As we enter 2024, what are your business New Year’s resolutions?
What solid strategy have you put in place to achieve these ambitions?
Many business owners think a business goal is just like a personal goal: have the right mindset, put in the work, and eventually you’ll get where you want to be.
While the way to keep a personal resolution might be self-control and hard work, a business resolution can be a bit more complicated. Any business goal will require multiple people or departments working together to accomplish it. So, open communication of the plan becomes as important as the plan itself. The key players need to know the company’s strategic plan in order to be invested in it, and it cannot be buried in a secret folder on your laptop — or only exist in your head.
Beginning with this newsletter, we are trying something new, involving a little audience participation. Honestly answer the question below (remember, it’s anonymous) before reading the balance of our message.
The definition of a strategic plan has gotten a bit muddied over the years. It has become a buzzword and lost its specific meaning. There is some philosophy involved in creating a strategic plan, yes, though the important part (what makes it a plan) is the layout describing the resources and hard work needed to accomplish a goal. A strategic plan must encompass an organization’s desires and needs, how it will allocate resources, and how it interacts with the market and its customers.
A strategic plan is a foundation, and for many organizations, this can be a matter of life and death. Although it’s a serious undertaking, many owners put off the task of formulating their strategic plan — they worry about the time commitment, don’t know where to start, or the day-to-day tasks of running their business always seem to come first. Yet, this is a cart-before-the-horse approach that can lead to years of wasted potential.
Getting your strategic plan written and in place is vital for fostering teamwork. It’s what unites people, and departments, toward a common goal. The strategic plan is necessary for decision-making as well — it’s what separates real goals from distractions that whittle away time, effort, and resources. In short, it must sort out the who, what, when, where, and how. This means breaking down a large goal into smaller chunks of time and manageable tasks that are assigned to team members. To be effective, this plan must be fully developed and communicated with all team members. Only then can everyone be fully aware of how they each contribute a piece to the larger picture.
Many business owners do not have their strategic plan fully defined or communicated effectively to key people in their company. Some may not realize its importance, while others who do understand how vital a strategic plan is may be intimidated by the task.
If this sounds like you, Eagle Corporate Advisors can help you flesh out a solid foundation upon which your business can grow, gaining value with each step. You have already seen one of the questions on our free Altitude Assessment. Click here to complete the rest and gain an understanding of where your business is today.