- April 13, 2016
- Posted by: Chowdhury Shahid Uz Zaman
- Category: Business strategies
Did you know that to grow your business need a Strategic Plan?
More than 20 years as an entrepreneur have taught me to have a Strategic Plan gives you certainty of generating results in your business. And unless the business owner learns to establish a detailed plan and implement strategies in your business can achieve growth and success you desire.
What does it mean to make a Strategic Plan?
It is establishing business strategies in the short, medium and long term.. The word strategy is defined as the planned actions required running a business to achieve the goals of growth and expansion.
To better understand which implies a Strategic Plan in your company, you require yourself 4 questions: What? Who? How? And Because? Grow my business.
This is: What do you want to accomplish in your business? Who are those responsible for implementing actions to achieve results? How you will succeed? Why do you want to do that?
These are questions that you require before you start developing your strategic plan. These are like the compass that will show you the way you should go and that will guide the achievement of results.
You may also like to read another article on HeyGom: 10 Strategies to beat your competition
A good strategic planning should include 4 major decisions that every business owner should always be taken:
- Personal: This is the question Who? And who should I hire to achieve the goals? What kind of people I have in my business to achieve greater results? The staff turns out to be the most important for the growth of your business ingredient. Therefore one of the most critical decisions that the owner should always be taken: who should I work to ensure that the company achieves its mission.
- Strategy: What is the question? What should you do to achieve the goals? You must define guidelines and a way forward. The road must be subdivided into specific tasks, which will identify allocating completion dates of each deliverable. This is critical, as it will become your map or guide to securing results.
- Cash: This is nothing more than the money or the funds that will help you answer the question How? To achieve your objectives and goals, you need money. To grow you need money. But their use cannot be lightly. You must establish a plan to generate and multiply. For this you must have a budget and follow it to the letter.
- Execution: And the other answers to the question how are you going to ensure that the plan will be achieved? When you already have all the details of the Strategic Plan in place, you should start implementing the plan. Running with determination and firmness, advancing with clear strategic vision. In the end, your strategy should become utilities and be the weapon to keep growing your business.
Those are the 4 pillars that will guide the smooth operation and success of your business. If you consider yourself an entrepreneur who seeks the best for your business, then the logical decision will be to start developing a Strategic Plan as soon as possible.
This is only a summary of the importance of having a strategic plan and what you can do to grow your business faster.