What are two words that you just dread hearing? Could it be some of these?
· Taxes Due
· Fake News
· I Can’t
· Too Late
· Strategic Planning
Well, you’ve still got a few months until taxes due needs to be uttered.
Here’s hoping that fake news is on the decline.
And I’ve got to agree with you on I can’t and too late – nobody likes to hear those words.
But I’m going to wholeheartedly disagree with you on strategic planning.
Yes, I’m one of those people who loves a good strategic planning session and thinks that having a strategic plan is vital to your business.
The Balanced Scorecard Institute defines strategic planning as: an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s direction in response to a changing environment. It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful.
Can you see the smile on my face? I LOVE reading that! There are so many powerful words in there!
Because despite what you may think about strategic planning – that it’s boring, that it’s futile, that it’s a waste of time, that it’s difficult – the one thing you need to keep in mind is that it’s TOTALLY WORTH IT!
Do you want to know why?
Because with a strategic plan in place, you:
1. Reflect on what worked/didn’t work in the past as a means to move forward
2. Recognize changes that are happening within your business and the industry
3. Decide where you want to focus your time, money, and effort to grow your business
4. Set goals and objectives that can be measured and attained
5. Know your company’s strengths and weaknesses
6. Look for opportunities
7. Accelerate your growth
8. Give employees a sense of security
9. Increase profitability
10. Improve communication
11. Establish a framework to get you where you want to be
I could keep going, but I’ll stop there – because if you can’t see how strategic planning benefits you with that list alone – well, there’s probably no changing your mind.
Now, of course, an excellent strategic plan takes some effort – but don’t let that scare you off from putting pen to paper or opening up a Word document or LucidChart and getting started. Taking the time to reflect on your business and giving yourself the time to work on how you want to make it flourish is all part of being a business owner – and it’s IMPORTANT.
So, can I see a show of hands of who has a strategic plan in place?
Okay, who has one – but hasn’t looked at it in a loooooooong while?
I appreciate the honesty, but once again, I’m going to implore you to get a strategic plan in place! It’s truly one of the greatest gifts you can give to yourself and your business! And if you need help with it, schedule a call with me – and we can see where you’re at in the process (even if it’s at the very beginning)!
Please comment below. I would love to hear from.
Being an entrepreneur and business owner is hard! Once you have your business up and running it's not uncommon to hit a few snags: scalability, staff retention, launching growth projects, getting enough sleep!