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The Value of a Small Business Strategic Plan

What should be included in a small business strategic plan?

A small business strategic plan is a document that outlines the overall direction and goals of a small business. It should be a living document that is updated regularly to reflect changes in the business environment.

A good strategic plan should include the following elements:

  • Executive summary: This section should provide a brief overview of the business, its goals, and its target market.

  • Company overview: This section should provide more detail about the business, including its history, products or services, and competitive landscape.

  • Situational analysis: This section should analyze the business environment, including the target market, the competition, and the economic climate.

  • Strategy and goals: This section should outline the business's overall strategy and goals.

  • Action plan: This section should detail the steps that the business will take to achieve its goals.

  • Evaluation and control: This section should outline how the business will measure its progress and make adjustments to its plan as needed.

A well-written strategic plan can help small businesses to achieve their goals and objectives. It can also help businesses to stay ahead of the competition and to make better decisions.

Here are some additional tips for writing a small business strategic plan:

  • Be specific and measurable. Your goals should be specific, measurable, achievable, relevant, and time-bound.

  • Be realistic. Your goals should be challenging but achievable.

  • Be flexible. Your plan should be flexible enough to adapt to changes in the business environment.

  • Get input from others. Involve your team members and other stakeholders in the planning process.

  • Review and update your plan regularly. Your plan should be reviewed and updated on a regular basis to reflect changes in the business environment.

If you are looking for assistance with your strategic plan or just a sounding-board to get feedback, we’re here to help - no cost and no obligation. Contact us at info@mbmentors.org

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