With 2023 almost here, I was thinking about advice for entrepreneurs in the new year. It’s a tough time right now as the economy and most companies are in a defensive posture — many negative economic factors are still pulsing through the system. No matter the situation, I keep coming back to the most important general purpose tool entrepreneurs should use: a simple strategic plan.
The simple strategic plan, just like it sounds, is a high level overview of the business and the critical elements of the company. The goal isn’t to be the a comprehensive, detailed write-up of all aspects of the enterprise. Rather, the goal is to get everyone inside and outside the company on the same page with as much clarity and concision as possible. Put another way, if you could only use 250 words to tell someone about the business, this is the best formula to do so.
Now, here’s the outline of the simple strategic plan:
Purpose
- One line purpose
Core Values
- General – fit on one line
- People – fit on one line
Market
- One line description of your market
Brand Promise
- One line brand promise
Elevator Pitch
- No more than three sentences for the elevator pitch
3 Year Target
- One line with the numeric target, often the most important KPI
Annual Goals
- 3-5 annual quantitative SMART goals in table format with the start value, current value, and target value
Quarterly Goals
- 3-5 quarterly quantitative SMART goals in table format with the start value, current value, and target value
Quarterly Priority Projects
- Three one-line priority projects with the percent complete for each
Simple strategic plans are most effective when managed in a Google Doc, Notion Doc, or similar collaborative system. The plan should be widely shared, updated regularly, and talked about frequently. As a living, breathing document, it represents the foundation of the company whereby everyone is aligned and organized.
If you make one action item for the new year, make it to build and maintain a simple strategic plan. Good luck in 2023!
Entrepreneur
via https://www.aiupnow.com
David Cummings, Khareem Sudlow
