Strategic planning works for every type of business conceivable as it has become an urgent requirement for today’s work world. Instead of just focusing on accomplishing routine tasks, one should think of projects or goals that deliver enterprise value despite requiring months of hard work and planning.
Fahim Moledina talks of people living under the impression of having a plan in their heads which they think is good enough. The lack of clarity often leads to poor decisions being made that affect the running of the business. When decisions such as which products to launch, where to place the staff, which equipment to purchase, or who to hire are made in a vacuum, the company tends to suffer from loss of productivity, functionality, and revenue.
Since the world is a volatile place, every step you take must ensure that you are better able to react to things, not in your control. Fahim Moledina brings you strategic planning tips to transform your small business by making sound decisions.
Induct The Right People
For fear of leaking important information, often business owners are hesitant to share details outside a strict circle. It deprives those closest to customers of vital information or the solutions they are supposed to share with the clients. Fahim Moledina advises including trustworthy people who can become part of the strategic planning process, which can lead to having a wider circle of people to share information with.
Having access to pertinent market data is essential. It requires thorough research or hiring companies that assimilate data for you. Segment your reporting channel to have a better idea so you can create your plan accordingly.
Every person you hire on your team must be prepared for the strategic conversation. Whether they carry our research, learn new things about competitors, or have ideas of their own.
Create The Appropriate Environment
Create an atmosphere where your workers feel safe, in fact, are encouraged to discuss strategy. The physical location is as important as the relation between people at different hierarchies. There must be facilitators to keep track of the meetings.
Usually, entrepreneurs find the plan writing part intimidating when in fact, it is the easiest of all if you have carried out your research well. The components of the strategic plan comprise:
- Executive summary
- SWOT analysis
- External Factors
- Financial projections
- Market analysis
- Vision and action plan
Prioritize Growth And Value
Operational planning differs from strategic planning, something companies often misunderstand. Continuing with old company practices is not a strategy, it is killing off potential. You should focus on how to grow your business and which products to launch or how to improve service.
Have Strategic Objectives And An Actionable Plan
Enlist around 4 or 5 overarching objectives that should serve as a script for the management team. Use illustrations, maps, or charts to make them clear to all company members so that they know they have to work on achieving them. Create an actionable plan since planning without action is futile. That actionable plan must then be executed through each individual’s role in the company.
Strategic Planning Must Be Considered A Process
Strategic planning for Fahim Moledina is a repeatable process that continues to change or rather adapts to the changing market scenarios. You must repeat or revise it every year. To become a great and effective leader, you need to inspire others with your vision by connecting your company goals to a broader strategy. Reinforce and discuss your plan with everyone every day to make sure each one of the employees understands and buys into your vision.