LEARNOVATE E-COMMERCE

Task – 10

Submitte
d By
B. Venkata Sai Sravan

 Give any 10 most effective point to develop long - term business plans
based on the company profile and explain your point also.

1. Define company vision

You should be able to define your company vision in 100 words. Develop this statement and
make it publically available to both employees and customers.
This statement should answer the key questions that drive your business: Where is your company
headed? What do you want your company to be? If you don’t know the answer to these questions
off the top of your head, then you have some thinking to do! If you have the answers in your
head, but not on paper—get writing. If you have them written down, congrats! You’ve
completed the first and most critical step in creating a long-term strategic plan.

2. Define your personal vision

While your personal vision is just as important to your strategic plan, it does not need to be
shared with your team and customers. Your personal vision should incorporate what you want
your business to bring to your life—whether that’s enormous growth, early retirement, or simply
more time to spend with family and friends.
Aligning your personal vision with your company vision is key to achieving your personal and
professional goals. Just as with your company vision, have your personal vision written
down in a 100-word statement. Know that statement inside and out and keep it at the forefront of
your decision making.
3. Know your business
By knowing where your business is now, you can make more informed predictions for how it
can grow.
Questions such as “Why is this business important?” and “What does this business do best?” are
a great place to start. A SWOT analysis can also help you plan for making improvements.
Questions such as “What needs improvement?” and “What more could the business be doing?”
can help guide your strategic plan in a way that closes gaps and opens up opportunities. For more
on completing a SWOT analysis, see our SWOT analysis guide.

4. Establish short-term goals

Short-term goals should include everything you (realistically) want to achieve over the next 36
months.
Goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).An
example of S.M.A.R.T. goals include “building out a new product or service within the next
year” or “increasing net profit by 2 percent in ten months.” If you’ve already conducted a SWOT
analysis, you should have an idea of what your business can reasonably achieve over a specified
period of time.

5. Outline strategies
Strategies are the steps you’ll take to meet your short-term goals. If the short term goal is “build
out a new product or service,” the strategies might be:
 Researching competitor offerings
 Getting in touch with vendors and suppliers
 Formulating a development plan
 Outlining a marketing and sales plan for the new offering

6. Create an action plan

An action plan is an essential part of the business planning and strategy development process.
The best analysis, in-depth market research, and creative strategizing are pointless unless they
lead to action. An action plan needs to be a working document; it must be easy to change and
update. But, must also be specific about what you’re doing, when you will do it, who will be
accountable, what resources will be needed, and how that action will be measured.
When The Alternative Board, Bradford West Director Andrew Hartley was responsible for
designing and delivering a three year, $10m environmental business support program, a full and
detailed action plan was required for funding. That action plan allowed me to
1.) manage and measure the evolving program,
2.) ensure resources and staff were where they needed to be, and
3.) track whether the design of the program was working and delivering the level of results we
were contracted to deliver,” says Hartley.

7. Foster strategic communication

To align your team, you must communicate strategically. Results-driven communication focuses
conversations and cuts out excessive meetings. Every communication should be rooted in a
specific goal. Include the how, where, when, and most importantly why every time you deliver
instructions, feedback, updates, and so on.

8. Review and modify regularly

Check in regularly to make sure you’re progressing toward your goals. A weekly review of your
goals, strategies, and action plans can help you see if you need to make any modifications.
Schedule time in your calendar for this. Weekly check-ins allow you to reassess your plan in
light of any progress, setbacks, or changes.

9. Hold yourself accountable

Having a business coach or mentor is great for this. If you have a hard time sticking to your
plans, you’ll have an equally hard time meeting your goals. According to The Alternative
Board’s September 2015 Business Pulse Survey, the number one reason business owners choose
to work with mentors is accountability.
“Having a close—but not too close—space for advice and accountability is really valuable,” says
TAB Member Scott Lininger, CEO of Bitsbox. “Someone who is too close to your business
(such as board members) often have a perspective that’s too similar to your own. Over time, your
coach comes to know your team, your product, and your business, and they help you work
through all kinds of challenges in a way that’s unique.”

10. Be adaptable
Remember: You can’t plan for everything. Just as challenges will arrive, so too will
opportunities, and you must be ready at a moment’s notice to amend your plan. Weekly reviews
will help enormously with this.
“A strategic plan will likely need to be changed very soon after approval because nobody can
accurately predict anything but the very near term future,” says Jim Morris, owner and President
of The Alternative Board, Tennessee Valley. “You stay adaptable by monitoring the plan every
day. The wise leader will be constantly looking for opportunities to exceed the strategic plan by
being opportunistic, creative, and by exploiting weaknesses in the competitive market.”
By doing this, Morris was able to exceed forecast results of every strategic plan he ever
approved. “The times when I needed to be flexible were when we met strategic plan goals ahead
of time and had to rewrite the plan to keep it current and relevant.”