Successful small business owners learn from the experiences of other entrepreneurs. Here's a quick checklist of best practices for strategic planning used by today's business owners.
Formalize the strategic planning process
Systematic strategic planning meetings are vital, but ensure that you're well prepared for each meeting. A two-day workshop on strategic planning, for example, should generate concrete strategies and not just discussion. Assign somebody to lead the meetings with a clear agenda.
Get input throughout your company
Employees know your business best. Get their feedback on the strategic plan through team representatives. If you have a board of directors, get them involved in the strategic planning process.
Enlist outside help
Although strategic planning shouldn't be handed entirely over to a consultant, external assistance can be helpful if you've never undergone the strategic planning process before or if you're at the strategic analysis stage.
Build a momentum
Try to complete the strategic planning process within two to three months. Be sure your planning meetings are regular, rigorous and productive. Even when your strategic plan is in place, hold monthly strategic meetings to measure your success and find new ideas.
Communicate to motivate
Poor communication is often cited as one of the key reasons that strategic plans fail. Even if people communicate their intentions verbally and clearly, it's important that the plan is in writing. Remember that communicating your plan well ensures buy-in. Be sure your communications spell out exactly what it's in it for your employees, i.e., we'll be a more profitable company, so you can expect better compensation.
Make your goals and objectives specific, realistic and rewarding
Avoid being too global with your goals and objectives; you want your employees to clearly understand what's expected of them.
Unrealistic goals and objectives are never motivating. Be sure they are challenging and attainable within a realistic timeframe.
People are motivated to attain your goals with a reward in sight, i.e., I will increase my compensation if I reach a certain sales goal.
Make your people accountable
Be sure your plan specifies who is responsible for achieving each result. This will help ensure your plan is well implemented.
Recognize success
Cynicism is common in the strategic planning process, particularly if your company doesn't always achieve the coveted results. Be sure you recognize success every step of the way. A thorough strategic analysis, for example, is already a valuable accomplishment. The people involved in the planning want to know that you appreciate their hard work.
Learn from your errors
Accept that there is no such thing as a perfect strategic plan. Learn from your errors and improve your process the next time around.
