What is a SME Strategy?
A SME strategy is a comprehensive plan of action that outlines how a small or medium-sized enterprise (SME) can achieve its business goals. It is composed of several focus areas, objectives, key performance indicators (KPIs), and projects that are meant to help a business reach its goals. A well-crafted SME strategy should be tailored to a business's unique needs and resources to ensure success.
What's included in this SME Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the SME Strategy template for?
This SME Strategy Template is designed for small and medium-sized enterprises of all sizes and industries. No matter what stage of growth your business is in, this template will provide you with the structure to create a successful strategy that will help you reach your goals.
1. Define clear examples of your focus areas
Focus areas are the broad categories that your objectives and projects will fall under. It is important to define clear examples of focus areas to ensure that your strategy is organized and efficient.
Examples of strategic focus areas that could fall under a SME Strategy could be: Increase marketing reach , Increase product sales, and Expand workforce.
2. Think about the objectives that could fall under that focus area
Objectives are specific goals that you want to accomplish within your focus area. Each objective should be measurable, achievable, and relevant to the focus area.
Examples of some objectives for the focus area of Increase marketing reach could be: Increase customer acquisition , and Increase online presence.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets that help track the progress of your objectives. Each KPI should have an initial value, a target value, and a unit. Examples of KPIs include “increase organic search traffic” with an initial value of 150, a target value of 250, and a unit of “people”.
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are the steps that you will take to achieve your objectives and KPIs. Examples of projects include improving website SEO and increasing customer feedback. It is important to ensure that each project is relevant to the KPI it is associated with.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps organizations create and manage their strategies. With Cascade, you can easily track your objectives and projects, and see the results of your strategy faster. With Cascade, you can be confident that your strategy is on track and on target.