The strategy articulates the vision and spirit of your business.
Your business strategy is effectively your business compass –it provides the guide to the management team to ensure the ‘trimming of the sails’ keeps your business on course and not just following the wind...
Your strategy is the broad plans of how you will achieve the objectives for your business. The strategy articulates the vision and spirit of your business. It identifies the source of how your organisation will differentiate i.e. why will your customers will choose your products and services over your competition. It will identify who your target customers are –your goals for engagement with those customers and the size scale and scope of your business in broad terms over time. When the strategy is right and clearly expressed–it is transformative for the business –inspiring management and staff alike and translates into marketing messaging that ignites customer interest.
Why Strategic Planning?
Most business owners and management teams are pretty adept at managing the details of their business. They understand where sales are coming from – the importance of their margins –they have a hold on expenses and they can see the immediate opportunities.
Even when management is being this effective there still maybe an underlying anxiety about the future challenges to the business; following a clear strategic planning process will address that anxiety. The following characteristics are often the catalyst to commence a strategic review:
- Continued revenue and or margin decline –despite efforts to rectify
- New innovative and or well resourced competitors
- Intergenerational change taking place in Family businesses
- Ownership or leadership team change
- Inadequate return on investment for the shareholders
- High staff turnover
- You seek to enter an entirely new market
- You have an incredible new opportunity or innovation that is transformative
The objective of your Strategic Planning process is to build a winning strategy for your business, one that is built on insight, about your opportunities, distinctive capabilities and your resources.
Three pillars for success
- Objectivity and Insight
- Business Model Improvement
- Accountability –for implementation
How is developing a Strategic Plan transformative?
So you’ve committed and invest considerable amount and time and resources engaging your entire organisation in a facilitated strategic planning review –what outcome can you expect?
At the conclusion of the process you will:
- Gain perspective and new insight about the potential for your business domestically and or globally.
- Have developed an inspired vision - that motivates your team
- Have crafted a new winning strategy.
- Updated your business model to achieve your strategy.
- Be clear about the skills and resources your business needs to implement your plan
- Focused your management team to and measure and manage the right things?
- Understand how to build the value of your business
- Have a clear implementation plan built on a quarterly objectives methodology
- As a result take a leading position in your industry
- Have developed a methodology that you can manage internally - over and over
Achieving long term success as a result of this exercise will ultimately be a result of the structure of accountability (advisory board) you have established and hence the rigour and commitment applied to the implementation process.
Our Leading Strategy™ strategic planning process has 3 Phases:
These 3 Phases compile of 10 key steps seen in this diagram below
Our well-tried process starts with the engagement of all the stakeholders who will be responsible for the implementation of the plan and ends with a crystal clear 2 page strategy summary and a commitment to implement through specific objectives every 90 - days
For more detail on the Leading Strategy™ proprietary approach click here
Why do many strategic plans fail?
- Lack of commitment to the process
- Lack of resource for implementation
- Not the right people involved in the process
- It ignored facts about the market and trends
- Its a great feel-good exercise but no process for implementation
- The strategy was misaligned to the values of the organisation
- Unrealistic goals
- No accountability