Business Plan Tips : Identifying Strategic Business Elements

The third section of the business plan is changing the course anf identifying strategic elements that we're going to pursue. The good news is that there's only three.

First is vision, defining the business that we want to be and in the future, really saying "where we are going".

The second is the strategic road map which is how are we going to get there. I've seen this in a variety of forms.This could be actual road maps, this could actually look like a road map, or often the're bench marks that indicate each year what we're trying to accomplish to gt there.

The third element is resource requirements. What it will take for us to accomplish this objective.

The keys for all three of them is to keep them simple. One of our acid test is if you can get all of these on the back of an envelope, you probably have gotten them simple enough and you can also expand them out to do long, foremost strategic planning documents. But, actually the most important of these is going to be what you can get essentially on the back of a napkin. This is what you can talk to your employees about, it's good to communicate easily.

Three sort of keys here, on the vision, if you got right, it will inspire people, it will make them passionate. If you got the road map right, it will increase credibility for the vision. And if you got the resource requirement right, it will reduce fear.


Source: YouTube