Strategic planning can be described as laying out the procedures and policies that enable your business to define its position in the market over a specific period of time. If you are considering strategic planning, then this may cover a range of aspects that influence productivity and profit, from the work environment to the structure of your business, and the resources available.
Strategic planning essentials – and their importance
The key elements of strategic planning include assessing the available market for your business, your competition, as well as your target demographic. Understanding where you fit in and addressing your threats and strengths enables your business to meet the demands of both your existing customer base and your stakeholders. This will, in turn, help you guarantee a competitive advantage.
With this in mind, strategic planning allows you to critically address the market position your business holds, not only now but with a view to the future. It is through strategic planning that your business will be in a position to achieve the goals and objectives necessary to ensure sustainability and profit – whether that is growing your team, expanding into new markets, undertaking different marketing strategies or investing in the latest technology.
Why prioritisation is key to systematic planning
It is vital you ensure that your strategic plan is analysed in a systematic process. Without systematic planning, it is quite possible that your business will begin to incur losses, and potentially worse, due to a lack of prioritisation.
At its very core, strategic planning presents you with the chance to refine your business’s vision and mission statement and to use this to drive your business forward in all other decisions. Once you have determined the position your business holds in the market, implementing strategic planning can help achieve your business’s strategic objectives.
It is important to focus on prioritisation in your strategic planning process. This will allow you to make an in-depth assessment of your business’ vision and mission and determine how these aspects come together to influence future success. When in doubt, or when more concise data is needed, SMART goals may determine a viable timeline and the availability of resources that are necessary for your business to achieve its mandate. Of course, the plan may also be revised if or when necessary in order to address any issues that arise.
Do you need help with strategic planning?
If you have been struggling to grow your business, differentiate yourself from the competition or simply utilise your resources to their potential, strategic planning can help. From understanding your customers’ needs and wants, to carrying out a thorough skills and resources inventory, a consultant can provide a fresh pair of eyes on where your business is going wrong and how to put it right.
vLinkD’s solutions strategists are here to help you with strategic planning for your business, offering comprehensive expertise in areas including marketing, communications and IT. To find out how your business could be performing better, drop us a line for an obligation-free initial consultation.