5 Steps for Creating a Strategic Plan for New Businesses

It’s very important to create a complete strategic plan for your business before you run it. Most people ignore it and feel like it’s not an essential part, but in reality, it’s the most important thing through which you could succeed well in your business.People think they should invest their focus and time worrying about getting more profits and results from clients, or their focus is to build a brand name for their business or making a reputation in the market, but if they focus on making a strategic plan for their business it could automatically do all for them. By doing so, they will definitely experience amazing growth in their business. Without a proper strategic plan for your business, there are chances that you could miss out some most important opportunities or a stunt for your growth and all this would definitely limit your success.

So in this situation, if you don’t have enough time to make a lengthy and detailed strategic plan for your business, then you could simply apply a one-page strategic plan of Verne Harnish. As according to him, if you really want to treat everyone in your company equally, then you have to get everything written on one page. Here in this article, we are going to discuss Verne Harnish’s five steps for completing the One Page Strategic Plan:

  1. Read Scaling Up

Most people are worried thinking about the future growth of their business, they want to know about the tricks and ways to earn more profit.  In Harnish’s strategic plan the first thing you should consider is to think about scaling up your business. In this you have to do some research about how successful Companies are at the place where they are right now and Why the Rest is not successful, you have to analyze the difference.

Your strategic plan should be focused on four decisions that entrepreneurs have to make for getting succeeded. These four decisions are related to; people, a strategy they make, its execution and cash earned. Scaling Up has actually helped us a lot, it really has encouraged us to see the bigger picture and think of alternative ways to succeed.

  1. Determine your purpose and core values

The second most important thing is to determine your actual goals, purpose and core values. It means you have to clearly state what your company has to do and what it shouldn’t. Mention all the lines and limits of your company and also explain clearly the most important principles that your company has to follow and that will be treated as guidelines in every decision and action of your company.

While writing a strategic plan for your company you have to develop four to five core values, that will explain culture and identity of your company you don’t have to create new values just mention the one which you are previously following. Everyone involved in making this strategic plan for the company should know what these values are and when they need to put all of these in writing.

  1. Identify your BHAG

It is very important for any business to have well-stated goals or BHAG. Actually, this is considered to be the Everest the organization that employees have to climb in the upcoming 10 to 30 years, said by Jim Collins. While defining the goal you have to make sure that it is achievable, it could be in any form, whether it is qualitative or quantitative, but measurable.

  1. Choose the right KPIs

While making strategies and plans you have to take care that they should be measured by the organization. Your strategies and plans should be related to key performance indicators and all the critical numbers will be lined up along with the brand promises that in return should be related to core values and purpose of the company. Just make sure that everything must be aligned.

  1. Divide the responsibilities

 For achieving the key metrics, divide the duties and positions in such a way that everyone working at the company should have a clear role, position, and understanding of his or her duties. So, assign specific work to particular people and set clear-cut expectations. Inform everyone about their roles and tasks throughout the company, and in teams, everyone should know his or her duty clearly for avoiding any kind of confusion and for getting the desired work.