Writing a Strategic Plan

But how do you write a strategic plan that is clear, concise, and compelling? Here is what we will cover in the Strategic Plan template:

1. Analyze your situation.

Before you start writing your strategic plan, you need to understand your current situation and the external factors that affect it. You will use PEST analysis (political, economic, social, and technological factors) and SWOT analysis (strengths, weaknesses, opportunities, and threats) to assess your industry, market, customers, competitors, and internal capabilities. You can also gather feedback from your stakeholders, such as employees, customers, partners, and investors.

2. Define your vision and mission.

Your vision statement is a concise description of what you want to achieve in the long term. It should inspire and motivate your stakeholders and guide your decision-making. Your mission statement briefly explains why you exist and what you do. It should clarify your purpose and value proposition.

3. Set your goals and objectives.

Your goals are the broad outcomes that you want to accomplish in a specific time frame. They should be aligned with your vision and mission and be SMART (specific, measurable, achievable, relevant, and time-bound). Your objectives are the specific steps that you need to take to achieve your goals. They should be clear, actionable, and quantifiable.

4. Develop your strategies and actions.

Your strategies are the approaches that you will use to achieve your objectives. They should be based on your analysis of your situation and your competitive advantage. Your actions are the specific tasks that you will perform to implement your strategies. They should be assigned to specific people or teams, have deadlines and budgets, and be tracked and monitored.

5. Create your key performance indicators (KPIs).

Your KPIs are the metrics that you will use to measure your progress and success. They should be aligned with your objectives and reflect the outcomes that matter most to you and your stakeholders. You should choose KPIs that are relevant, realistic, and reliable.

These are the basic steps for writing a strategic plan that gets results. Of course, you can customize your plan according to your needs and preferences. 

Here are links to articles that will help you understand the power of Measuring Franchise Performance, Discovery, Marketing, and Franchise Business Strategies: