Strategic Planning Tools

The elements of a good strategic plan are the same for almost any business. How owners and managers arrive at those elements can differ. 

Here are some links that will help you decide how to go about creating a strategic plan that works for you and your company:

SmallBusinessChron.comcovers SWOT Analyses, Mind Mapping, and more in their article "Four Tools Used in Strategic Planning for Marketing and Sales." 

There are many ways to analyze in addition to completing a SWOT Analysis.This article fromReferenceforBusiness.comgoes into detail about some of the other types. If matrices and charting are helpful for your thinking, be sure to check these out! 

The Research Administration Performance Improvement and Development (RAPID) Department at the University of Washington has compileda list of tools and templates to help in strategic planning. It's an excellent list, with some helpful graphics. 

Value Driver #2: Strategic Planning

This is the second installment in a series we are sharing about value drivers -- the things that make businesses more valuable. If you missed the first installment, you can find it here. 

Creating a strategic plan is one of the most important responsibilities of an organization’s top management. It is the vehicle that sets the goals and objectives of the organization, provides the roadmap as to how to reach those goals, identifies the resources needed for success, and describes how all of that information will be communicated throughout the organization.     

The plan should consist of the following:

Vision and Mission - The vision details the goals and objectives, where the company wants to be at a given point in time. The mission is preparing the roadmap as to how to get there.

SWOT Analysis - The SWOT analysis is a management tool used to scrutinize internal and external factors to help identify its strengths, weaknesses, opportunities and threats.

Strategy - After completing the SWOT analysis the following should be included
Develop strategies required to achieve the goals and objectives of the organization both internally and externally.

• Identify critical success factors.
• Develop overall organizational performance measures.
• Develop a tactical plan for each strategy.
• Develop performance measures for each tactical plan.
• Determine the resources needed to execute the plan.
• Develop a communication plan to align the entire organization.
• Assign strategic and tactical responsibilities to appropriate personnel.
• Develop a monitoring and measurement system

A well thought out strategic plan minimizes risks, enhances profitability and provides a documented, measurable, realistic plan for organizational growth.

Additional Resources on Business Structure

If examining your business structure seems overwhelming, or confusing, you may want to consult a few more resources. Here are some that we recommend for further reading:

Corporate by-laws serve as an internal  guide to how things are done within the business the company. This article contains more information on how to approach writing them:
http://www.ehow.com/info_8107137_corporation-bylaws.html

Having a clear organizational structure helps keep things functioning smoothly. There are various ways to consider organizing. This article describes several and offers examples: 
http://www.businessdictionary.com/article/557/which-organizational-structure-is-right-for-your-business/

Your business structure is important for several reasons, including tax purposes. The Small Business Administration offers a clear breakdown of the different types of structures, and some of the pros and cons for each one:
http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/choose-your-business-stru

Keeping an eye on your competition is a smart way to drive up the value of your business. Inc.com offers 10 tips that may help you research your competition in this article: 
http://www.inc.com/guides/201105/10-tips-on-how-to-research-your-competition.html