What is Strategic Planning?
What is Strategic Planning? The formal definition of strategic planning is: An organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy.
For our clients, we like use the analogy of a roadmap. It is impossible to get where you want to go, in this instance your success plan, unless you know where that destination is, and the exact route you need to take to get there. This route will allow you to calculate how long the trip should be, what refueling stops you need to plan for, what you need to pack for the trip, and who you need to take along for the ride.
A well defined strategic plan, and a sustained effort to work the plan, provides you with all of this. It is a process that insures the tasks that matter most are prioritized, the ones that contribute to the accomplishment of your vision, and avoids time wasting, non-essential tasks.
It all starts with your vision! Why did you start this business? What are your goals and how will you define success? We refer to this as the business vision and all of the hard work in the world won’t matter if you have not crafted your vision. How can you get where you want to go if you haven’t defined where that is? But you will also need a personal vision, as well. For nearly all small business owners have a highly integrated work and life balance.
Your vision plan has to go beyond just revenue targets and profitability goals; it needs to address things like:
- Succession planning
- Retirement goals
- Personal income
- Retirement investing
Th vision we will help you create is about you, and is kept strictly confidential. But it is key to the other steps in managing the strategic planning process.
KM Consulting can get you there.
We have the experience to help you prepare a detailed and exact business vision.
Once that is complete, we will coach you and your management team, on how to expertly work the plan, so that all the pieces are in place:
- Understand the resources needed (human capital, systems, etc)
- Well defined and agreed upon goals
- The strategies to accomplish those goals are put in place and well communicated
- The tasks to execute the strategies are assigned properly and are SMARTER.
- Evaluating success, and determining next steps
SMART is a mnemonic, illustrating the objectives for project management and strategic planning. specific, measurable, attainable, relevant and time-bound. The SMART acronym is often attributed to Peter Drucker’s management by objectives concept. SMARTER expands this philosophy to also include evaluate and reevaluate.
When tasks are SMARTER, there is a higher level of accountability and more productive use of time. Plus it provides a measurement capability lacking in many small businesses.
The Next Steps…
For many clients, the first step in taking their business to a higher level began with a no-obligation meeting with KM Consulting. Why not contact us, and learn how a strategic planning initiative can help you achieve your vision?