Choose the best revision for the following sentence. "If you take the wrong strategic approach, you will fail."

a. Take the right approach, or you'll certainly fail.
b. Don't make the wrong choice, or you will mess up your strategy.
d. With the correct strategic approach, you will succeed.

The correct answer to the problem is "d" - "With the correct strategic approach, you will succeed."

Explanation:

In strategic planning if you chose the correct strategy, definitely you shall succeed and if you take the wrong strategy, you shall fail.

Five Steps to a Strategic Plan

It’s hard to accomplish anything without a plan. Whether you’re coaching choir group, preparing for a party, or running a small business, you need a strategic plan.

A strategic plan looks at all the things your small business could do and narrows it down to the things it is good at doing. A strategic plan also helps business leaders determine where to spend time, human capital, and money.

But, how should small businesses approach strategic planning? There are hundreds of business books, articles and write-ups dedicated to the topic. We’ve read most of them. We put the others on our bookshelf just for display.

Developing a strategic plan might seem like an overwhelming process, but if you break it down, it’s easy to tackle. Here’s my five-step approach:

1. Determine where your Destination - This is harder than it looks. Some people see themselves as to how they WANT to see themselves, not how they appear to others. Many small businesses get snared in this same trap.

For an accurate picture of where your business is, conduct external and internal audits to get a clear understanding of the marketplace, the competitive environment and your organization’s competencies (your real—not perceived—competencies).

2. Identify What’s Important - Focus on where you want to take your organization over time (in the short, mid & long run). This sets the direction of the enterprise over the long term and clearly defines the mission (markets, customers, products, pricing, etc.) and vision (conceptualization of what your organization’s future should or could be).

From this analysis, you can determine the priority issues—those issues so significant to the overall well-being of the enterprise that they require the full and immediate attention of the entire management team. The strategic plan should focus on these issues.

3. Define What You Must Achieve - Define the expected objectives that clearly state what your organization must achieve to address, the priority issues.

4. Determine Who Is Accountable - This is how you’re going to get to your target destination. The strategies, action plans and budgets are all steps in the process that effectively communicates how you will allocate time, human capital  and money to address the priority issues and achieve the defined objectives.

5. Review (the Feed-back) - It’s not over until you diagnose your areas of strengths, weaknesses, Opportunities & Threats. To ensure the plan performs as designed, you must hold regularly scheduled formal reviews of the process and refine it as necessary. I suggest at least once a quarter.

A strategic plan is a wonderful thing. It can help you take your small business to places you never thought possible. If you haven’t already done so, take the time to lay out a strategic plan now. It will help keep your small business on track and you focused on the future. Keep propelling with a guide...

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