Having a clear, focused and well-defined strategy is critically important to the success of your business. Without one, your organization can lack direction, efficiency and profitability.
The essence of strategy is about being different and about making choices, such as:
- Choosing to perform different activities from rivals or perform similar activities in different ways
- Choosing what to do and what not to do
A well-thought-out strategy and well-written strategic plan play a pivotal role in your business’s growth and success, because it tells you and your employees how best to respond to opportunities and challenges.
What makes Strategic Planning successful?
Successful strategic planning involves a team effort among you and your employees, as well as among you and your external stakeholders. Your employees are involved in the day-to-day operations and can provide you with a unique view of the company. Like your employees, your external stakeholders (e.g. suppliers, customers, etc.) have a unique perspective on your business and your industry. Talk to them about your business, and get their thoughts on how they think the business landscape will change in the future.
Strategic planning also involves setting specific, measurable and realistic goals and objectives. If you set overly ambitious goals and objectives, it could discourage you and your employees.
A successful implementation of your strategic plan requires ongoing commitment. A strategic plan is a living document. You and your entire team need to be focused on the business and carrying out the strategic plan. If the strategic plan isn’t being used regularly or as the foundation of the business, you and your employees can lose sight of the company’s direction and goals.
A critical part of the delivery of a strategic plan is how often it will be reviewed and updated. Designate an owner who is responsible for regularly reviewing, updating, and sharing any progress and changes with the rest of the company. Whether it is you or another employee, you will want to make sure every employee is aware of the progress against goals & objectives and any changes.
Key success factors for a successful strategy implementation:
- Clear goals and objectives, including specific measures
- Communication
- Leadership
- Employee engagement
- Regular reviews and updates
Do you need any assistance with your 2022 Strategic Planning?
We have a track-record in developing and successfully implementing strategies. Our consultants are highly experienced in strategic positioning, based upon thorough fact-based analysis of your company, markets and competitors.
We work with you and your leadership team to develop and continuously evaluate a strategy, including a strategy delivery plan. By applying our Athena & Partners’ Strategic Management Model templates, including our Strategic Initiatives template and Strategy Implementation template, we support our clients’ strategic planning process.
Curious as to what we can do to support you with your 2022 Strategic Planning Process? Please consult our website or contact us directly.