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Plan For Growth To approach growth strategically, you must begin with a plan that contains three elements:
This is where you put your vision on paper. It's the ultimate destination, the long-term goal, the imaginary place you are trying to make real. Usually, it lasts for the lifetime of the business. It addresses:
For example, a home decorating store's mission statement may be: "To enable first-time home buyers in this city to create functional, tasteful and inexpensive interiors using a combination of their existing furniture and fittings matched with new or used materials provided by our company." Goals and Objectives This is the route you intend to take on your mission - the strategies. Usually, you will update them annually. The goals and objectives must:
A sample objective: "By the end of this fiscal year, we will increase sales to homeowners by 20%." Action Plan This is the list of tasks that will take you to your goals and objectives. They simply describe the action to be taken, including a deadline, such as: "Complete sales staff hiring and training by end of October." Like a household list, they're checked off when they're achieved and new tasks are added. |