No business can strive without outlining the goals of the business, especially in today’s competitive marketplace. To actualize the outlined goals, specific systems must be implemented, which are embedded in the concept of strategic planning. A strategic plan elaborates on your business goals and outlines the actions needed to achieve them. Successful men like Grant Kelley who have had a good run for over 30 years certainly did something outside the normal, and that is why strategic planning is more than important.
Aims of strategic planning
There are three main aims of a strategic plan: your vision, your mission and your plan. Your vision refers to what you intend to get out of the market; aside from making a profit, what are you looking to achieve with your business? Your mission refers to the purpose of your business and the problems you are out to solve. Your plan outlines how you intend to achieve your business goals.
Elements of Strategic planning
Strategic planning presents you with four questions that are crucial to the success of your business; these questions include;
Where are you presently?
Where do you want to be?
What is your roadmap for getting there?
What are your key performance indicators?
5 stages of Strategic Planning
Goal-setting
A simple illustration is a road trip between two families. One family knows the destination of their vacation home, while another doesn’t. Who do you think will get to their destination faster? Of course, the one who knows where he is going, unlike the other who’d have to stop continually to ask questions. If you can accurately predict where your business will be and how much revenue you will generate in 10 years from the start of your business, how helpful and lovely will that be? All these are the perks of having a goal. You know where you are going and what you stand to gain.
Analysis of Inputs and Outputs
These involve using key performance indicators (KPIs) to measure your business’s growth. After setting your goal, you must know where you are at each point of your business life. There are many metrics for measuring your growth level, and one of the most important is the North Star Metric. This metric uses a number system representing customer values from your services/products. So, a higher number indicates the potential for more satisfied customers and return clients. Note that whatever metric you choose must be directly involved in your business’s revenue generation.
Accountability
This is an essential step in your business growth. Accountability amongst you and your team is important, especially as you grow. Every team member must be self-aware and aware of their tasks and how each task can bring the company closer to its goals.
Final Thoughts
There is no shortcut to growth in your business, and you have to go through the same route that other successful people in business passed. Your advantage is that you do not need to make the same mistakes they did. All that has been outlined in this article can command exponential growth in your business. Like Grant Kelley, who has been a successful businessman for over 30 years, consistency perseverance and a laser focus on your plans are your strongest allies.
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