Strategic Planning {SP} is a critical step when seeking to launch a business, grow a business, improve a business, enter a new market or even exit a market. Strategic planning is often underutilized because of the required time needed to conduct effective and profitable SP. It is also underutilized because it is misunderstood as well as not respected for its power.
What is Strategic Planning? How does one go about using Strategic Planning?
I like to describe Strategic Planning as a two-step process. It is the intentional review of current plans, goals, actions and needs measured against intentional future plans, goals, actions and needs. Then step two it is the outlining of the how, when and where for that intentional future movement.
Strategic Planning provides vision, clarity and action steps to take. It also avoids wasted time, resources and money. As a new business or growing business invest time into having a Strategic Planning session done at least once per year. Now here’s the thing, your Strategic Plan for 2020 should have already been done from at least 2018. Strategic Plans serve a company best when it is developed as an anchor and as a driving force for future years.
If you have not conducted your Strategic Planning session yet, I encourage you to get started today. I also encourage you to plan out the rest of 2019, 2020 and 2021 on a minimum. Your goals are to know exactly what you intend to do at least 2 to 3 years ahead. Companies who are planning 2019 goals in 2019 are behind the 8-ball. As well, companies who are planning 2020 in the 2nd quarter of 2019 are also behind the 8-ball. Start working to get a jump start on your success and your growth.
Quick Strategic Planning Example
The SP Needs and Goals
- Enter a new market with our new product or service
- Hire 2 new people
- Increase the company end of year income by 10%
- Increase the company end of year profit margin by 20%
- Decrease company waste by 5% each quarter
- Increase industry awareness in the southeast region
Each goal will have a clear yet concise list of specific actions that will be implemented in order to achieve each goal. I typically like to keep steps between 4 -7 steps. My rationale for that is because the shorter the list the more direct the steps and less wasteful. I like to take the shortest most direct route to finding solutions or achieving goals.
Now, with your clear outline of goals and needs, you can be precise and intentional in 2019 regarding your action steps and you will be taking action towards accomplishing each of these goals. Knowing what you need to achieve will ensure your action steps be more intentional and less haphazard.
If you haven’t had a Strategic Planning session recently or if you’re realizing that you are not at least 3 years ahead with your business plans, I invite you to have a Pick My Brain session to get the ball rolling.
Strategic Planning session recently or if you’re realizing that you are not at least 3 years ahead with your business plans, I invite you to have a Pick My Brain session to get the ball rolling.