For some of us, Christmas approaching offers not only much-needed respite but an opportunity to work ON our businesses rather than FOR our businesses. This can be a great time to create or review an effective business strategy document. The strategic planning process takes time, but the payoff is huge. If done correctly, your strategic plan will engage and align stakeholders around your company’s priorities.
Strategic planning, also known as strategy development or analysis and assessment, requires attention to detail and should be performed by someone who can follow through on the next steps and regular updates. Creating and developing successful strategic plans needs the foresight to see the ‘big picture’ whilst finding the correct puzzle pieces to achieve the desired outcomes. Strategic plans are not static documents — they change as new circumstances arise, both internally and externally.
When writing a business strategy document, it is important to ensure that you clearly articulate the business’s purpose, mission statement, values, marketing slogan, goals and objectives as well as the SWOT analysis and SMART goals of the business and individual members.
To ensure that your strategy document is effective, follow these tips:
1. Keep it simple
Your strategy document should be easy to understand and free of jargon. Use clear and concise language that can be easily understood by everyone on the team.
2. Be specific
Be sure to include specific details in your strategy document. This will help to ensure that everyone is on the same page and knows what needs to be done in order to achieve the business’s goals.
3. Include a SWOT analysis
A SWOT (strengths, weaknesses, opportunities, and threats) analysis is a great way to identify the strengths and weaknesses of your business, as well as any potential opportunities or threats. This information can be used to develop an effective strategy for moving forward.
4. Set SMART goals
SMART goals are specific, measurable, achievable, relevant, and time-based. When setting goals for your business, be sure to make them SMART so that you can track progress and ensure that they are actually being met.
5. Get input from the team
Before finalizing your strategy document, be sure to get input from the rest of the team. This will help to ensure that everyone is on board with the plan and that there are no major objections.
By following these tips, you can be sure that your business strategy document is clear, concise, and effective.
Did you know our team of Business Advisors can support you in developing a business strategy document that will super-charge your business in 2023. Contact us today to learn more.