What is a SME Strategy?
A SME strategy is an actionable plan that defines the goals and objectives of a small to medium-sized enterprise, and outlines the steps required to achieve them. It includes a series of initiatives and activities that will help the business reach its desired outcome. A SME strategy should include achievable goals, measurable targets, and a timeline to keep things on track.
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?
The SME Strategy template is designed for small and medium-sized enterprises of all sizes and industries looking to create a strategy to grow their business. This template provides a comprehensive framework that will help guide the development of a successful SME strategy.
1. Define clear examples of your focus areas
Focus areas are the key areas of the business that need to be addressed in order to reach the desired outcome. Examples of focus areas could include increasing customer reach, increasing customer retention, or increasing customer lifetime value. It is important to define clear focus areas and objectives to ensure the strategy is focused and achievable.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that need to be achieved in order to reach the desired outcome. Objectives should be measurable and achievable, and should be tailored to the focus area they are supporting. Objectives should be SMART: Specific, Measurable, Achievable, Relevant, and Timely.
Examples of some objectives for the focus area of Increase customer reach could be: Increase online presence, and Develop an email marketing campaign.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are the measurable targets that need to be achieved in order to determine whether or not an objective is successful. KPIs should be realistic and achievable, and should be tracked and monitored to ensure progress is being made. Examples of KPIs could include an increase in social media followers, email list subscribers, or customer loyalty program members.
4. Implement related projects to achieve the KPIs
Projects, or actions, are the initiatives and activities that will help achieve the desired outcomes. Projects should be tailored to the focus area and objectives they are supporting, and should be clearly defined with a timeline and milestones.
An example of a project related to Increase customer reach could be: Create social media accounts.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is the perfect tool to help businesses achieve their desired outcomes faster. The platform provides an intuitive and easy-to-use dashboard that allows businesses to easily track and monitor their progress, and make necessary adjustments to ensure success.