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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.
This is because the more you can “speak” directly to your target customer wants and needs in your marketing, the better you will attract them.
Section 8: Industry Analysis Your industry analysis doesn’t have to be a comprehensive report on what’s going on in your market.
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.
Section 7: Target Customers In this section of your strategic plan, you will identify the wants and needs of each of your target customer groups.
This is important in focusing your marketing efforts and getting a higher return on investment on your advertising expenditures.However, you should conduct an analysis to ensure the market size is growing (if not, you might want to diversify), and to help identify new opportunities for growth.Section 9: Competitive Analysis & Advantage Similarly to your industry analysis, your competitive analysis doesn’t have to be a thorough report listing every detail about every competitor.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.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.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.