Strategic Planning Tips
As I sat at an event this morning on strategic planning,the presenter started the program with the following quote:"If you fail to plan, you plan to fail." Many women entrepreneurs begin their entrepreneurial careers by creating a strategic plan. Strategic plans are essential to start-up, growing and mature businesses because the plan guides the company in the right direction. Unfortunately too many of us get so busy running our businesses, we forget how essential it is to review our strategic plan. A strategic plan shouldn't sit on a shelf once it is completed like it's a once in a lifetime project. A smart entrepreneur knows a strategic plan is an ever-changing, useful document that must be reviewed several times a year to be effective to the entrepreneur. Today's Women TIES wisdom provides some strategic planning tips for women entrepreneurs.
Review Your Mission Statement Once A Year: Your mission statement
which describes your corporate purpose should be reviewed once a year. As competition comes and goes, as new business opportunities present themselves, and as your business evolves, your mission statement might need to change. Find time during a slow business period, to review and update your mission statement.
Review Financial Projections Every 90 Days: In order to keep a company on track with its financial projections, an entrepreneur should review financials every 90 days. Look at your profit and loss statements and your cash flow tables to see if you are on track. Adjust accordingly if you aren't on schedule. Analyze why you aren't or why you are. Create a 90 day plan so the next time you take a look at your standings you hit your projections.
Create A Value Statement: A value statement should include the five most important values your company stands for. Your management staff or advisory board can define them, and then they should be shared with employees. These values should then be seen and felt by your customers.It's essential that the value statement really represents you and your organization.
In entrepreneurial spirit, Tracy Higginbotham, Women TIES
Review Your Mission Statement Once A Year: Your mission statement
which describes your corporate purpose should be reviewed once a year. As competition comes and goes, as new business opportunities present themselves, and as your business evolves, your mission statement might need to change. Find time during a slow business period, to review and update your mission statement.
Review Financial Projections Every 90 Days: In order to keep a company on track with its financial projections, an entrepreneur should review financials every 90 days. Look at your profit and loss statements and your cash flow tables to see if you are on track. Adjust accordingly if you aren't on schedule. Analyze why you aren't or why you are. Create a 90 day plan so the next time you take a look at your standings you hit your projections.
Create A Value Statement: A value statement should include the five most important values your company stands for. Your management staff or advisory board can define them, and then they should be shared with employees. These values should then be seen and felt by your customers.It's essential that the value statement really represents you and your organization.
In entrepreneurial spirit, Tracy Higginbotham, Women TIES
posted by WomenTIES @ 4:05 PM
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