Strategic Planning for SMEs Growth in Nigeria

A strategic plan document is typically the result of the strategic planning process. It is a stepping-stone towards strategy implementation and offers a road map for accomplishing your business’ strategic goals.

Rather than being fixed in stone, your strategic plan should be a dynamic document. You may need to re-examine and modify periodically to fit the changing needs of your business.

Though, there is no specific standard for a strategic planning document, but it is important to include the following:

Introduction Statement – You are expected to give reasons why you developed the strategic plan, its scope and duration.

Business Statement – Under this, you need describe the business and its history. This can be succinct and persuasive when explaining your business to others.

Vision Statement – This will describe what you want to achieve or where you want your business to be.

Core Values – Outlining the principles that underpin your business culture.

Mission Statement – Describing the long-term purpose of your business.

Problem statement – Explaining key issues that you wish to address.

SWOT Analysis – Examining your business’ internal strengths and weaknesses, as well as external opportunities and threats. See a SWOT analysis example.

Objectives and Goals – Outlining your top level objectives as measurable and actionable steps. These might include attracting a new type of customer, developing new products and services, or securing new sources of finance.

Implementation plan – Under this, you need to set out key actions (with desired outcomes and deadlines) needed to fulfill your top-level objectives.

Monitoring and Evaluation – Determination of Key Performance Indicators (KPIs) you will track, and how you monitor the progress against actions on an ongoing basis.

Resourcing – Summarizing the impact of the proposed strategy on resources, including budget, staffing, premises and equipment.

Executive Summary – This can be useful for prospective investors and other key external stakeholders.

Once you finalize this document, you will need to take steps to implement your strategic plans.

For more information:

As a Management Consulting Firm in Nigeria, SOW Professional Services  understands the importance of Strategic Planning to organisations and can assist you with the process. Please call: Call us on 07038254989 or send a mail to care@sowprofessional.com,WhatsApp:08152451523, www.sowprofessional.com