Most decisions we make as adults don’t present themselves to us as conveniently as we’d like… In fact, they can run the gamut from simply puzzling to downright daunting! Likewise, strategic planning may not come to you as handily as some other decisions you’ve made as a business owner, yet such long-term forethought is crucial to the life of your business.
Questions To Consider When Formulating Your Strategic Plan
Indeed, making decisions in life can be difficult. However, deciding on what to include in your plan can be one of the easier decisions you make for your business. These three qualifying questions can help you begin formulating your plan:
1: Where is my business right now?
2: Where is my business going to be
in 5-10 years?
3: How will I help my business get there?
Where is my business right now? Strategy is all about long-term planning. Consider sharing with, and continually reinforcing to, your employees the core values and purpose for your company’s existence (via your mission statement). Doing so can be a great motivator and morale builder; it may even foster more collaboration and collegiality among your staff.
Remember: one of the goals is to have everyone in the organization buy-in to the direction you wish to take your business. Consider too, the ever useful Strengths, Weaknesses, Opportunities, and Threats (SWOT) assessment.
Where is my business going to be in 5-10 years? As great as they would be, crystal balls don’t actually exist. Therefore, when wondering where a business is going to be in 5-10 years, one is usually referring to vision statements.
Important points to consider are whether your business is sustainable in your current market and if your business model is adaptable to the competition or to market trends. If neither is readily apparent, the strategic plan must allow for such changes. But assess carefully, because internal and external factors need to be considered.
How will I help my business get there? Good strategic planning incorporates the best of your mission and vision statements. It should continue to provide value for your customers while allowing your business to become better positioned among its competition. This can be done by setting realistic, short-term goals and managing which priorities are most important for your plan to be “realized”.
“I’ve Realized I Need Guidance From Experts.”
Regardless of how diligent we may be in doing what’s best for our business, sometimes seeking expert advice makes all the difference. Upon coming to the conclusion that, “I’ve realized I need guidance from experts who will care about my business as much as I do”, it’s time for you to contact Tyrone Matheson. We can help you develop a strategic plan that will work best for your business while showing you how to develop solutions specific to your needs.
Our business consultants are readily available to help you move your business forward by taking a “hands-on” approach and working with you. This allows business owners throughout Southwest Ontario to grow their businesses through the implementation of systems and processes that drive brand value and increase profits.
Our goal is to help you grow your business the way you’d prefer… With your finger on the pulse of it all!