What Is Strategic Planning
Strategic Planning is about defining where you want your business to be in the future, not necessarily how you are going to get there, which is accomplished through the business planning stage. Your business plan is the implementation plan of your strategic plan. Whether you require an entire strategic plan that encompasses the entire business or just a specific area of your business, the process is the same.
STEP 1 - FUTURE STATE
Within the future state, you will define both your business and personal goals and objectives of where you want to see your business in the next 3 to 5 years.
STEP 2 - CURRENT STATE
The current state documents where you are today in your business by way of SWOT analysis, PESTEL, and Porter's 5 and taking our Business Assessment.
STEP 3 - GAP ANALYSIS
Gap analysis is then performed to determine the gap between your current and future state. The difference is what we call your "Change Agenda."
STEP 4 - STRATEGY MAP
The strategy map looks at the Gap Analysis to determine which initiatives can be undertaken within the next year. Timing and resources are then attached.
STEP 5 - BALANCED SCORECARD
The balanced scorecard takes the Strategy Map and then overlays the metrics that need to be applied to your business to ensure your strategy gets implemented. The metrics include both lead indicators and lag indicators.
STEP 6 - BUDGETING
To implement your strategy, you are going to need to have funds allocated. The budget will include a revenue forecast, cost of goods sold / or cost of sales, operating expenses, as well as capital and strategic expenses.
STEP 7 - TRACKING AND MONITORING
The last step is the actual tracking and monitoring of the metrics that you have put in place, determining the frequency of the measurement along with who is accountable for the results. It is then essential to feed the outcomes back into the business and then make adjustments as needed.
Our Strategic Planning Offerings
Our methodology is the same for each of our strategic planning offerings, the only decision you have to make is whether you are looking at a strategic plan for the entire business, or for a particular area. Strategic Planning is provided through facilitation. There is work that is performed prior to the onsite facilitation, and there is work performed following facilitation.
In order to develop detailed individual strategies within specific areas of your business, you must already have some level of high-level strategic plan in place as the goals and objectives at the top play a key role on the detailed goals and objectives of the individual areas of your business.
Outlined below are the specific offerings we provide to businesses.
Business Strategy is our overall strategic planning offering that includes developing a strategy for your entire business.
If you are looking to grow your business and take it to the next level, especially if you are looking for financing , you require an overall strategic plan for your business. You cannot write a business plan without having a business strategy in place as a business plan documents your strategy as well as outlines to a lender or investor how you plan to implement your strategy.
Marketing & Sales Strategy
Marketing and Sales Strategy is our strategic planning offering that focuses on the marketing and sales and the growth of your business.
If you are looking to determine how to grow your business and do not have a structure for your sales and marketing, a marketing and sales strategy is an excellent place to start. Marketing and sales are the two areas that are focused on revenue generation, and if you do not have a handle on how to generate sales, it will be challenging to grow your business. It is also impossible to develop a marketing and sales plan without having a marketing and sales strategy in place.
Human Resource Strategy
Human Resource Strategy is our strategic planning offering that focuses on the human capital of your business. Employees are one of the most valuable assets of your business, so it is important that you have a strategy in place to provide you with organizational success.
If you are looking to improve employee engagement and retention for your business, this is an area you will want to focus. When you look at the different human resource practice areas, you will find they can lead to specific outcomes such as commitment, trust, engagement and loyalty among your employees as well as quality and productivity which improve overall internal performance.
Operational Strategy is our strategic planning offering that focuses on production, supply chain, resource allocation, technology, capacity planning, market penetration, and customer retention.
The operations strategy drives the business operations that produce and deliver the goods and services for the business. A strong operations strategy helps your business achieve a competitive position in your market.