Before you start a money-making venture, you prepare a business plan to outline your short and mid-term goals. It’s often a step-by-step process. So what happens if you want your business to increase audience and make more money? You have to go back to the drawing board and create a strategic plan. This is like a blueprint for your growth which takes stock of your past, your present, and then prepares you for the future. The plan explains what you should do if you want to achieve your mid and long-term objectives. Maples Growth Solutions is here to help you with your plan every step of the way to set you up for the best possibility for success.
Difference with a Business Plan
There are many people who think that a business plan is the same as a strategic plan. To make it clear, a business plan is distinct from a strategic plan. The main difference is that a business plan will focus on the short-term objectives of an organization while a strategic plan pays attention to the mid and long term goals of the company. Most businesses will create a strategic plan after the business plan. The strategic road map allows the management to take a step back and assess the business processes. It highlights what the business should prioritize if it wants to experience rapid growth.
Importance of Strategic Planning
When you create a strategic plan for your business, you lay the groundwork for future prosperity. It gives you an opportunity to step aside from the operational aspect of the business and think beyond that. Strategic planning is looking beyond the day-to-day operations and making plans to grow beyond the current size.
Strategic planning involves taking up new risks that come with growth. It involves assessing developments in the sector that the business operates in and seeing what fits in with your culture and objectives. The strategic plan can also help you to manage risks. This is due to the fact that it allows you to manage everything in an organized manner. You also have an idea of what you are going to face.
After you have done enough research on your strategic plan, you need to put it into action. While you still need to run the day-to-day operations, you also have to put effort towards the strategic plan. Instead of having the business plan aspect compete with the strategic plan, you just need to ensure that they complement one another. This move reduces internal friction and creates more impact for your business.
Three Important Questions
Creating a strategic business growth plan requires you to do some things. Below are some of the questions that you need to ask yourself:
1. What is your Business’s Current Status?
You need to ensure that you understand the current status of your business. This includes the numbers, the competition, the reason it is making money, and what you do to make that money. You need to know what the driving force behind its current status is. By being able to understand everything about your business, you can know what you want for it.
2. How much do you want it to Grow?
You have to be honest with yourself. You have a business that is thriving. However, you still want it to grow over time. Where do you want to see it within the next five or ten years? Do you want to expand to another location within the next few years? Do want to increase audience? What can you do to increase market share? What is your current competitive advantage? Do you still see yourself having the same competitive advantage as you grow the business? These are some of the questions that you need to ask yourself. The answers that you get from these questions should be the building blocks of your strategic business growth plan.
3. What are the Steps that need be Taken?
You can then work on creating the type of business that you want. This will involve a lot of things such as changing things at the workplace in order to increase efficiency. You might hire more staff in order to serve more people. You may also have to embrace the use of technology to cut wastage. You may have to apply for new licenses before you expand to new areas and increase market share.
Managing the Strategic Plan
As you begin the implementation, you need to involve your staff members. Don’t try to go at it by yourself because the decisions you make will end up affecting everyone else in the office. You want everyone to go along with the idea since it will also benefit them. To do that, you have to involve your staff. Get their opinions and see how best you can go about handling certain things.
Make sure that everyone knows their role in the strategic plan. Call everyone to a meeting and tell them what you expect from them going forward.
Documentation is also very important in managing the implementation of the strategic plan. Make sure that you have written the objectives down on a paper and pinned them where everyone can see. Your employees will use that document for reference about what the company intends to achieve. In addition, write down the progress of the strategic plan. That way, you can review it later if there’s an issue.
Your strategic plan is very important for the business’s overall growth. Make sure that whatever you do gives you a competitive advantage over your competitors and allows you to properly position your firm in the market place. Call MGS today to start you journey to success.
"A vision without strategy is an illusion." -Lee Bolman