Strategic Planning Simplified
Having a strategic plan in place is one of the most important building blocks in the foundation of a business.
In this video I share a simplified framework for strategic planning that you can use to future-proof your business in the new business landscape.
Reasons for feeling stuck
During the COVID lockdown, we worked with the founder and leadership team of a 20-year-old engineering company. They thought they had a strategic plan, but some of the insights we unearthed explained why they were stuck:
- Strategy: The founder was convinced he was clear on the strategy, yet the team experienced the picture as vague.
- Identity: They were not clear on “who” they are as a business and could not answer “why” they were in business.
- Horizon: Their strategy was focused on a 1-year view and doing more of the same.
- Positioning: It was unclear where they should play and how they will win there.
Journey to results
Since CoLAB’s intervention with them, they have embarked on their own journey where
- The founder’s aspirations have grown to a 10X mindset.
- They have opened massive new opportunities from the confidence in their new market positioning, and
- The team is fired up, because they are aligned and seeing exactly what the founder is seeing.
Framework for simplified strategic planning
Firstly, distinguish between Strategic Thinking and Execution Planning.
|1. Craft a clear identity and culture
· Know why you are in business, as it affects all the other components of your design and planning.
· Be clear on what behaviour principles drive your culture. This is crucial for the performance of your team.
2. Long term aspiration
· Define a 25-year dream and 3 to 5-year strategic objectives.
· This keeps your true-north steady while seeing any landscape changes in advance.
3. Positioning: Where to play and how to win [Playing to win – Lafley & Martin]
· Design a clear definition of your ideal customer and determine where you will find them.
· Identify what makes you attractive to your ideal customer.
|Once you’ve done the thinking, you need to plan the implementation or execution of the strategy.
1. Develop a 1-year Strategy Execution Plan that aligns with the budget.
· This could be as simple as listing the actions and possible projects that need to be done to achieve the strategic goals.
2. Focus on a Quarter-1 goal with clear objectives and key results.
Using this #bestpractical framework will simplify the strategic planning process in your business.
Strategic planning – simplified, is a single step in our signature “Profit Improvement” solution where we help business leaders grow their profits in a #bestpractical way.
If you feel stuck in your strategic planning and want to talk through your thinking, then reach out to us on THIS LINK for a quick discovery call.