What is a Long-Range Plan? How to create it
Are you thinking about improving your business? be the best player un the market?
In the fight to get to market, the companies often forget key elements, for example, stabilize their mission and vision to ensure the business in the right direction. As you guess the company often lost its direction also in this situation remains to be successful in a short time. Create a Long-Range Plan helps to keep the most profitable status in the market.
What is a Long-Range Plan? to be fast, a Long-Range Plan is a document that acts like a map, where the company stabilizes clearly how they are going to get their goals and how they want to take a position in the market. It allows to accurately prioritize work, and have under control your growth and results. This document frees you from the troubling cycle of day-to-day planning, no need to say that this Long Range Plan doesn’t save you the little problems that you cand find on your day today. But you have an important vision of where you want to arrive.
Furthermore, a Long-Range Plan helps you to manage your company at a strategic level and research strategic topics through how the market moves. You have to consider include this plan in your budgeting process and forecasting how the market will be moving.
Let’s try to introduce how to create a Long-Range Plan in your company with some tips to have in consideration.
- Mission and Vision Statements
One of the first topics that you ought to be clear is your company’s Mission and Vision, they serve to stabilize the business the company policy, creating an approach to the market. It is important that your company is aligned with a good mission and vision statement. At this point, you have to spend time understanding which is your brand identity, what you want to do, through co-working with the company’s stakeholders and shareholders in order to define a clear vision.
This process can take a few weeks owing to you have to schedule a few meetings with the company superintendence, in these meetings you will incubate ideas, including decisions to clarify the right company direction. Once the plan has been created, it can be consulted whenever there is a change in the strategic commercial and should be adjusted.
- Define Goals
To have clear the goals and identify them, you have to ask you, some questions to understand which is the meaning and the purpose. Going furthermore the questions are:
- What do we do? What do we want to do?
- what are our weaknesses and strengths? DAFO Matrix
- What opportunities should we consider in the market?
- Where do you see your business in one year from now? 5 years? 10 years?
- Have we resources to go there?
- Is there a potential customer base?
- Is any player in the market that does the same? will they do the same?
In base of these questions, you can start to define your goals. Keep in mind that your company must be aligned in this work.
- Write the plan
In this streamwork, you can involve the people that you can think is important, for example, owners, directors, senior executives in writing the plan. The Longe Range Plan should be a guide for all areas in the company:
- Market approach
- Marketing communications and message
- Measurables Sales and Operational goals
- Customer Oriented
And the last step is to put in march all this information and ideas. Try to assure all the company in the same mission with focus its goals. And Review every quarter if the results are going well or you have to change
