March is 3/4 review time and everyone is busy preparing their budget for the new financial year, Whilst you're looking at your targets and and analysing whether you've hit them, you need to think about your strategic position in the market place.
Have you thought about where you want your business to be in 3, 5 or even 10 years-time?
Do you need framework to help guide you through your next set of challenges?
Do you want to define your Unique Selling Proposition?
A Strategic Plan looks at all elements of your business to determine what is possible, and then narrows it down to the things it is actually GREAT at doing.
“Successful businesses are those that are able to identify what they can be great at, as opposed to trying to achieve greatness in all areas – it’s about focusing on one single area and growing from there.” Director of Adloyalty, Caddie Marshall said.
Adloyalty work with businesses to define their guiding principle, values and vision, helping to translate this vision into shared objectives and an achievable implementation plan for the future.
“We are a firm believer in a 360 degree, ‘whole of business’ approach. Your strategic plan must guide your business throughout its life in all circumstances, irrespective of changes in its goals strategies or people. It must be visionary, simple, confident and most importantly shared.” Caddie said.
As a business preparing yourself for the future, you need to look at the following:
Determine where you’re at:
This involves looking at your current market position, analysing your pressure points, your core business and most importantly, your capacity to deliver.
“The most important factor we ask our clients to look at is their internal talent and capacity. Having the right team behind your business is absolutely crucial, and an essential step to defining your guiding principle.” Caddie continued to say.
When establishing a Strategic Plan, no matter what size your business is, you need to measure and evaluate true capacity. If you do not have the internal capacity or have limited capacity to develop that internal talent, then you need to really look at where you’re at, and how you can get to where you want to be.
Identify where you want to be and what’s standing in your way
When initiating your planning you need to focus on where you want your business to be in 2 years-time. Then think about why you currently can’t achieve that goal. Is it market conditions? Is it capacity? Is it cash flow? Is it simply awareness of your business? Identifying where you want to be will help to set the direction of the business, clearly defining the guiding principle and vision. From here, you can identify priorities and set a clear implementation plan with success metrics to ensure you know when you’re winning.
Activate your team
The greatest asset to any business is their team. It is important that your team are involved throughout your strategic planning process to ensure you’re building the culture that you want and sharing your vision with your whole team.
“Shared values and working towards a common goal is vital to businesses, no matter how big or small. Values should be more than a poster on the wall – they need to be deeply embedded in the business, its actions and its decisions.” Caddie continued to say.
If you need to revisit your current strategic plan or are looking for guidance on initial steps in the process, give Caddie Marshall and her team at Adloyalty call today 6344 1931 or visit our website www.adloyalty.com.au