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Rather, in addition to defining who your key competitors are, you should list their strengths & weaknesses.Most importantly, use this analysis to determine your current competitive advantages and ways to develop additional advantages.
Then work backwards two more times to determine your goals for the next quarter and the next month.
Ideally you update you strategic plan monthly to modify this section.
Also, once you determine the opportunities you will pursue, your financial projections will map out the goals.
For example, you’ll know exactly how many new customers you must attract in the next month, and at what price point, to achieve next month’s goal.
A strategic plan is a roadmap to grow your business.
To help you succeed, use this proven strategic plan template, and the information below details the 13 key sections you must include in your strategic plan.Finally, you’ll map out each of your initiatives, ideally in a Gantt chart, so you know when each project will start and who will lead them.Section 13: Financial Projections The final section of your strategic plan is your financial projections. First, you can use a financial model to assess the potential results for each opportunity you consider pursuing.They key is to first identify your 5 year or long-term goals.Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.Section 10: Marketing Plan In addition to your strategic plan, I recommend you develop a comprehensive marketing plan describing how you will attract prospects, convert them to paying customers and maximize your lifetime customer value.Include a summary of your marketing plan in your strategic plan.Section 6: Key Performance Indicators (KPIs) Great businesses understand their metrics and KPIs.By tracking your KPIs, you know exactly how your business is performing and can adjust as needed.For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.