As an entrepreneur, it is likely that you have your hands in every aspect of your business. You are your own accountant, marketer, researcher, operator, and salesperson. You can (and do) do it all. This talent is ultimately what will bring you to the finish line, but to get there successfully, you will need to also embrace good strategic management.
Strategic management is the compass guiding you in the right direction. If you begin to stray far from your path, it will pull you back on track. When you’re overwhelmed or unsure of your future, it will calm and reassure you. It is the long-term vision for your company and where you see your business going in 1 year, 5 years, and 10 years. Strategic management will help you create a business plan that pulls together every aspect of your business and financial projections that guide your profits.
Envisioning the future of your business is an exciting prospect. Maybe it will be the next Google. Maybe your product will transform an industry or become a household staple. Or maybe your hopes hit closer to home - that your business will support your lifestyle, pay for your kids’ college, or fund your retirement. Whatever the dream for your business might be, it is time to get it on paper and find out if your business can really stack up to all you hoped it would - it is time to put together your business plan.
Your business plan will evaluate each area of your business and ultimately provide projections for your future as well as milestones that your company should be making. It should give you a snapshot of your business, where it is going, and how it will get there - basically, the who, what, when, where, and how of your company.
What. This is the basis of your busine ... Sign in to read more