Steps to create a strategic plan for your business
Author : Writer at Chatur Idea
Posted : 3 years ago
Steps to create a strategic plan for your business
07Mar, 2016

A strategic business plan helps in achieving business goals in a systematic and effective manner. When you think about launching a business startup in India, it is incredibly important to start with a right thrust. Here is a ten-step guide developed by seasoned business mentors:

  1. You must jot down the business vision first. When you formulate a statement that defines the goals and values along with the very purpose of starting the business. It is not more than two lines, preferably a one liner.

  2. Write a mission statement. Again, it is a short and sweet description of your business. What are your plans and how you are going to achieve it? The mission statement is always positive and assertive.

  3. Sit with the team and list out factors that are critical to achieve the vision and mission. Remember, critical aspects for each business are different. You need to think about it by having multiple meetings.

  4. Formulate business strategies and actions. Make a committee of stakeholders and decide the actions required for achieving business objectives. It is not a generic document, but a concrete action plan.

  5. Determine the starting point. If you are a startup venture, then you are starting from the scratch. If you are already in a business and diversifying, then assess yourself in the competitive environment. Gather the right understanding of the startup competition India marketplace.

  6. Decide priorities and assign timeline. You must keep in mind that any action plan is incomplete till there is no d-date assigned. The date should be realistic, achievable and challenging.

  7. Find out, what is more important? What do you want to achieve in a stipulated time as the business owner? It decides the direction of the business in the long run.

  8. Define objectives expected from the business. Make them clear, unambiguous and to the point. There is no room for generic motherhood statements. Talk to the team before setting the expectations so that everybody is on the same page.

  9. Determine accountability, it is critical. Unless you make every member of the team accountable and explicitly assign so, there is no clarity in the organization.

  10. Periodic review is critical. It determines whether you are going in a right direction. Keep refining it as and when required.

It is one of the effective entrepreneur India ideas which can take your business a role model for others. Prioritizing right steps at the right time makes sure that you are always the frontrunner.