Strategic planning has become an important action within companies that seek to identify opportunities for growth and sustainability in the medium and long term. This exercise can be carried out by integrating external resources specialists in business and strategy issues or by using internal resources that are carried away by a series of questions and inquiries to seek real solutions to problems related to business development. On many occasions when there is a lack of direction in the company, carrying out a strategic planning session is key to determining where the majority of resources (capital and human) should be focused to obtain greater results. These work sessions are ones that involve a great mental exercise, because it is tied to the way we think about the world, globalization and how we impact our business.
Strategic planning is a process used to produce innovative and creative ideas that serve as the basic framework for the company and the design of its “future. The areas of business operations are generally evaluated; finance; internal culture and people; sales; and marketing. Investing in strategic planning in your business is important. Doing so has an immediate impact on your business and organization. Here we list some of the most relevant benefits that you could be enjoying as an entrepreneur:
- Identifying opportunities and solving problems in a strategic way - Result? You will be able to integrate innovative ideas and solutions that allow you to differentiate yourself and give yourself a competitive advantage in relation to how you run your company.
- Alignment of vision, mission, and values of the entire team in a multi-level way - Result? Greater productivity and commitment of your team. The staff will be aligned to obtain business results with your vision as a leader.
- Implementation of metrics to measure the results of the recommended strategies - Result? Provide a basis for measuring that the implemented strategies are achieving the desired objectives. This helps you make better business decisions or make informed changes on time and based on results.
- Greater attention to desired progress with focus on business goals and objectives - Result? You will get focus and direction. This helps to know and establish the business purpose and realistic goals. Progress can be measured in a tangible way.
- Greater return on investment in specific projects for the growth of the company - Result? Discover the customer segment and the ideal market conditions to be able to offer your products and services in such a way that it generates sustainable income and profits that lead you to grow healthily.
- Greater differentiation and competitive advantage - Result? When creating a strategy to differentiate yourself, you will be able to establish your business within a unique framework and distinguish the value of your business in the market. In short, companies that enter a strategic planning process are more prepared to act on results rather than react on problems. Where is your company today? Where do you want to go?
If you have never started a strategic planning process in your business, the first step is to think about where you want to be in 3 years and identify the person and / or company that will lead that exercise for your business. Together you can work to achieve the goals that your company requires through high performance business strategies.
In the end, your satisfaction as a leader and that of your team will be more remarkable because the purpose of the organization will be lived in the long term and they will be the ones who take the business to the next level.
By: Joanna M. Pérez Doble
Director of Operations at Strategic Minds