Your Step by Step Template Guide to Writing a Strategic Plan
In the daily whirlwind of running a Small or Medium-sized Enterprise (SME), carving out time for strategic planning might feel like a luxury.
However, just like a seasoned captain needs a map, your business needs a strategic plan to navigate the competitive waters and reach its desired destination.
Download the full template document below.
Charting Your Course: A Practical Guide to Writing a Strategic Plan for Your SME
This isn't about creating a dusty document that sits on a shelf; it's about crafting a living roadmap that guides your decisions, focuses your resources, and propels your SME towards sustainable growth.
Key Considerations for SMEs:
• Keep it Concise and Focused: Unlike large corporations, your strategic plan doesn't need to be a lengthy document. Focus on the most critical aspects for your business's success.
• Involve Key Stakeholders: Include your core team in the planning process to gain valuable insights and ensure buy-in.
• Be Realistic and Agile: Set achievable goals and be prepared to adapt your plan as circumstances change.
• Make it a Living Document: Your strategic plan shouldn't be static. Review and update it regularly (at least annually, with more frequent check-ins) to ensure it stays relevant.
• Don't Be Afraid to Seek Help: If you're feeling overwhelmed, or simply do not have the time/resources, contact us at Little Bird Consultancy. Our services wrap around the needs of your team to enable and unlock your company’s growth potential.
So, where do you begin? Writing a strategic plan for your SME doesn't have to be an overwhelming task. Here's a practical, step-by-step template and guide to help you chart your course:
Phase 1: Laying the Foundation - Understanding Your Current Position
Before you can plan where you're going, you need to know where you are. This first phase involves a thorough self-assessment.
Define Your Vision and Mission (The "Why"):
Vision: What is your ultimate aspiration for your business? What does long-term success look like? Be ambitious but grounded.
Mission: What is your business's fundamental purpose? What problem do you solve for your customers? Keep it concise and impactful.
Conduct a SWOT Analysis (Your Internal and External Landscape):
STRENGTHS
• What are your internal advantages?
• What do you do well?
• What resources do you have?
WEAKNESSES
• What are your internal limitations?
• Where can you improve?
• What resources are lacking?
OPPORTUNITIES
• What favourable external factors can you leverage?
• Are there emerging trends or unmet needs?
THREATS
• What unfavourable external factors could harm your business?
• What are your competitors doing?
• Are there regulatory changes on the horizon?
Analyse Your Customers and Market:
Customers:
Who are your ideal customers? What are their needs and pain points?
Market:
What is the size and growth potential of your target market?
Competitors:
Who are your main competitors, and what are their strengths and weaknesses?
Industry:
What are the key trends and dynamics in your industry?
Phase 2: Setting Your Course - Defining Your Future
With a clear understanding of your present situation, you can start defining where you want to go.
Establish Clear Objectives and Goals (The "Where"):
Based on your above vision, mission, and analysis, set objectives that will support you to achieve your goals. Ensure they are SMART - specific, measurable, achievable, relevant, and time-bound.
Think across different areas of your business: financial performance, customer acquisition, operational efficiency, product/service development, team growth, etc.
• Example of a SMART objective: Instead of "increase sales," aim for "increase online sales by 15% in the next 12 months."
Phase 3: Mapping Your Route - Developing Your Strategies
Now, it's time to figure out how you'll achieve those goals
Develop Key Strategies (The "How"):
Outline the overarching approaches you will take to reach your objectives. These are your high-level plans.
Growth Strategy:
Focus on expanding into new markets or developing new products/services.
Differentiation Strategy:
Emphasize your unique selling proposition and stand out from competitors.
Cost Leadership Strategy:
Aim to be the most cost-effective provider in your market.
Define Specific Tactics (The "What"):
Break down your strategies into actionable steps. These are the concrete tasks that need to be done.
Tactic:
What needs to be done?
Who is responsible?
When will it be done?
What resources are required?
Phase 4: Ensuring Smooth Sailing - Implementation and Review
A plan is only as good as its execution…
Allocate Resources:
Determine the financial, human, and technological resources needed to implement your tactics and prioritize resource allocation based on the potential impact of each action/tactic.
Communicate and Engage Your Team:
Share the strategic plan with your team and ensure everyone understands their role in achieving the goals and enable and encourage a culture of ownership and accountability.
Establish Monitoring and Evaluation Mechanisms:
Identify key performance indicators (KPIs) to track your progress towards your objectives. Where possible link them to specific tactics so you can clearly track what is working and what is not.
Set up regular review meetings to assess performance, identify any roadblocks, and make necessary adjustments to your plan. Be prepared to adapt – the business landscape is constantly evolving.
In Conclusion:
Writing a strategic plan for your SME is an investment in its future. It provides clarity, direction, and a framework for making informed decisions. By following these practical steps, you can create a powerful roadmap that will help your business navigate challenges, seize opportunities, and ultimately, achieve sustainable success. Don't let the term "strategic planning" intimidate you. Embrace it as the essential tool it is for guiding your small or medium-sized enterprise towards a brighter horizon.