All businesses require a strategic plan or roadmap to define company values and create a singular vision that should essentially chart the right direction for growth. This process begins by crafting vision and mission statements, creating well defined objectives and performing a SWOT (strengths, weaknesses, opportunities and threats) analysis of the company. This information is used by business leaders to develop, implement and review company objectives and strategies on an ad hoc basis.
Crafting company vision and mission statements
The first step in creating a concise road map for a company is to clearly state its mission and vision and communicate them both internally and externally. These two statements should communicate core company values while stating specifically the reasons behind the company’s existence. They are the basis on which business development, strategic planning and marketing and most importantly, customer service are built on. A good mission statement should capture all these aspects. For instance, one could have this as a mission statement: “To be a market leader in provision of value for our customers with commitment to innovative solutions, quality products and excellent customer service.
Developing company objectives and goals
The next step in developing business roadmap is to develop concrete objectives upon which company goals can be built. Part of the company goals may be apparent in the mission and vision statements but specific objectives require clear definition. Company objectives may range from expansion to international markets, becoming largest provider of a certain product or service, focusing on customer satisfaction and wealth creation for clients among others. Clearly defining and stating major aims and goals to be achieved by the company is the first step to creating a specific direction for growth.
Performing a SWOT analysis
After clear objectives have been developed the next step in business road map is to perform an analysis of the company’s strengths, weaknesses, opportunities and threats, commonly known as a SWOT analysis. In evaluating its strength and weaknesses, a company should examine all its internal structures and processes to seek out those that are working well and those that require fixing. Strength and weaknesses represent the internal challenges that must be faced by a company in order to achieve growth. O the other hand, in evaluating opportunities and strengths, a company should look at external factors which could either help or hinder the achievement of company objectives. For instance if a company is in the process of introducing a new product overseas, this analysis may reveal that even though the product is strong, lack of knowledge in overseas marketing may hamper this new development. An external analysis may reveal the existence of partnership opportunities with more experienced foreign companies. Company goals should essentially be based on this analysis.
Defining core strategies
Core strategies are defined through setting goals and implementing company projects. Goal setting should involve reviewing the SWOT analysis so as to identify viable goals for the company. Based on this analysis, new goals are set and assigned to specific individuals in the company for implementation. This whole process is what constitutes a core strategy.
Reviewing organization objectives, implementation plans and operational results
Organizational goals, implementation strategies and operational outcomes should be periodically evaluated so as to ascertain the growth trajectory and prospects of the company. With proper review and analysis, an organization should be able to see new threats and address them through new strategies.