Having a good business plan is critical to having a successful business. At Empire Strategists, we have found that having both a short-term action plan and a long term growth plan is the optimal strategy for effective and continued growth.
A short-term business plan is a set of goals and action items that can realistically be completed within 6-12 months.
This list generally includes 3-7 major goals that are associated with your business operation. These can be specific projects like updating a website, setting up an inventory system or implementing a new POS, or more expansive goals like revenue targets, customer satisfaction and better market positioning. A short description is added, and a task list is complied for each of these goals.
This provides you with a practical checklist of growth items that will lead to the long-term growth of your business and to the completion of your goals.
A long-term strategic growth plan is a roadmap of where you want to be in 5-10 years.
This generally includes revenue and expansion goals and can have less defined goals than the short-term business plan. Your strategic growth plan will often include revenue goals, expansion plans, automation and efficiency goals, etc.
A long-term strategic growth plan will clearly define where you want to be going and short/medium term business plans detail the steps to get there allowing you to plan things out in the short term leading to the completion of your long-term goals.
Combining short- and long-term business plans allows for a dynamic growth pattern giving both long-term goals and the action steps required to complete those goals. A proper strategic growth plan is a must have for every business.