Many entrepreneurs dream of developing products that can surprise competitors and make new markets ablaze. Even the most innovative products can be a failure if they're not backed by a solid business plan. A solid business strategy is key to navigating the current economic turbulence.
A good business strategy is one that aligns the departments' activities to achieve strategic goals. This assists in achieving overall business success by providing a clear understanding on how to make intelligent decisions and allocate resources. The end result is that successful companies create value for shareholders and their customers by utilizing an array of competitive positioning and organizational resources.
The first step to develop an effective business plan is to conduct an analysis of the market to identify your strengths, weaknesses and opportunities for growth. The process can also uncover gaps in your market that your company can fill. Once the market analysis is done, it's time to set your goals and formulate a plan to achieve them. These goals should be SMART (specific concrete, measurable and actionable, relevant and time-based). They could be operational or financial in nature.
A good business plan should be based on the mission of your organization. This can be a broad goal, such as "growing an organization that is recognized for its innovative products and services" or a more specific one, such as "increasing new customers by 10% per month for the duration of a year." Once your vision and goals are clearly defined then you need to create an action plan for your business that includes strategies to meet both short-term and long-term objectives.