The Strategic Business Plan

Proper business planning is crucial to the success of your company. But not for the reason you think. The prevailing thought is that you will research, create and then execute your business plan. That is true if you are talking about a business plan around operations.

The strategic Business Plan should be a forward-looking, addresses the business problem or opportunity, the stated solutions for the problem, our assumptions about the why this problem exists, and a hypothesis about how to solve it. Your job is to evaluate your assumptions against your plan and when an assumption fails, you must pivot.

The Strategic Business Plan documents what you have learned and changes over time with conditions on the ground. So, I changed the way I do strategic planning. It's not only about how I align my business resources, but my internal expectations as well.

Let's back up a minute

If I had any advice for new entrepreneurs, it would be, “Honestly, evaluate the following questions.” They are “My Top 10 Things to Consider BEFORE Starting Your Business.” However, since most of you are already in business, these questions should be evaluated often as you move your business forward.

These questions will help you solve strategic questions about your personal commitment (aka Grit), and your business. Once you can answer these questions, openly and honestly, you will have a foundation of a strategic business plan.

5 Questions about you

1. Why am I starting my own business?
2. How will the world look if I am successful?
3. Am I a self-starter and disciplined with my time, money, and resources?
4. What will I do if my business is a roaring success?
5. What will I do if my business is a complete failure?

5 Questions about your business

1. What problem am I solving for my clients or customers?
2. What am I selling?
3. Who am I selling to?
4. What is the value to your offer?
5. How will potential customers be exposed to your product or service?

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