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Depending on the type of business you are operation, you may need additional sections, particularly where you talk about your team or operations plan, or provide specific financial details. You’ve completed a strategic plan for your business! Whenever you set off across new territory you’ll want to consult a map, otherwise you’ll get lost.
Look at each area of the business and determine what worked well, what could have been better and what opportunities lie ahead.
There are many tools and techniques available to help with this process, such as SWOT (Strength, Weakness, Opportunities and Threats) analysis.
Where will you be in five years time, ten years time? It’s just that; a plan where you set out your goals for the business and a strategy for making them a reality.
There are so many different options for how to guide and grow your company - what do you want to do? The plan is valuable not only to help you plot a course of action to ensure you meet your goals, but it’s an important document to help staff, shareholders, stakeholders and potential investors to see the “big picture” for your company. In the statement, go into more detail than you did in the executive summary, focusing on the overarching goals and themes for your company.
The point of this section is to succinctly outline your plan for the business and its direction. SWOT analysis is a specialised analytical technique that focuses on looking at Strengths, Weaknesses, Opportunities and Threats.
It should be written in a way that enables employees, stakeholders, investors and other interested parties to quickly grasp the concepts, even if they don’t understand the industry. This is the section where you outline the strategies you’re going to use to take your business in the direction you want it to go, and identify what might stand in your way.
They need to highlight the priorities and inform the plans that will ensure delivery of the company’s vision and mission.
By taking a look back at your review in step one, in particular the SWOT and PESTLE analysis, you can incorporate any identified strengths and weaknesses into your objectives.
But as the years go by and the initial stress calms down and things with the business start to stabilise, you begin to think about the future.
You’re in a good place now, but the market is changing.