Strategic Planning & Goals: The first step is to identify the key company goals which will be the over_arching direction of the plan. These goals should be focused on three areas: financial, growth initiatives and alignment to the company's vision/mission. This provides the overall direction of the company by establishing high_level goals that will be achieved by tactical initiatives. The overall plan should be 1 to 3 years with measurement mileposts monthly, quarterly and annually. While the plan is put in place at the onset of the year, it should be constantly re_forecast with actual results throughout the year.
Having an effective business plan is critical to the success of any business. That is why I want us to examine this text entitled "Tips & Traps for Writing an Effective Business Plan." It is written by Greg Balanko_Dickson, a third_generation entrepreneur, Licensed Professional Business Coach and founding member of the Professional Business Coaches Alliance.