A strategic plan can help you define and share the direction your business may take in the next 3-5 years. It can inform where you’ll invest your resources and where you won’t. The end of the year is a great time to develop some strategic plans since you know how your company performed in the last year.
John Spence, an author and international executive coach, says that to build a successful strategy, you need to bring something to the market that:
• Is unique and compelling
• Your target audience finds valuable (and is willing to pay for)
• Is difficult to copy
• You can consistently deliver with excellence
In this issue of PromoPro Daily, we share some wisdom from Spence on how leaders can build a winning strategic plan.
1. Be well-prepared and do your homework. You should never be guessing at crucial information. Ensure that the data you use to build your strategic plan is recent and reliable, Spence says.
2. Clearly define your goal. Clarity is another element of successful strategic planning. You should be crystal clear about what you want to achieve.
3. Don’t waste time. If you work with a large leadership team, ask each individual ahead of your strategic planning meeting to share their notes. You can compile this information into an executive report, Spence says, so you can more quickly get to the strategy-setting part of the meeting.
4. Follow your strategic objectives. To create an updated or new strategic plan, the primary outcome of that meeting should be a handful of very focused and clear strategic objectives. Spence says you’re not there to create the plan. The tactical part of the plan should be built by the people who are responsible for implementing the plan.
5. Make your team accountable. It’s also important to create a culture of accountability. Spence says you can do this by defining expectations, creating KPIs and establishing clear roles and responsibilities.
Use the guidance above to take your successes from 2022 and expand on them to make 2023 even better.
Compiled by Audrey Sellers
Source: John Spence is an author, international executive coach, professional development educator, virtual trainer, strategic planning facilitator, keynote speaker and developer of online learning programs. He’s recognized as one of the top business thought leaders and leadership development experts in the world.
