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Coaching Your Business To The Next Level Series Part 4 Strategic Plan

Written by: Leanne Hoagland-Smith

Article Overview: Many small business owners, entrepreneurs and even executives confuse business planning with strategic planning. And there also many who don’t even have a strategic plan. Learn the difference between the two, what strategic planning and grocery shopping have in common and why this is the top third mistake.

Coaching Your Business To The Next Level Series Part 4 Strategic Plan

Consider the following scenario that happens thousands of time every day in America.

You go to the grocery store. Upon entering the store, you grab for your grocery list and realize you left it at home or in the office. As you are walking up and down the aisles, you try to remember everything that you need. When you come home, you check what you purchased against the list and discover the following:


1.You forgot several items.
2.You purchased some things you didn’t need.
3.You spent more money than you budgeted.
4.You spent more time than you planned.
5.You need to return to the store costing you additional time, money and energy.
6.You are possibly frustrated, distracted and unhappy.


Based upon this scenario, the every day simple grocery list has significant value because of the expenditures of time, energy and dollars. So since this simple, common list has significant value, then where is the plan for your business or the rest of your life?

Tip #1 - Develop a strategic plan
Mistake: If you don’t have a plan, you are on someone else’s plan. A strategic plan indicates who does what by when. Remember, hope is not a strategy.

When you don’t have a plan, you are on someone else’s plan. Think back to that grocery experience. Whose plan were you on? Who made more money? Answer: The grocery store, of course. And let’s not forget the oil companies because it costs money to travel from the home or office to the grocery store.

A solid strategic plan is really a systematic, higher order thinking process and includes the following characteristics:

1.Vision statement
2.Values statement
3.External assessment
4.Competitive analysis
5.Trend analysis
6.Internal appraisal
7.Structure
8.SWOT analysis
9.Mission statement
10.Critical Goal Categories
11.Market Plan
12.Sales Plan
13.Financials
14.Review Process
15.Summary


The standard business plan contains usually the financials and may include a vision, mission and values statements. However, the plan does not indicate:

1.What needs to be done.
2.When things need to be done.
3.How will we prioritize what needs to be done.
4.Who will do what needs to be done.
5.How will we know what needs to be done is done.
6.How will be make necessary course corrections due to unanticipated changes.


If you think this is a lot of work, you are absolutely correct! Yet, returning to the grocery list scenario. If you determine that you save an estimated $10 per week or $520 annually in food expenditures by investing 30 minutes per week( 26 hours annually) in list writing, reviewing advertisements and cutting coupons, then why wouldn’t you invest at least the same amount of time in creating a solid strategic plan? Believe me, many of your competitors are doing just that. As the old adage goes, You can plan to succeed or fail to plan. The choice is yours.

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