How “Actionable” and “Strategic” is your Strategic Plan?

It’s easy to become commoditized in this economy because the entire world often now feels like a store. People can find products and services cheaper, more quickly, and with more features while mindlessly scrolling through an app. In this way, our current economy creates much more risk for just about any business. 

It is currently more critical than ever to take charge of your business with some solid planning to help you be successful and lower your business risk. 

Creating a strategic plan for your business with goals and a solid direction can help your business stand out and thrive, and Generations Law Group is here to walk to you through it.

Creating a strategic plan for your business helps prepare you for anything — new business transactions, litigation, or passing on your business through a business succession plan.

But three key elements of strategic plan include:

The key is to invest the time into creating a strategic plan that can lead your company over the next year or more. When this happens, amazing things can happen to your business. 

The important part is to get started and to invest the time to develop a plan that represents what you truly want to accomplish during the year. 

Once you have decided to create a strategic plan, the real work begins.

Ask anyone successful at strategic planning, and they will tell you that it’s all in the execution of the plan. 

Creating the plan is just the starting point. Take some time to think about where you would like to see your business be by the end of the year (or, for business succession planning, for the end of your career). 

Once the planning process has begun, this is where you have to ask, “What do we need to do to put this into action?” 

While creating a strategic plan, creating an action list for each goal can help make the overall plan workable. Dividing up the tasks is also very important at this stage — assigning dates and names associated with making sure the plan will happen.

Once you have some specific and achievable goals and objectives from your team, now it’s time to execute and get to work. 

Having your team break down every goal and objective into concrete actions allows you to assign accountability and due dates for these actions. This process can take time, and perhaps course correction may be needed, but it will be well worth the investment. 

There are many different apps to help organize and track your team’s progress towards the goals, as well. Finding one that fits your team can help execute your plans.

The final stage of strategic planning is measuring your progress. 

Leadership should schedule regular update meetings to track progress along the way. This step is where you can make any course corrections that might be necessary based on market conditions or other significant changes in your business.

You can also get in touch with a business successions attorney with experience in helping businesses through strategic planning. By hiring an attorney to help you through the details, you’ll be sure to avoid any legal pitfalls and keep your business out of legal trouble down the road.

Generations Law Group can help if any other questions arise for your business. We’ve got a trusted team of top-notch business lawyers, and we also work with out-of-state lawyers to provide specialized legal services to clients, regardless of where the client is located.

Give us a call at (208) 401- 9300 or contact us on our website so we can get started on your business goals.