Creating and documenting your strategy establishes a road map to declare your goals and how you plan to reach them. This can be harder than you think, but by selecting some basics, you can determine the best way to integrate your operating, tax, and financial goals.
The first determination might be what is the "ultimate" long-term term goal. For instance, are you looking to build a sustainable cash flow for you and your family, or do you want to build value for a strategic exit?
Start by answering these six questions to outline a strategic plan that will help you achieve your goals:
1) Establish clear and measurable goals and objectives.
2) Analyze internal strengths and weaknesses to identify areas for improvement and opportunities for growth.
3) Analyze external opportunities and threats to identify potential areas of growth and risk.
4) Develop strategies that capitalize on the organization’s strengths and minimize weaknesses.
5) Regularly monitor and evaluate progress against the plan to ensure that goals and objectives are met, and strategies are implemented effectively.
6) Annually reevaluate the goals and objectives and update facts and circumstances.
Utilizing a third party will give you the best chances for success. Many organizations are bogged down on step one because they cannot adequately narrow the list of possibilities to what is achievable or agree on rational measurements. Understanding that the team may discover information in Steps 2 & 3 may require you to go back and refine goals and objectives from Step 1. Completing all six steps will give your organization the foundation necessary to meet your long-term goals.
Contact the professionals at Saggar and Rosenberg for more insights to begin or revisit your strategic plan.
