Sat Nav for Business Growth Strategy
Your business growth strategy is what you want and need to do to achieve the growth you desire. Is it devised after thorough and extensive industry and market research to identify what is required to increase your access to more customers, more talent and more capital—the three things that most companies need to grow their business.
As we have discussed in earlier blogs, in order for your business growth strategy to succeed you need to have some key elements in place:
- You need to know WHY you’re in business…your desire.
- You need to establish a clear VISION for where you’re going…your destination.
- You need to identify your core VALUES that will show HOW you are going to deliver your vision…your drivers.
After you have put these elements in place, it’s time to create your PLAN: WHAT you’re going to do to move toward realising your vision.
Your plan is the map showing the route you need to take to get you to your desired destination. It sounds obvious to have a map or to use a sat nav to get to a place you have never been to before, but it is astounding the number of businesses who don’t have any sort of plan for getting to their desired destination. But then, many businesses also don’t know where they are heading. Remember that a having a vision in place is crucial.
In many cases, stopping to take the time to create a plan isn’t a priority for management. However, as you may have experienced in your car, finding your way when you are lost without a map is really very hard. You need that map; you need that sat nav—you need it to make the plan that will get you there.
So what sort of plan do you need to create? There are many different types of plans that you could use. The best ones, however, are those that are clear, short and easy to follow. They should plainly state your destination, which can vary depending on the time frame, but the goals or outcomes that you want to achieve should be clearly stated as objectives.
The specific strategic goals in your plan are then the places you know you need to get to on route to reach your final destination. They are your pit stops; the necessary stopovers that will contribute to the success of the arrival at your final destination (your vision). For each goal, it is important that the objective is clearly stated with a timeframe (for more information about setting SMART goals, click here). After all…
A goal without a plan is just a dream.
Do you want to turn your business’s dreams into reality? If so, then read on to learn how you can achieve your business growth goals with the help of a strategic plan…your Sat Nav for your business.
Sat Nav for your Business
As any good sat nav should, your plan will represent the fastest route by which you can get to your desired destination. It will help you to stay on track and, most importantly, get you back on track if you lose the right road along the way.
To keep you focused on the right path, your plan should include the statement of your why, your vision and values. These help to keep the focus on the bigger picture and create a greater context for the actions that you and your team need to take to achieve your vision through your plan.
Here are a few points to flesh out what I’m talking about:
- Every strategic goal should have a champion—that is, someone who is committed publically to making it happen. The goal champion is accountable for the achievement of the goal (albeit not necessarily for all of the actions to ensure its delivery).
- Every strategic objective or goal should be accompanied by specific milestones to achieve it over the months ahead. This helps create focus points along the way.
- The entire business plan should be reviewed regularly with the team, (monthly at a minimum) to ascertain whether the work toward each objective is advancing and what obstacles need to be overcome to keep moving forward.
- Progress on actions taken for each goal should be measured every month to continue progress in each area.
- All employees, not just ‘the team,’ should be made aware of the business growth plan. If people know where they are heading and that there is a plan to follow to get there, everyone is much more likely to want to engage and support the champions for each goal so that the objectives are delivered.
A business growth action plan is a well-defined and specific step-by-step set of actions for implementation. Whilst you may go off-course some of the time, your plan will help you to stay focussed on where you want to get to and help you get back on track and determine the next action. With the right plan, this creates the structure and discipline for efficiency (doing things well) and effectiveness (doing the right things) to achieve your goals and vision. Your plan—like a sat nav—will always be there to guide you and take you to where you have decided you need to go.
Are you ready to design your plan for WHAT you need to do to realise your business growth strategy? Or are you ready to improve a plan that perhaps hasn’t been working so well for you? You may be wondering where to start, what road to take first, and how to strategise your route for the fastest and most effective way to get to your destination…your goals and vision. Please contact me via email or phone for a free 30-minute consultation. We’ll talk about how you can get clear on the plan for growing your business, with a sat-nav-type guidance system that will guide your business in the direction of unprecedented success.