An essential part of any business is a strategic plan. Creating a strategic plan can mean the difference between you working 60 to 80 hours a week and barely breaking even or working 10 to 20 hours and making a profit.

Many successful people who take the time to develop a good strategy work fewer hours. If you ask them they will usually say that their success is due to the fact that they have a strategic plan and they stick to it.

When you plan your strategy it’s important to define the goals and objectives for your business. Then create an action plan so that you can reach them.

Here are a few things to include in your plan:

  • Know your company‚Äôs vision and mission.
  • Decide your company’s core operating values.
  • Create a long-term (3 to 5 years) and a short-term (1 year) plan.
  • Determine what resources you already have and what resources you will need.

Creating a business strategy and following it will ensure that your business will grow and that you will be ready for anything that comes your way.

Reference: Guide To Developing A Strategic Plan (pdf).

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