Strategic Planning

MoneyWatch for August 2008
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Developing a strategy for your small business can be quite beneficial, especially in a competitive marketplace.  According to SmartBiz.com, a strategic plan “helps an organization clarify its future direction, focus its energy, and ensure that everyone works toward the same goals.” Not only will a strategic plan allow your business achieve its objectives efficiently, it is also a great tool to help you anticipate changes and identify opportunities in the market.  Here are some tips from MasterCard on creating a successful strategic plan.

* Define your Purpose and Mission Statement
* Identify your Business’s Strengths, Weaknesses, Opportunities and Threats (SWOT)
* Set Goals
* Develop Action Plans
* Implement the Plan
* Plan Quickly and Stay Flexible

Click on these links for more tips and resources on strategic planning.

MasterCard: Strategy and Planning
Management Help.org: Links to Articles on Strategic Planning
Business.com: Guide to Creating a Small Business Plan
PlanWare: Developing a Strategic Plan and Free Online Strategic Planning Tool
About.com: Various Strategic Planning Resources
NetMBA: The Strategic Planning Process
Minority Business Development Agency (MBDA): Developing a Strategic Plan
Entrepreneur: The Best Strategy for Your Business
BusinessWeek: A Better Scheme for Strategic Planning
SmartBiz: Developing the Strategic Plan

Support for MoneyWatch is made possible by Charter One Foundation.

Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.