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.

Strategic Thinking
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.

 

Execution Planning
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.

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