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:
- Define or Redefine Your Mission Statement
- Reevaluate Your Business Plan
- Set Goals for the Next Time Period
- Develop Internal Tracking System
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
Video Lesson Topics
- 0:35
- 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.
- 0:55
- 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.
- 1:07
- 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.
- 1:36
- 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
Leadership vs Management
Succession Planning
Work-Life Balance
Business Growth
Time Management
Decision Making
Strategic Planning
Preparing for Your Business Expansion
Delivering Your Product/Service to Your Client
Want to learn more about how this topic relates to your business?
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