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Tips to Create Small Business Strategy

1. Define your business vision. If there were no barriers, nothing stopping you from taking your company as far as you could — what would that look like? How much would you make? How will you create your income? What markets would you seek to dominate?

2. Decide 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 strategic is based on the top-level aims that are devised to get from where you are now, to where you want to be.

4. Develop a plan for this year. These are the specific goals you plan to achieve in the next 12 months that will lead you closer to your long-term goals. Remember to be “SMART” when setting your annual goals (Specific, Measurable, Attainable, Relevant and Time-bound). As with any plan you need to define the tasks, who by and when. Perform a gap analysis on the resources you need against the resources you have. You may need to adjust your objectives at this stage. Now build your plan.

5. . Create a set of benchmarks. This step is important. This is very important, so that you can measure your progress.

6. Communicate your strategy and plan. The short-term plan from your strategy creates the momentum and direction for your day to day activities.

7. Walk the Talk. Actions speak louder than words.

8. Make sure you know exactly how you are doing on a day by day basis. Create a dashboard to report on your key performance indicators.Prompt corrective action is often more important that the plan itself.

9. Put a process in place so you do the same thing each year.

Building a robust, realistic and achievable business strategy is not easy. It requires commitment, effort and discipline. Yet the rewards are obvious. Juat about every successful business has an active, documented business strategy.