The end of 2018 is nearly upon us, which means it's time to look back on this past year and begin prepping for the year to come.
Whether you've never created a strategic plan before, or you're in need of a quick refresher to fine-tune the plan you already have in mind, review these key steps to make your 2019 strategic plan a motivating and effective one for your business.
Start With Your Mission and Vision
While we may not read our mission and vision statements often or think about them every day, the start of a new year is a great opportunity to remind yourself why you started in the first place. What is your company's overall mission? What kind of impact are you wanting to leave on the world?
Next, take it one step farther and ask yourself another few questions:
- How successful have we been in striving for our mission and vision statements?
- Are these still accurate descriptions of the impact we'd like to have?
- Do they need modifications or revisions to better fit your business?
Knowing the answers to all of these questions can help you define where you should be focusing your energy and which actions you should be taking next.
Ideal Customers and Target Markets
It's quite possible that this hasn't changed, but you should evaluate your audience regularly anyway. As your business grows over time, you likely have discovered that your buyer personas or avatars for your ideal customers have either shifted, expanded, narrowed, or completely changed altogether.
And even if you've had great success with one market over the last few years, you may want to take this time to strategize which other markets have potential and work on attracting these new audiences in 2019.
Your BHAG & WIGs
Short for "Big, Hairy, Audacious Goal," a BHAG is a vital piece of your annual strategic plan. It should be a challenging yet motivating goal that you aren't quite 100% sure you'll reach, but will be striving for throughout the entire year.
But you'll also need some smaller, supporting goals that each assist you in ultimately achieving your BHAG for 2019. Experts typically suggest that you limit these to have only three — any more than that and your chances of achieving any of them drops by 80%. These three goals are your WIGs, also known as your wildly important goals, and are important lead measures in this strategic plan.
A well-thought out strategic plan should touch on the why, what, and how of your business. Your vision, mission, and target audience all fits into your big why; your BHAG is your what (what are you hoping to accomplish?); and your three WIGs determine how you'll be successful in reaching your intended destination.
Join a Mastermind Group in Lakewood, CO
Need a little extra support and reassurance to help you create your strategic plan for 2019? Consider joining one of our Next Level Groups! Read more about our Next Level Groups or request a consultation to see if our Denver business coaching is a good fit for you!
About Mitch Behm, Behm Consulting
Mitch Behm, a Denver business coach of Behm Consulting, gives you and your team the one-on-one training and insight you need to take your profits, and your organization, to the next level.