Business Strategy might make you think of boardrooms and tech-bro types in suits, but the reality is, it’s ingrained in everything you do. Every tiny decision is tied to your strategy, when you’ve got a defined strategy, you’re in the drivers seat and these decisions are part of you steering your business where you want to go. But when you’re making decisions without a strategy, you’re simply reacting. You’re not heading anywhere.
I spent a decade working in corporate teams, improving the way people work and driving teams towards their goals. What made the difference between success and failure? It wasn’t how many numbers were tracked or how much money they got thrown at the problem. It was the Strategic plan that showed us where we were heading, that acted as a golden thread holding every single action together.
I now work with smaller clients, supporting them to succeed in their purpose led Businesses. The smaller scale doesn’t mean they can slack on their Strategy, instead it is even more critical.
What even is a Strategic Business Plan?
A plan that captures the overarching themes of your business,not only the ways you plan to succeed, but why you want to do it in the first place. It looks at what you’ve got, what the world needs and what the competition are offering. It considers the risks you’re willing to take and the values you won’t negotiate on.
Running your business without a Strategic Plan is like turning up for a hike without preparing. Before you decide your hike you look at maps, reviews and facilities.. You pack your kit according to the challenges you perceive on route, whether it’s packing light to minimise exertion or bringing extra water in hot weather. You think about potential injuries, potential weather events, and pack some ear-plugs for the possible snorer. Before you set out on the day you check Weather Forecasts & Warning Systems. All of these little decisions and plans are part of your strategic plan.
Throughout your hike you refer back to your map, you track your progress against your planned pace, you lean on the earlier preparation. You know where you’re going, and you’re equipped with the tools to get there.
What should you include in your Business’ Strategic Plan
Every strategic plan is different, but here are the core components we create with our clients:
- Why you’re here: Your vision & mission. The purpose of your business. What gets you up in the morning and why the world should care about you.
- How you add Value and for who: Why your customers should want your product or service. What value do they gain? What pain do you remove? Who is going to get value from the product?
- Your place in the competitive landscape: Who else is operating in a similar space to you? How are you different? Why will customers chose you? How will your competitors evolve over time and how easy is it for new ones to enter the space?
- Risk: Risk is something that many small businesses avoid tackling head-on and instead spend countless hours worrying about and ruminating on. Your strategic plan should consider the key risks to your business and how you approach them – do you accept them, mitigate them, try to avoid them all together?
- Your Values & Non-Negotiables: Get clear on what your business stands for. What values will you showcase to customers? What standard will you hold yourself to?
Where you can use your Strategic Plan
Once you have a Strategic Plan it becomes the centre of everything:
- Making a Socials Post > What Gain or Pain are you highlighting? How are you differentiating yourself? Does it showcase your business’s vision
- Deciding on software > How does it fit into your risks, does it actually help you to achieve your mission?
- Planning your to do list > Which actions are most aligned with your Strategy? What will bring you closer to your vision?
- Trying to bring the team closer together > Talk about the vision, remind everyone of the values.
Your strategic plan then cascades down into each area of your business. It underpins your Marketing Plan, your Budgeting process, your Hiring decisions and more. Without it, you’re running in silos and everything feels disconnected.
How to create a strategic plan:
Getting started is simple. Begin brainstorming what your business really means for customers and the rest will flow from there. Want a defined template to get you started? The Mini Strategy Toolbox is available for free download.
Does it all feel a little overwhelming?
We get it, you’re just trying to get things done. Strategy Toolbox offers a partnering service where we help you tackle everything from Strategic Planning through to taking action. Book a no-obligation chat to see if we can help you.