There Is No Time Left To Put Off That Strategic Plan
There’s nothing more frustrating than trying to plan in a hurry. Worse yet trying to plan when you are already behind is even more frustrating. In order to put short term plans into action you need to have long-term plans in place. That’s the strategic plan.
So now is the time to tackle some of those long-term strategies that actually end up driving the short term tactical decisions. You have to be realistic about these things because they touch on issues and relationships that you might not be prone to viewing objectively.
Is it a good time to diversify? Do you need to be more growth oriented in one area of the business? Are there some inherent weaknesses to the business that you should be strengthening? Are all the bases covered in terms of continuity? Do you need a partner or new business manager? Is this the year you go public? Is it time to look for exit strategies and if so how can you make the business more attractive for sale or transfer?
As you go through this process you are going to have to look closely at your partners and suppliers. Are there weaknesses in their performances? Are you still getting the value you need from the relationships? Are there processes that should be reviewed to make sure communication lines are open and clear? Are there consolidation opportunities with these players? Is it time to find some new people to collaborate with?
Ultimately your goal is to end up with a vision of what you want your business to look like at the beginning of next year. Of course this assumes that you’ve already reviewed the longer range goals of where you want to be in five years and beyond.
If you have partners and others who need to be involved in this process there are many ways to get people focused on the task. Short of scheduling a series of meetings, you might suggest a retreat where the necessary people and you gather for a weekend to map out the strategies. Sure you could include some relaxation but you better make sure you have a clearly-defined agenda and some clearly defined goals lest the whole affair deteriorate into a junket. That might be fun but it won’t get the job done.
People are notoriously adept at avoiding planning. That’s why so many people, and so many companies, look around at the end of the year and wonder why their long term goals are still just as far off as they were at the beginning of the year.
If you are really going to build it like you want it, you have to plan it.
