Strategic Plan Is Needed For Growth
A strategic plan or positioning statement is necessary for business growth. However, most small business owners don't craft one for their business. They perhaps fail to realize why one is needed, they don't know how to formulate one, or maybe they just don't want to take the time and energy to create one.
A positioning statement is a fundamental part of your business direction. It can project management's vision for its company anywhere from one to twenty years out. Most U.S. businesses, large and small, normally only make three to five year's positioning projections.
You want to describe the route your company will take in developing and strengthening your business. Your road map is specific and distinctive to your particular organization.
Your strategic vision should (1) provide understanding of what management wants its business to look like, and (2) provide managers with a reference point in making future decisions, and preparing your company for the future.
A well written positioning statement is necessary to grow your business to meaningful levels. Without specific positioning statements chances are your business will remain small, and never reach significant growth levels in the market place.
Your vision should distinguish your business from other businesses in your industry. It should define who and what you are now, and what you will become in the future. It is different than your company mission statement which states your business purpose.
When you communicate your future direction to the members of your organization it gets everyone moving in the same direction, and focused on your company's potential and future prospects.
Strategic planning is done at the very top level or your organization's management structure. Normally, visionary positioning is crafted by the original founder(s) of an organization.
The strategy making and strategy executing process consists of five interrelated and integrated phases. They are,
- Developing a strategic vision of where your company needs to head, and what its future product/market/customer technology focus should be.
- Setting objectives and using those objectives as measurement tools for measuring your company's performance and progress.
- Crafting a strategy to achieve your objectives and move your company along the strategic course that you as management have charted.
- Implementing and executing the chosen strategy effectively and efficiently.
- Evaluating performance and initiating corrective adjustments in your company's
execution in light of
new ideas, and
Numbers 1, 2, and 3 above are the actual strategic plan. Numbers 4 and 5 above are the monitoring and adjustment phases.
If you take the time in the creation phase of your business to craft a well designed strategic plan it will serve you well in positioning your company in the global market place. However, it is never too late to draft a positioning statement.
If your business is already in place and functioning you may have to re-create your business concept and positioning in formulating your strategic plan. Don't be worried though because business planning is never a one time event, it is an ongoing, continuous process.
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