How To Write a Strategic Business Plan
Any business needs a strategic business plan for long-term sustainability. Under the strategic plan, the business delves deep into the current environment both internally and externally. The plan then goes on to establish future goals and make the business robust. In simple words, a strategic business plan creates a road map for the future.
So how does anyone write it?
Writing a business plan requires both skill and experience. Here are the top six steps to follow for writing a business plan in the best way:
Revisit the Vision and Mission Statement
The vision and mission statement is like a base for the business. Any strategic business plan should not deviate from these statements. It is worthwhile to re-read the statement before writing the strategies. This process gives you a clearer understanding of your core competency and target audience.
Choose SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. A business has to cope with many major and minor SWOTs, and when you choose to conduct its analysis, you get an idea of where you need to focus for faster results.
Be Specific with the Objectives in the Plan
The more specific the goal, the better coherence there is among stakeholders. Analyse last year's sales data in comparison with your market share. Also, review the action plans and then work on a strategic business plan.
Good objectives read like this:
- I want to increase sales by 10% this year.
- I want to capture 5% of the market share.
In short, specific and measurable objectives help in framing better business plans.
Determine the Resources
A plan is good only when it is feasible. Writing a business plan on a document is not enough; you need to bring it to the ground and there comes the role of determining resources, including staff needs. Consider staff strength, training requirement, expenditure, IT resources and others in the plan. Take your time and finalize the resources helping you to achieve business goals. Otherwise, that strategic business plan might end up becoming an ineffective document.
Brainstorm with the Various Stakeholders
Brainstorming helps you in reaching the best plan with lesser opportunity cost. The business should consider the multiple options and choose the one best suited for them. While doing that, it must be noted that the associated cost of letting go of the other options should not be so high.
Start Writing the Plan
Once you’ve got a fair idea about the best strategies, it's time to start the writing process. Create a guide for everyone associated with the process to follow. Make a solid timeline and a system to monitor the writing process.
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