Running A Business: Lesson 7

Strategic Planning

Sarah Mattson discusses why you need a strategic plan and the four steps of how to create one. 

Topics:

Video Lesson Topics

- Define or Redefine Your Mission Statement

Your mission statement is the “why” of your business. It should inspire you and your team members to come to work every day; it is the reason you are doing your business. Your mission statement may change as your business grows, so you will want to reevaluate it each year. 

- Reevaluate Your Business Plan

Has your product or service changed? Is your target market different? Have your long-term goals changed? Is your business meeting its financial goals? These are questions to ask yourself when reevaluating your business plan. 

- Set Goals for the Next Time Period

When setting goals, you want them to be measurable. Instead of saying, “I want more customers next year,” you should say, “I want one hundred to two hundred customers by December.” With your goals, set action steps.  Plan how you are going to achieve them, and what you are going to do differently this year than you did last year. Assign each action step to someone on your team. 

- Develop Internal Tracking System

Develop an internal tracking system to track action items and where you are in the process. You could use an internal document, a whiteboard, or an application your business uses. To keep everyone on track, have weekly or biweekly meetings with your team to discuss action items. 

Topics & Lessons

Each Below Topic Contains a Video Lesson and Helpful Downloadable Information

6:30

Leadership vs Management

4:59

Succession Planning

10:06

Work-Life Balance

6:54

Business Growth

4:48

Time Management

8:33

Decision Making

2:20

Strategic Planning

4:00

Preparing for Your Business Expansion

10:38

Delivering Your Product/Service to Your Client

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