Small business strategic planning tools. Working on the strategic planning of your business is a fundamental pillar for the success of your company. So, now get to know the 10 tools that will help you a lot to work on your planning.
And build a very solid and efficient foundation to make a very assertive and coherent decision. Believe me: these tools will make all the difference to your business! You want to receive tips and information to set up your own business.
So subscribe to this channel and stay on top of everything you need to know to open your own company. For the tools to work well, you first need to understand what strategic planning is and how to work with it the right way. In short, strategic planning is the management process used to create a plan for how to achieve an objective or set of goals.
Thus, it is essential to develop a medium and long-term vision. And thus organize and prepare your company to move in the direction initially planned. At the same time, it allows you to adjust during the execution of the plan in a coherent and assertive way.
Therefore, if you want to understand everything you need to know about strategic planning, watch our very practical video on this subject. To do so, just click on this button above or on the link in the description. That said, let's move on to our 10 tooltips.
And for each of them, we have a video that explains how they work in a very practical way, with more details and examples. So let's leave their link here in the description, agreed? So let's go!
1. SWOT ANALYSIS Its main objective is to identify the key characteristics of a company and the market in which it operates, being divided into two parts: • internal environment: where the strengths and weaknesses of the company will be identified • external environment: where are the threats and opportunities. SWOT analysis is a tool that: • diagnoses the company and the market; • it helps (and a lot) in the company's decision making; • points out the points that the company needs to improve; • identifies key items for the organization's management, which implies establishing action priorities; • Finally, it prepares strategic plans to take advantage of market opportunities and solve problems and risks.
That is, in short, it can be used as a basis for management and strategic business planning. 2. PORTER'S 5 FORCES This tool studies the forces that influence a company's ability to serve its customers and make a profit.
And she considers five factors, the competitive “forces” , that must be studied in order to develop an efficient business strategy. Which are: Rivalry among competitors; Bargaining power of suppliers; Bargaining power of customers; Threat of new products or services. Threat of new competitors; These 5 Porter forces work as pillars for a company.
The idea is that, if any pillar is modified, the company needs to reassess its strategic positioning in the market. This tool makes organizations look closely at their competitors. However, it also encourages you to look beyond the actions of your competitors.
And examine what other factors could impact the business environment. As a result, all five of these forces that make up the competitive environment can directly influence the performance and profitability of your business. 3.
BCG MATRIX The objective of this tool is to analyze the performance and future potential of each product or service of your company in the market. In this way, it will be possible to understand how each one is performing to know if they are being profitable or not for the company. Thus, make well-informed decisions and define strategies to know where to focus your efforts and investments.
Focus where it really matters. Keep in mind that not always selling a product/service a lot means that it is bringing a lot of profit to the company. Sometimes, a certain product can even sell a lot, but at the same time it requires a lot of investment by the company, which ends up reducing its profit margin.
And in some cases, it can even hurt in the end. That's what the BCG Matrix works very well for. 4.
SMART GOALS This tool helps to define smart goals, based on five points: be specific, measurable, attainable, relevant and timely. At first, it is really very practical to work with. Still, it will make all the difference in setting your goals.
That way, you can focus and work where it really matters. In subjects that will bring true results for your company. In goals that are really possible to be achieved.
5. MISSION, VISION AND VALUES These three pillars serve as a compass for companies, guiding the paths to seek the expected results. In other words, they help define the strategic direction of companies.
In a practical way, we can define that: MISSION: It is the purpose of the company to exist, its reason for being. Why does the company or business exist? That is, what is, literally, the mission of the company when it was founded and created.
Why was it created or was it set up to solve which problem? The mission is directly linked to the institutional objectives and the reasons why the company was created, which represents its reason for being. VISION: It is the situation in which the company wants to arrive.
That is, it is the position the company wants to occupy in a future scenario. VALUES: Represent the principles or beliefs that the company believes in. In a way, they are the criteria for the behaviors, decisions and attitudes that will be followed in order to achieve its mission and achieve its vision.
In other words, it defines the company's way of being or behaving. 6. PDCA CYCLE It basically consists of a quality management tool that aims to bring continuous improvements to the processes, products and services of a company or project.
Or even to identify and solve some kind of problem too. It is called a cycle also because it needs to be cyclic. That is, it must be applied repeatedly and systematically to have an effect even in the short, medium and long term.
The PDCA meaning comes from an acronym in English, where: P comes from Plan, which is to plan. D comes from Do, which is to execute C comes from Check, which is to check A comes from Act, which is to act. Therefore, it is possible to understand that the PDCA Cycle consists of carrying out a plan, executing it to put it into practice, verifying and monitoring the results and acting on any possible correction or improvement.
In this way, it will be possible to accelerate and improve the processes of a company, by identifying problems, causes and solutions. 7. BUSINESS MODEL CANVAS Also known as Business Model Generation (or Business Model Generator), Canvas consists of representing the business model visually on a board.
It addresses 4 blocks with 9 topics in total, which represent the main points that must be taken into account in any type of business or company. What 1- Value Offering Who 2- Customer Segments 3- Customer Relationships 4- Channels How 5- Key Activities 6- Key Partnerships 7- Key Resources How Much 8- Cost Structure 9- Revenue Sources Filling these tables and topics, you will have a much more comprehensive and clear view of how your company or business idea will work. 8.
ANSOFF MATRIX In short, it is nothing more than a resource used by companies to plan and work on strategic growth actions. It makes companies study their context in order to be able to improve their practices and, consequently, grow. In addition, it also identifies opportunities and verifies risks by evaluating 4 types of strategies: market penetration, product development, market development and diversification.
All this through an analysis between products and the market, which already existed or started recently. The Ansoff Matrix helps a lot in creating ideas to make the company take advantage of opportunities, stand out in the market and trace realistic paths to achieve constant growth. 9.
OKR OKR is an acronym of the English term “Objectives and Key Results”, which in Portuguese means Objectives and Key Results of a company. This methodology helps you classify what is important to achieve your goals. Therefore, we can say that measuring results is the main point of OKR.
OKR works in a very simple way: OBJECTIVES: They represent what the company wants to achieve. In addition to directing everyone on the same path, they will keep the people involved focused and engaged. KEY RESULTS: These are the parameters that the company has to determine whether the objectives are close to being achieved or not.
That is, they are the goals that need to be achieved to show that the path being pursued is right or not. And so, keep walking to reach the final goals. 10.
ACTION PLAN Basically, it is a tool that uses a methodology that lists, organizes, executes and monitors all the necessary actions to reach and materialize objectives and goals. In addition, it points out schedule, deadlines and responsible for each task. Literally, an action plan scores where you or your company wants to go.
Thus, create a well-organized map to achieve what you want. As a result, it will help you execute your strategies in an organized, planned and effective manner. These were our tool tips to work your strategic planning well.
However, it is important to make it clear that they are not the only ones, but they are very powerful and will make all the difference. So, if you know of any other tools that we haven't talked about here, share them with us in the comments, agreed? What's up?
Did you like this video? So, if you can, click on the “Thanks” button below and help our channel to continue producing and improving videos and content of this type for you. And just to recap what we talked about here: 1.
SWOT ANALYSIS 2. 5 PORTER STRENGTHS 3. BCG MATRIX 4.
SMART GOALS 5. MISSION, VISION AND VALUES 6. PDCA CYCLE 7.
BUSINESS MODEL CANVAS 8. ANSOFF MATRIX 9. OKR 10.
ACTION PLAN We hope you enjoyed it! And if you want to learn more about how to set up and manage your own business, visit our YouTube channel where we have several videos on this subject, okay? And if you liked it, share this video with your friends and family to help them too!
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