ASSUMPTIONS are defined as statements of probable developments that cannot be predicted with accuracy, over which you may have limited control, but which may have a major impact on your ability to reach your objective. The assumptions are essentially a definition of the environment in which you operate. When the assumptions change, that change must be considered and integrated into the overall Strategic Plan.
CRITICAL ISSUES are issues which MUST be addressed in order to achieve Long Term Objectives and Short Term Goals. They are hurdles that must be overcome to achieve success.
KEY DECISIONS are strategic statements defining how Critical Issues will be addressed. Each Critical Issue identified in a Strategic Plan MUST have at least one Key Decision defined as a solution, with an appropriate time frame or deadline.
LONG TERM GOALS define what you want to achieve over the next five years. Each Goal MUST be measurable and have a target completion date.
OBJECTIVES are the fundamentals that guide and characterize your business. They are the "distilled essence" of you and your business. Objectives are ongoing, without target dates.
OPPORTUNITIES are significant situations or events which may be current or future which if exploited could benefit overall performance.
PURPOSE is a specific, brief statement that defines your "mission". It should provide your reason for being in business - what you do and why.
SHORT TERM GOALS define what you want to achieve over the next year. Each Goal MUST be measurable and have a target completion date.
STRENGTHS are things you do better than the competition. They provide you with a competitive edge. They are the reasons behind your current level of success.
VALUES are ideals and beliefs to which you commit yourself. Values should govern your behavior and those within your organization. In Real Estate it is essential to avoid values in business which are in conflict with Fair Housing laws.
VISION describes what you would like your business to be in the future. It does not describe the present - it describes the future you are planning for.
WEAKNESSES are things the competition does better than you. They may prevent or interfere with you achieving your goals.