We all aspire to start our own business at some point of time in life. We do not enjoy doing a regular office job where we have to report to a boss. The first question that comes to the mind of a young entrepreneur is where to begin. You must always begin with a strategic business plan. Here is how you may go about making a strategic business plan.
Step By Step Strategic Business Plan
You must have an organised agenda how you would go about your business plan. Here is a step by step process I follow that may help you too.
First Step – Vision
You have a clear vision when you plan a business. You must jot out the vision for your business. The business vision usually includes your business related goals, values and purposes. It may be just a matter of jotting down a few sentence. Yet it is important that you start by jotting down your vision.
Second Step – Mission
You must now write down a mission statement for your business. You must briefly describe your business in this mission statement. You must also mention here how you plan to go about the business. You must mention the products and services you plan to offer in your business.
Third Step – Critical Factors
You also need to analyse the critical factors that may affect your business. You need to create a financial plan. You should also see how you can create credibility in your business. You must assess all these factors carefully before you venture to start the business.
Fourth Step – Compile Business Strategies
You must assess your business carefully and understand the diverse roles to be played in your business. You should also assign the different tasks to different individuals. You must assign tasks after identifying every employee’s core competencies. This is a vital step before you start a business.
Fifth Step – Do Priority Sequencing
This is the next and last step in the sequence. You must sequence all activities based on their priority. This will help you understand the importance of each task. You must then understand the time each task will take. You have to schedule all the tasks accordingly.