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.
Call 719-640-8226, or click here to book a consultation with me, Jason Ballard of Soar Higher Coaching, to receive comprehensive strategic planning! To learn more exclusive tips I’ve picked up in my years of owning Soar Higher Business Coaching and helping other business owners, click here to listen to the Soar Higher Podcast episode 26: Closing Out the Year Financially Fit (Pt. 2) series!
