In our last blog, we considered how our day to day busy-ness can steer us away from our strategic goals by way of side roads, dead ends and U turns.
In this blog we get back on track.
Scheduling time to ‘think big’ may initially seem less productive than tending to the emergency of the moment, but it is essential information that can give clarity to all the smaller decisions you make along the way. And let’s be real: is the company retreat really about company direction, or is it getting side tracked by company politics?
Some things to consider when designing your strategic plan:
- How/why is your company different from its competitors – differentiation is survival
- Who is your customer and how can you reach them – knowing your audience is critical
- What investment of time, talent and treasure is required to propel you forward
- What revenue streams are needed to support your fiscal goals
Taking you back to your college days – SWOT analyses are always helpful and prompt creative thoughts. Many templates exist online to help with this exercise.
Another exercise we like: gather the staff and explain that this is just a creative brainstorming session, not a real situation. We don’t want to cause alarm. Once gathered, give this scenario: The company is in a crisis and has to close down immediately. What happened? The ideas generated will identify risks the company faces from IT data breaches to operational log jams. You may want to guide the conversation by saying the crisis was prompted by a competitor acquiring 50% of your company’s customer base. How did they do it?
The outcome? A whole bunch of ideas that may actually improve your company’s competitive position and overall strategy for gaining market share and fending off competitors. Compiling this information can help you develop a mission statement and/or elevator pitch; a clear, concise statement of your core purpose, value and focus.
Once the strategic portion of the plan is in place, tactical planning can take over. This is where most people live. What are we going to DO?
What is the best way to approach business growth tactically?
Glad you asked!
We’ll give you some tips in our next blog.