There are several warning signs that may indicate a need for a written strategic plan. One sign is the loss of core business; the core group of clients who helped build your business. The reason for their departure may be from negative interactions in the store or at the check-out line.
Another sign can be quarter-over-quarter losses. That’s an easy one to see. And, another is when your competition has moved into your area and purloined (a nice way of saying that they are stealing) your market share. Maybe you should have opened another store or had more advertising? These signs point directly at a need for change—a need to regain lost revenue before it’s too late.
It’s time for a written strategic plan. Markets have become global and innovations in technology are forever evolving. Over time, your plan should evolve, too. Every aspect of your business needs to be analyzed for strengths and weaknesses.
But, it’s been years since you wrote a business plan. Remember those long hours of focusing on your future and what you thought your business would be like in three-to-five years? While investigating this important topic, we found that taking the time to plan is as important as maintaining your daily operations.
Ask Yourself 3 Questions
A strategic plan resembles the business planning process. Typically, a business plan is created before the sign is in front of your shop and the doors are open. A strategic plan takes place midstride, while customers are flowing through your doors. It analyzes sales metrics to present a real-time picture of your customers’ experiences. Many of the guides on building a strategic plan offer three simple questions to guide the process:
- Where are we now?
- Where are we going?
- How will we get there?
Your answers build the foundation of your plan. So, take your time and try to be as objective as possible when answering them.
You Are Here!
According to Forbes Magazine, the first question is not as easy as it seems. It’s very broad and will help you think about your current position in the marketplace, revenues and expenses, who your competitors are, and what you are good at doing.
Drilling down into your business operations, you should focus on customer experience and Point-of-Sale. As you can see from our previous articles, we feel passionate about how the right POS software can grow your business, and save time and money. Take a long look at your customers’ experience and you will gain insight into all facets of your business.
Imagine the Possibilities
In order to answer the second question, you will create a set of goals and milestones to be achieved over time. Your vision and mission should guide your process. This will help you understand the areas of your business that require priority attention over others. Create a timeline and be realistic about your goals. Don’t forget to determine all of the stakeholders in this process and collaborate with them. It’s in their best interests to succeed, so bring them on board with the plan.
Choosing the Right Vehicle to Get You There
Ask yourself if the systems in place are able to take you into the next three or five years. This includes the number of employees, marketing/advertising, store locations, and back-end systems, such as accounting and inventory management software.
Customers expect smooth transactions that are quick and simple. They also expect timely delivery. The systems in place need to accommodate your future customers, as much as your current ones. For small businesses, a POS solution should grow your business and improve productivity. The functionality of a cloud based POS software can help you realize your goals.
Ready to Launch
Having a written strategic plan in place empowers you and your employees. The entire business becomes aligned with the goals, which brings everyone together as a team. It also holds everyone accountable for their part in the plan. Now that your plan is done, you’re ready to launch!