Strategic Planning: Best Practices for Business Owners
“[Strategic planning helps] you get more people engaged. You get people thinking about the future. You get people to look up from their desk or whatever role they play and see where the company could go.”
What happens if some of your key employees leave? What if there is a major change in your industry? And while it’s definitely a win if your business is growing beyond what you’ve ever imagined, what happens if that growth leads to systems, procedures, and resources that are no longer sustainable? In this episode of Savvy & Sensible, ARB principal, David Jean, and special guest and president of Nu-Yar Consulting, Michelle Neujahr, discuss some strategic planning best practices for business owners.
Strategic planning can be intimidating for a lot of business owners. In terms of the deliverable, you want to think about the bigger picture and focus on a few key things. Performing a SWAT analysis can help you determine your strengths and weaknesses and, therefore, where to focus. It’s not just about the retreat or the strategic plan deliverable itself. It’s more about the research and pre-work that is done to bring a really solid agenda to the strategic planning event. Involve your entire time. Find out what’s working and what isn’t. Create a list of the strategic priorities based on what’s meaningful to the group.
The most important piece in your strategic planning efforts is the implementation and communication. Listening circles can help your organization get everyone on board and keep the goals at the forefront. The standard should be set from the top, so leaders have to set the bar and address how to hold the team accountable. And keep in mind, there will be necessary diversions from your initial strategic plan, so flexibility is key. There’s never going to be a more opportune time than the present. You’re always busy! So the best time to start strategic planning is now.
If you want to talk about your strategic planning needs, contact Michelle Neujahr. And if you have questions or other business advisory needs, contact David Jean today.