SCORE Small Business Blog

Managing: From Strategy to Execution – You Need An “Actionable” Strategic Plan to Get It Done in 2009
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Want a strategic plan that you can understand? Need one that will actually help you run your business? Do you lack benchmarks to see whether you’re going where you want to go in 2009?

SCORE Counselor Bob Paul teaches a practical approach to business planning. Here’s his take on strategic plans for an existing business. He assumes you’ve got a business plan laying around somewhere that you’d like to dust off and put into action.

1) Reaffirm Your Mission, Vision, Values – “Choose the mountain you wish to climb,” Bob says.

2) Review and Update Your SWOT analysis - Define your products and your target customers. Analyze your internal strengths and weaknesses of your business, as well as the external opportunities and threats that you see when you review the economic climate, the industry and your key competitors.
3) Identify Current Critical Issues - Taking into consideration your Vision and SWOT, identify and document 3-5 issues that are critical to your eventual strategic success.

4) Set Several Long-Term Goals - Choose 4-6 major goals. This is all you probably can manage with a 2-3 year horizon. These goals should match and address one or more of your critical issues. “You need measurable goals with specific deadlines,” he insists.

5) Develop Your Action Plan - Write out the steps you intend to take in the next 1-3 months to address each of the long term goals. Schedule a revision and update of these action items quarterly. Bob is adamant about specificity:
• Your action steps must described in terms you can measure.
• You must also specify deadlines, resource constraints (dollars and people), and who is responsible.

In essence, keep it short and focused. Make 2009 the year you commit to an actionable strategic plan. And the year you execute.

Related Links:

Strategic Planning and Execution. An online course from the Small Business Administration. (Free with login)

Different Types of Business Plans and Strategic Plan for Your Business. Tim Berry of Bplans.com on basic definitions, general principals of a small business strategy and his main elements of a strategic plan.

Strategic plan templates from DocStoc Website where you can find and share professional documents.

Strategic Planning Mistakes and How to Avoid Them by Bill Birnbaum, Birnbaum Associates. 15 mistakes to avoid.

5 Top Strategic Planning Mistakes by Kathleen Quill in Credit Today.

Forrester: 10 Mistakes that Will Sink a Strategic Plan by Linda Tucci, on CIO News. Alex Cullen, research director at Forrester Research Inc., on 10 points for a strategic plan that produces results.

And for good measure: Execution: The Discipline of Getting Things Done by by Larry Bossidy, Ram Charan, and Charles Burck. A favorite book on my bookshelf. I’m the kind of person who will just figure out how to make it happen, and this book is the industrial strength version of a that approach, that committment.

Do you have a strategic plan? What problems do you run into trying to execute? Why not leave me a comment?

-Peg Corwin, SCORE Chicago
View more posts by Peg

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Discussion (2) Comment

  1. Super article! I like the advice of short and focused. So many times we hear about people skipping or avoiding the business planning because the task seems too daunting and the perceived result of a large and involved business plan too much to accomplish.

    Keeping a plan nimble and focused is really the way to go.

    I also wanted to say thanks for including our bplans.com website in your list. We have tried to include helpful articles, examples of business plans and tools to help people get their business started and grow.


  2. Jason NazarVisitor

    thanks for the nod about docstoc, enjoyed the article we now have an entire category devoted to templates -

 

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