Throughout my years of coaching, I have seen business owners approach strategic planning with hesitancy and fear. There is a misconception that strategic planning takes a lot of time and effort that business owners and leaders do not have – however, developing your strategic plan as we enter the last quarter of the year affords you more time.
Why You Should Create and Execute a Strategic Plan
Unfortunately, the misconception that strategic planning is a long and arduous process prevents many businesses from creating one! Business owners without a strategy put themselves at a significant disadvantage because they lack insight and direction into how their company will progress and grow in the upcoming year!What Is a Strategic Plan?
A strategic plan is a single document encapsulating all of the vital components of your business, identifying and connecting everything and everyone.What Makes up a Strategic Plan?
- A vision: your vision statement describes where you see your business going.
- A mission: your mission statement describes what your company is doing with the products and services you provide.
- A purpose: customers buy the “why.” Starbucks is the most successful global coffee chain because Starbucks is a brand associated with comfort and community. What does your business offer, and why is it important to your target niche?
- Prioritization: first things come first! Identify the most critical goals to move your company forward.
- Actionable goals: your goals are simple, tangible, and measurable.
- Timetables: complete your objectives and goals in an organized and timely manner.
How To Make the Strategic Planning Process Easier
- Determine who will be a part of the process: include your executives, leaders, and subject matter experts. A critical and often overlooked action is including your suppliers, vendors, and long-standing customers so they can contribute invaluable insight into the supply chain and consumer market that you otherwise may miss!
- Select a facilitator to host the session who will use their objectivity to foster an open and honest discussion among your attendants. A certified business coach or consultant will serve as the best facilitator!
- Pick an offsite location to get away from any distractions.
- Delegate and assign tasks to get the logistics handled for you: stay focused on the critical components of your session.
- Create a unique team-building opportunity to balance the serious discussions taking place: this fosters connection and will keep your collaborative efforts strong when adjustments need to occur.
