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What Makes A Good Strategy? Would you know if you had a good strategy in place in your business? Having a business plan or a strategic plan for running your business just makes sense. The strategic plan is born from the assessments you make of your business and its operation from finance to employees to your marketing strategy to how you purchase office supplies.

What goes into a “good” strategic plan? Here are some components:

  1. Your financials. Gather profit and loss information. Income and expenses. Look at those metrics first to get a starting point.
  2. Does the strategy that you have in place contain a metric by which success can be measured?
  3. Is there a definition of what means success? Is it units sold? Dollars brought in?
  4. Does the strategy you have in place contain a guiding principle? Does the strategy have steps in place to help you overcome obstacles or improve boundaries?
  5. Does your strategy contain a set of measurable actions that can carry the business forward?  You need to have a road map of where you need to be and how you will get there.

If you have a business plan or a strategic plan in place, when is the last time you’ve looked at it to see if you’re on track? It should be a living document, one that is called into action when you are looking to change direction, add new staff or a new product or service. You should look at the strategic plan when making a decision on expansion, or closing a site.

Do you have a strategic plan in place? Is your business plan serving your business? What do you need to do to make your business more viable and thrive to higher levels of success as we enter the new year? Are you ready to review what you’ve accomplished and reach for higher success in 2017? If you are unsure or unclear, we can help!