In this episode, we offer tips about how to make strategic planning work in your growing business. To listen to the episode hit the play button. To download the episode, right click on
In this episode, we offer tips about how to make strategic planning work in your growing business.
To listen to the episode hit the play button.
To download the episode, right click on this link and choose Save Target As. Go to the folder where you want to save the recording on your device and click Save or Enter.
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Once a company grows to a size where management teams run the various departments, the planning process can get more difficult due to the complexity of the business. It’s not just the entrepreneur making decisions, now there are department heads – with various ideas and opinions – making decisions.
Now, it’s more important than ever to march to the beat of the same drummer in your growing business.
Today, Lisa Roberts offers tips about how to make strategic planning work for your growing business. We’ll answer questions about the strategy development process and talk about tools that you can use to put this business practice in place in your business.
*Entrepreneurs can struggle with strategic planning since there is sometimes confusion about what a strategy really is.
*Strategic planning is more about the “how” of things, not the “what” like the mission or the “why” like the vision.
*Companies have stakeholders that have varied interests and aims that can complicate a company’s intended strategy.
*A business needs to be clear about its’ mission, the what, before they can think about the “how”.
*While the mission is the same year in and year out, the strategy changes from time to time as you accomplish your mission.
*Goals are specific things the company wants to achieve; strategies are set to determine how the company can achieve them.
*Strategic planning helps entrepreneurs get everyone the same page, sets priorities and helps staff focus on what’s most important
*The first step is to determine where your business is at, is to use a SWOT analysis. This provides a basis to start developing long term goals and objectives.
*Strategies can then be developed for those goals as well as actions plans or tactics that will help execute the strategy.
*Once the strategic plan is set, an important step is the management of you plan including communication and monitoring the plan.
*It’s important for a company flow the strategy and goals down to the staff to create line of sight, focus and employee engagement.
*Culture, communication and management are an important part of the strategic planning and goal setting processes.
Resources and Links
Book mentioned in the episode: Hard Goals by Mark Murphy http://amzn.to/2p5bXKf
Note: Links in this post may be affiliate links. Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
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Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track. You can find out more about her here