones if appropriate
Provide background information such as when the business started and some of the company's successes and achievements
Include a Strengths, Weaknesses, Opportunities, Threats, Trends (SWOTT) analysis. Visit the SWOTT Analysis page for more information about this tool.
List some strategies for diversification or alternative ways to make this plan successful in case there are unforeseen obstacles that threaten the goals and mission previously stated.
Include a brief scenario of what would be considered a successful implementation of this plan.