How the strategy plan model helps Maryland startups

An entrepreneur who starts a new company will usually create a business plan. However, some believe that it is better to use a strategy plan instead. While they both guide how a business makes decisions, the strategy plan can be more flexible and dynamic. It may work better for new companies that may be growing and evolving at a rapid pace.

With a business plan, the creator of a startup is creating a document based on what the market has done in the past and what it may do in the future. This may be a flawed way to approach building a new business because what the market is projected to do and what it actually does are often two different things. It may also allow a new business owner time and space to procrastinate whereas the strategy plan creates pressure to follow through on future initiatives.

The strategy plan has four basic steps that can be modified to fit a particular organization’s needs. Those steps include creating the strategic vision, coming up with smaller goals to meet that vision and what steps will be taken to meet the overall mission. Finally, the business owner and other members of the organization must then execute and measure results to ensure that the plan still works.

Those who are starting a new business may wish to take time to create a plan prior to starting operations. In some cases, it may be worthwhile to consult with a business law attorney to review the plan. Creating a strategic vision ahead of time may allow a business owner to anticipate legal issues related to goods or services provided.

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