Jasmeet Kahlon Kahlon |
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Jasmeet Kahlon Kahlon
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Creating a Business StrategyJasmeet Kahlon Kahlon
February 21, 2008
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On a scale of one to ten, having a good business strategy rates about a fifteen!
No
matter what kind of business you have -- whether you sell products or a
service, as the saying goes, "if you fail to plan, then you're really
planning to fail."
Creating a strategy can mean the difference
between you working 60 to 80 hours a week all year long -- and then
breaking even, or worse, losing money.
On the other hand, many
successful entrepreneurs who have a strategy work fewer hours and make
piles of money -- and they usually attribute their success to having a
strategic plan and following it.
So what is strategic business
management? Very simply, it's the process of defining the goals and
objectives for your business, creating an action plan so you can reach
them and then following the plan.
How do you create a strategic plan for your business?
1.
First, know what your vision for your company is. If there were no
barriers, nothing stopping you from taking your company as far as you
could -- what would that look like?
2. Next, what are your
company's core operating values? What are its guiding principles? In
other words, why are you in business and how do you do business?
3.
Now create a 3 to 5 year plan. Your long-term plan is based on the
broad objectives that will help you get from where you are now, to
where you want to be.
4. Develop a plan for this year. These
are the specific objectives you plan to accomplish this year that will
lead you closer to your long-term goals. Remember to be "SMART" when
setting your annual goals (Specific, Measurable, Attainable, Realistic,
and Time-oriented). Include a list of the barriers that are stopping
you from getting where you want to go. Figure out what resources you've
already got, and what resources you need to get you past those
barriers. And then create an action plan that clearly lays out how you
will achieve your goals. Involve key employees with this part of the
planning process.
5. Create a set of milestones or benchmarks. This is very important, so that you can measure your progress.
6.
Share the plan with your employees, and anyone else who will be
involved in the process. Your annual strategy is the roadmap that will
make sure everyone ends up at the same destination -- but to be
effective, everyone needs the same map!
7. Put the plan into action. Now that you have the roadmap, it's time to begin the journey.
8.
Check your progress. Just like any trip, you need to check the map
every now and then; to be sure you're still on the right road. If
something isn't working, the sooner you figure it out and make the
necessary adjustments, the sooner you'll be back on track.
9. Follow the same cycle next year. (Dream, Plan, Act, Check).
Creating
a business strategy and following it will ensure that you enjoy the
journey as much as getting to your final destination.
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