It’s mid-week and we’ve got another great insight into Marketing to share with you. Last week we learnt from marketing professional Cindy Guevara why Marketing is important to your business. Today we caught up with Business Development Consultant, Yohann Sambrano who will examine why strategic planning is necessary to chart the way forward in your business.
The subject matter expert says that if you want your business to survive, thrive and become a significant player in your industry, then it is an absolute must. However, he had this to say, “a Strategic Plan does not guarantee success, but more so it provides the blue print to enhance the probability of success.”
Sambrano shares that there are two key elements which determine the successful transitioning from blue print to actual execution:
1) How was your plan created:
a) Is your plan really strategic?
b) What environmental scanning/research was done?
c) Do you understand how your business’ strengths and weaknesses can leverage opportunities within your industry or across industries and/or be adversely impacted by impending threats?
d) Did you define your differentiated position (strategies used in making your product/service stand out from the competition) and does it really matter to the audience whom you are targeting?
e) Does the plan provide specificity in execution, objectives and outcomes?
2) Who is implementing the plan?
a) Were you or a member of your team part of the strategic plan development process?
b) How passionate are you about the business and its success? Is it a hobby, side-job, main-stay?
c) Do you have a team or access to a support team that has business and even entrepreneurial experience? It’s like trying to do carpentry or plumbing for the first time; you can have all the tools, all the materials, all the instructions, and still be lost, confused, flustered by it all.
Key points to note about a Strategic Plan:
i) Strategic Plan is just that “A Plan” – It is not going to be 100% accurate as no one can foretell the future, so don’t “over-think” it: You can become paralyzed by analysis
ii) Don’t do it alone – Engage other experienced persons in your team and outside of your team. Better yet, get a mentor. You may gain insights that you initially overlooked.
iii) Once created use it! – Don’t let it collect dust on a shelf somewhere or lost on an USB or hard drive. Review against your actual performance to determine if your assumptions were indeed on point.
iv) It’s a “living, breathing organism” – The environment in which your business exists will change, morph, expand, contract, engage in so many dynamics. So why do you think your strategic plan is applicable for the next 3-5 years again?
Do you have a strategic plan for your business? Now you know why you need one. Food for Thought.
Connect with Yohann Sambrano via
Hope you find this blog post useful. As usual, please shoot us a comment and share if you do!
Until next time…
T&T’s Entrepreneurs Team