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As we enter the 4th quarter, it’s time to start thinking about planning, defining strategies, and setting revenue goals for 2024 that will inspire our business' continued growth.
Many times, we small business owners shy away from creating an annual strategic business plan because we may not know where to start, and then find ourselves putting off key decisions and not maximizing profits.
Today I want to share with you the power of a good one-page plan. It’s a great tool that guides us in planning for the upcoming year, and then tracking our performance.
Vision
The vision statement articulates your hopes and dreams for the business for the next 5-10 years. Make it concise and inspirational.
Mission
The mission statement describes how you intend to achieve your vision.
Strategy
The strategy needs to demonstrate how your business will be profitable in the next 3 years to meet your Mission and Vision.
· Identify who are your ideal clients.
· Define the needs and wants of your ideal clients and how to meet them.
· Know your competition and what differentiates your product or service from theirs.
Objectives and Key Results (OKRs)
OKRs identify your targets and metrics for success for the upcoming year, as well as potential questions or challenges. They describe what needs to be accomplished to turn your strategy into a success, must be measurable, and must have a timeframe for completion. For example:
· Sell 500 units of product by year end.
· Hire an Operations Manager in the first three months of 2024.
· Obtain Minority/Woman Business Enterprise certification by June 30, 2024.
Action Plans
Briefly describe the action items needed to achieve your objectives, using milestone dates. Dedicate at least two hours every week to reviewing the status of your action items and objectives to ensure that you’re meeting the milestones, and that your plan is on track.
If you need an extra set of eyes to help you create your 2024 strategic plan and track your milestones, we can help. Contact us at millieherrera@themiamigroup.com.