Whether you’re an entrepreneur running a small business or the CEO of an established firm, trying to overcome the challenges of a competitive market and grow your company can be challenging. In fact, did you know research indicates that 61% of employees believe their company struggles to bridge the gap between strategy formulation and its day-to-day implementation. One of the keys to address this is to annually refresh your strategic plan – to get your team’s input, re-evaluate your company goals, and re-energize everyone around the execution steps to get there. Markets change. People change. The answer is to continually evolve and keep moving forward!
Company Strategy Drives Everything
Strategic planning allows organizations to develop plans and lay the foundation for achieving growth. A good planning process analyzes various aspects of the business, including financial, customer satisfaction, employee skills, market segments, product offerings, partnerships, and other strategic areas. To develop a successful strategic plan, you may want to consider utilizing a CEO business coach – someone who has the experience to guide you in aspects of research, planning, teambuilding or execution. This can give you the push you need to get ahead and compete at an even higher level in the coming year.
How to Create an Effective Strategic Plan
The Point A to Point B planning process involves assessing your firm’s present position at Point A, the target position at Point B, and defining the execution steps to get from Point A to Point B. Sounds so simple it’s beautiful, right? But many strategic plans fail – not because the plan was not good – but because the execution was not a focus. Did you know that 67% of well-formulated strategies fail due to poor execution?
To maximize your chance for success, involve people. Think about this as a teambuilding process with executives, associates, customers and partners. Make it fun, challenging, engaging, and insightful while including everyone’s perspective in the planning process. By handling this effectively, you will have a high-percentage chance that your team will take ownership of the successful execution of the plan – and that is what you need!
Devising your Business Strategy – 3 Key Steps
Consider doing this every year with your team:
1. Refining and Refocusing Your Vision
Start with you, your team, your customers, your business coach or other key partners – and go through an exercise to more clearly define the vision for your company. You might feel you have done this recently, but simply make it a discipline to refresh the vision every year with your team when you set your annual financial targets. Ask me about the ‘Add ‘em Up Plan’ – which enables you to create distinct and measurable objectives that align the vision with the financial goals of the company – to get a monthly view of how you are doing throughout the year.
2. What Products Will You Offer to Which Customers
To best define your target markets and target customers, complete the product / market growth matrix. Please let me know if you would like an example. The key is defining the right products for your current and future target customers, along with the estimated investment to get those new features/products completed. Aligning your product messaging to the appropriate audience can make a considerable impact on the growth of your business. With a clear picture of each target audience in mind, and the products you will offer them, you can create an integrated sales and marketing program that works.
3. Clarifying Your Competitive Advantage
I am sure your market niche is competitive. So exactly what makes your company or product stand out? Develop a company SWOT for your business that clarifies your Strengths, Weaknesses, Opportunities, and Threats. And define your products and their value proposition in the market. Make sure your products are unique in terms of not only features, but value and customer ROI (Return on Investment). This will give you the edge that you want.
The Bottom Line
The bottom line is this: As a small business owner, you know that having a clearly defined strategic plan is pivotal for your business. And developing a discipline to annually refresh your roadmap is crucial to the success of the business. With your guidance and involvement, and a few proven tools and models that help you execute successfully, your products can achieve more growth in your target markets, and take your business all the way to the top!
Ready to explore your potential?
- These are ideas that Gary has implemented successfully with his teams and as a business coach with his customers. Can we help you ignite this kind of impact in your company? Contact Gary: firstname.lastname@example.org
- Want more ideas? Gary was recognized as a 2021 Top Business Coach in Columbus Ohio. Check out Gary’s articles, order Gary’s book, The Growth Cube, on Amazon, or join Gary’s private mailing list so you stay up to date with the latest ideas!
- Learn more about how Gary is applying these principles real-time in his startup company. Go to www.woundwiseIQ.com and sign up for a demonstration of a powerful mobile imaging and analytics application that automatically measures wound size and tissue characteristics – to help improve patient wound healing.