According to Verne Harnish, there are seven keys to creating a strategic plan for a business. Here they are -

• Choose the words you want to own in your marketplace. This is especially relevant in the internet age where your prospects are likely to start their search with Google. Choose your words & make sure they rank number one on Google searches.
• Offer a unique brand promise. This is the promise that differentiates you from your competition. For example, 'Lowest Prices Every Day', or 'Real Expertise'
• Make it hurt to break your promise. This is where a money back guarantee can really help to keep you focused on your promise. i.e. Find a better price & we'll beat it by 10%.
• Create a one -phrase strategy. Your one phrase strategy will be an in-house secret, it isn't necessarily a selling point but will help you deliver on your promises i.e only clients with +$1,000,000 in net assets, might be a phrase for a financial planner to live by.
• Support your one-phrase strategy with differentiating actions. Underlying the one-phrase strategy are specific actions that represent how you differentiate your business from your competitors. So in the example above, the financial planning firm might craft their marketing messages accordingly and build their services to be of a very personal nature.
• Establish your X Factor. Your X Factor should give your business a 10X advantage over the competition. Perhaps the financial planning firm mentioned above has special access to financial products that are 10 times easier to deliver to their clients than what their best competitor could manage.
• Measure your profit per X & BHAG ? This is the key measurement that defines the essence of your business model and is tied to your long range goal. BHAG stands for Big Hairy Audacious Goal. So what profit is your X Factor bringing to your business to help you achieve that goal?