Every entrepreneur starts their business based on what they think is a “Big Idea.” Whether you are solving a problem, developing a new product, or providing a service, all businesses start with this “Bigger Purpose.” However, over time the purpose of your business often pivots and evolves. Even so, regardless of change, taking the time to create a long-term strategic plan can benefit you in a variety of ways.

A strategic plan defines a goal or desired outcome and includes the major steps or milestones needed to fulfill your vision. A strategic plan is also communication tool that helps articulate strategic thinking — “The Bigger Why?” — behind both the goal and the plan for getting there. Developing your strategic plan requires a thoughtful analysis of the factors that affect your business, the ability to identify key performance indicators and a commitment to adaptability. Your strategic plan is your foundational roadmap to bring everyone together on the same business journey.

Like all roadmaps, it includes sites of interest, potential pitfalls, fueling opportunities, rest areas and places to have fun and celebration. However, like all maps, it will provide little to no value if you do not actually open it up and look at it. It is meant to be used. Remember, just like many great Discovers and Adventurers, you may find unexpected gold along the way.

Entrepreneurs often avoid strategic planning because it can feel stressful and unnatural for a visionary leader. However, as Michael Gerber says in his book The E Myth: Why Most Businesses Don't Work and What to Do About It, we know that once your strategic plan is in place, your business and your profitability will expand rapidly.

Money Fact #8 – Your Money Grows Where Your Energy Flows. Building Your Strategic Plan is The Action Step for Growing Your Wealth.

Let us look at the components of building your strategic plan:

Defining Your Vision and Mission:

Start by defining your business's vision and mission. Your vision statement outlines the goals you want your company to achieve. The mission statement describes the purpose of your business, the value your offer, and who you serve. Vision and mission are the foundation of your strategic plan, and this guides your overall decision-making process.

Run a SWOT Analysis:

Performing a comprehensive SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis allows you to take an accounting of what is currently working and not working in your business. Conducting an analysis of the strengths and weaknesses of your business helps you to assess your business's internal and external areas for growth. Identifying your strengths and weaknesses allows you to adapt so that you can focus on what is important to you while anticipating any potential threats. This helps you to understand your current business environment and how it operates. When we work with clients, this becomes a powerful tool for growing your wealth because you can see where you can grow your business while creating adaptability and agility.

Targeting Your Business Goals:

Your SWOT analysis helps you to set clear and measurable goals for your business. Make your goals specific by basing them on your vision and mission. Start with short-term and long-term goals, which are measurable with specific timelines and benchmarks to help to track progress. Consider creating quarterly timelines and benchmarks so that you can measure your metrics and key performance indicators along the way. We recommend timelines that can be correlated with specific data, for example, look at trends based on your SWOT or revenue generation based on your quarterly financial reporting, to benchmark your results. etc.

Engaging Your Target Market and Your Ideal Customers:

Focusing on your target market helps you to understand your customers. In this area, we always recommend looking at new ways to communicate with your customers to ask for feedback. This helps you to guide your marketing process, look at new areas for product development, and allows you to connect with your customers. Engaging your customers and clients increases customer satisfaction and helps you to grow and retain your ideal client at the ideal price. More client engagement leads to greater retention and revenue growth.

Act and Start Your Plan:

Once you have designed your plan, it is time to act. Consider delegating tasks by assigning responsibilities and timelines for completion. Do not wait for it to be perfect. Part of having a strategic plan is knowing that you can always change, adapt, and expand as you grow.

Monitor, Adapt, Communicate, and Engage:

Strategic planning is an ongoing process. We work with our clients to ensure that your progress is measurable and highly effective for your business. Allow yourself to be adaptable so that your plan is responsive to your changing environment.

Communication is crucial to align your team with your strategic plan. Clearly communicate your plan and your expectations to your team. Encourage their input to create buy in, this enhances operational success and growth.

Bringing it All Together to Build Personal Wealth:

Developing a strategic plan for your business is the foundation for your long-term success. It provides clarity, focus, and direction for your organization, enabling you to make highly informed decisions with real data in real time.

When we work with our clients on the creation and implementation of their strategic plan, we also focus on building their personal wealth. Proper long-term strategic planning allows you to see where you can start to pay yourself first, to take money out of your business to enhance your personal wealth. This clarity supports both long term growth and creates opportunities for more personal investment, travel, tax protection, and building your wealth for you and your family, while enhancing the quality of your life.

Jeff Smith and Alisa Sattler are the dynamic duo of Raising My Game Coaching. With over 80 years of business experience, we specialize in supporting entrepreneurs to grow and expand their business and personal wealth. Developing your strategic plan for your business is one of the tools that we use to increase your personal wealth and business profitability. To learn more about how we can help you with your strategic planning, please schedule a complementary call at www.raisingmygame.com

With gratitude,

Alisa and Jeff