Feeling like you are failing at things you are good at? Have you put enough time, and effort in ‘Planning’ out your actions? Be Strategic
Strategic Planning to a Business like planning for a long trip….a guide to give you direction in your journey towards your goals. For that to happen as you desire: you need to know your destination (your vision), the purpose of the trip (your plan), and the road map to get there (action plan).
Strategic planning provides Entrepreneurs a clear roadmap to help businesses get from where your are now to where you want to be (in the next few years). Every milestone on the road is expressed in terms of quantifiable objectives that can measure your efforts and its results and guide if you are proceeding in the right direction or have gone off-track.
Turning a dream into reality, a tangible outcome is something that is most often very difficult to do. Imagine you have set some goals that need to be achieved in a year, and when you review what you have done, you discover that you have not achieved up to expectation. This is because there is no adequate planning, preparation or actions taken towards making that vision become a reality. There are three factors that are to be considered in turning dreams into reality. They are:
The first part is the ‘WHY’ for a company or of an action. This involves the mission statement and what someone aims to achieve on a long run.
The second part involves the ‘HOW’ question. Without adequate plan or preparation, the vision remains just a mere dream. When carefully constructed, the plan shows how the dream can transform into reality.
The last stage is the action. One can have the best dream and the perfect plan in the world, but, without Action, the dream and the plan will never materialize into a tangible outcome and everything will become a waste of time.
The leading cause of business failures is the lack of strategic plans. If a business has little to no idea of where it is headed, it may tend to wander around aimless without any priorities or goals. The employees toomight not be clear and confident about their job roles, responsibilities and contribution. That is why GEN emphasizes on the need for a Strategic Plan.
Clarity, Direction and Focus: Clear Vision, Plan and Action items
- You get to literally have a roadmap to success.
- Clear assignments, due dates and deliverables improves team’s performance within deadlines
Organizational Alignment: Team harmony
- Having everyone participate in the planning promotes cultural transformation.
- Facilitates open exchange of ideas, resolves disputes and identifying effective solutions.
Effective Communication: Transparency and consistency in thoughts & actions
- Entrepreneurs’ mental plan is put in black & white for team to understand and act accordingly.
- Everyone is well-informed on what, why, when, who, and how to do every action item.
Despite all the time and effort required in planning your business activities strategically, strategic planning offers Entrepreneurs huge benefits
Competitive advantage : Better operational & sales performance.
Minimized risk : Anticipated problems and well planned risk options.
Optimum resource utilization : Best use of limited resources to maximize output.
Financial Benefits : Good sales, low costs, higher profits.
Limitations of Strategic Planning
Lack of knowledge : Strategic Planning required a lot of knowledge, experience and and training. Entrepreneurs need to have exceptional conceptual skills and abilities to prepare a clear and an effective Strategic plan. Without which it may result in huge financial losses and lack of results.
Interdependence of Units : Business units of different levels of the organizational hierarchy needto align towards one direction, one set of goals and a pre-set action plan.
Managerial Perception : Entrepreneurs at times tend to frame sub-optimal goals, plans and actions as a means to avoid risky situations. But eventually, this may deter long-term objectives.
Financial Consideration : Strategic planning demands a lot of time, effort and financial investment and Entrepreneurs may defer this idea on a whole.
With GEN, you can overcome these limitations with rational, systematic planning backed by expert advice and scientific data. We help you formulate and implement strategic plans and actions geared to optimize your goal achievement. Our Strategic Planning Mastermind sessions empowers Entrepreneurs by throwing light on the ways and means to have a well laid out Strategic Plan for each and every aspect of their Business to facilitate a wholesome Growth and Success.