Small Business owners tend to think that a Small Business strategy is not for them. For sound businesses, a sound business strategy is essential

Defining a strategy can mean the difference between making lots of money and you working 12 hours a day, 7 days a week - and not having a cent to your name at the end of it.

So, are you working too hard? Many smart owners who have a strategy work fewer hours and enjoy bumper profits - often crediting their fortune to having a strategic plan which guides their business.

A Business Strategy defines the focus, vision and objectives for your whole company. A written business strategy will help guide, but not dictate, your operational decisions. Developing, and communicating a strategy influences and guides operational decisions.

The following steps will help you create a strategic plan that fits the needs of your business?

1. Define your business vision. If you could have your hearts desire, what would your business be like? What markets would you seek to dominate?

2. What are your core values? What are its guiding principles? In other words, why are you in business and how do you do business?

3. Strategy concerns long-term plans. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be.

4. Medium Term Planning. These are the specific objectives you plan to achieve this year that will lead you closer to your long-term goals. As soon as you think goals you should also think SMART (Specific, Measurable, Achievable, Relevant and Time-bound). Be clear on the constraints you face. Figure out what resources you've already got, and what resources you need to get you past any barriers. And then create an action plan that clearly lays out how you will achieve your goals. Consulting with your employees will deliver much richer solutions.

5. . Create a set of milestones. This step is important. This is very important, so that you can measure your progress.

6. Share the plan with your employees, and anyone else who will be involved in the process. The short-term plan from your strategy creates the momentum and direction for your day to day activities.

7. Action speaks. Now that you have the roadmap, it's time to begin the journey.

8. Monitor. Just like any trip, you need to check the map every now and then; to be sure you're still on the right road. If something isn't working, the sooner you figure it out and make the necessary adjustments, the sooner you'll be back on track.Prompt corrective action is often more important that the plan itself.

9. Follow the same cycle next year. (Dream, Plan, Act, Check).

Building a robust, realistic and achievable business strategy is not easy. It requires commitment, effort and discipline. Yet the rewards are obvious. Juat about every successful business has an active, documented business strategy.

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