When Steve Scott and his wife Teresa decided to open Scott’s Pawn & Jewelry in 1993, they started out as a small, local shop in Alabaster, Alabama. With hard-work and determination, and a strategic plan for growth, they’ve been able to expand their operations to more than thirty locations across the Southeast. Having a strategic plan in place is critical for businesses to grow and find success.
Unlike a classic business plan, a strategic plan is created to describe where you want your company to go, not how you’re going to get there. Strategic plans consist of three areas.
Where Your Company is Now
You need to look at your mission and value statements when you think about where your company is now. You will also need to look at your strategic position. This allows you to determine if you need to shift or change any of your company goals or objectives. To review your strategic position, you need to look at your company’s strengths, weaknesses, opportunities, and threats (SWOT). You need to spend the time to build on your strengths, shore up any weaknesses, capitalize on opportunities, and recognize threats.
Where Your Company is Going
When considering where your company is going, you need to consider what it will look like in the future and what kind of future you want to create for your company. This is done by formulating a vision of what the company will look like in five to ten years and figuring out what your sustainable competitive advantage is over the competition.
How You Will Get There
This area is the meat of your strategic plan and can be the most time-consuming. Your plan needs to consist of strategic objectives, a strategy, short-term goals, action items, and a scorecard that measures and manages the plan.
When it comes to growing a business, you have to have a plan for achieving your objectives and goals. When Scott’s Pawn & Jewelry opened in 1993, owners Steve Scott and Teresa Scott developed a strategic plan to grow the business, resulting in more than thirty locations being opened in the last twenty years.