Strategic Planning For Small Business

Strategic Planning For Small Business-80
Section 2: Elevator Pitch An elevator pitch is a brief description of your business.

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SWOT is an acronym for strengths, weaknesses, opportunities, and threats.

Ideally, the SWOT analysis should be a brainstorming exercise with the business owners and key strategic decision makers within the company.

For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.

Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.

Fortunately, there are strategic planning methodologies specifically suited for small businesses.

Effective strategic planning for small businesses begins with revisiting the foundational aspects of the business which include company mission, vision, and core values.

For example, a basic KPI such as Total Sales is critical for understanding if the company is performing well. For example, if sales are affected by 1) number of visitors to your website, 2) number of visitors who complete a contact form, 3) number of proposals you issue to these leads, and 4) the proposal closing ratio, then each of these KPIs should be tracked.

Then, if for instance, the number of visitors to your website decreased, you would know and fix this immediately, rather then waiting until sales plummet later.

The strategic planning process continues with identifying some broad-based goals and objectives for the year.

Once those broad-based goals and objectives are identified it is then time for the heart of the strategic planning exercise called the SWOT analysis.

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