Step by step guide to getting your business strategy in place for 2012
08/02/2012 Leave a comment
It is surprising that as much as we have been criticised for our “over simplistic” approach to business strategy, from our discussions with a number of CEO’s and business advisors it is apparent that the vast majority, although aware of these tools, do not pro-actively use them in their business, in fact many do not undertake any formal strategic planning.
You’ll be surprised what you can learn about you and your business from following these simple steps. The most important point is to be truthful with your responses. The issues do not go away if you just ignore them.
In that regard you should consider involving an external facilitator with little or no knowledge of you and your business and who is independent and unbiased towards management. This will ensure that you get to the real issues in your business, and as uncomfortable and confrontational as those initial sessions may be it will be the best time and money you would have spent in a long time.
To re-cap, the five step process we recommended is as follows:
- Vision and mission statements;
- SWOT analysis;
- Boston Matrix;
- Porter’s Five Forces; and
- PEST analysis.
The best time to start a strategic planning process is now!, it is not something that you should do once a year and then stick in your cupboard to gather dust.
Strategic planning is a dynamic process, one that should be re-visited regularly and where the assumptions supporting your plans should be challenged continuously.
If you have not undertaken or updated your strategic plans in the last 6 months YOU ARE MISSING SOMETHING!
For additional information or assistance on strategic planning visit us at http://www.latticecapital.com.au.
Next in our series on “The Business Circle of Life” is business finance where we will be taking a close look at the funding ladder and what funding is available and appropriate for businesses of different sizes and at different stages of development.