While Business Planning focuses more on “What” you are doing, Strategic Planning focuses on “Why” and “How”. Granted, there can be a lot of depth and strategy in a Business Plan, but a Strategic Plan is all strategy and action. A Strategic Plan makes you answer tough questions like:
- Why does your company matter?
- What differentiation does your company bring to the market?
- If you closed tomorrow, would there be a clear hole in the market not easily filled by competitors?
- What kind of company do you want to become?
These are tough questions for which every business owner should have a clear answer. Not just a fluffy mission statement or a statement like “We do it better than the next guy.” You should have a meaningful, valuable, observable, quantifiable differentiator that a customer, prospect, employee, interviewee, or shareholder will recognize. Do you have that?
While maintaining a “Why” and “How” focus, the Strategic Plan will contain the following:
- SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats)
- Periodic goals (monthly, quarterly, yearly, usually not more than 5 years out)
- Company analysis (answers from above)
- Competitive analysis
- Marketing plan
- Product plan
- Operations plan
- Financial plan
- Hiring plan
- and more
Every engagement with Manley Strategic will involve Strategic Planning. We can also lead your next Strategic or Leadership Retreat to fully engage your senior staff in the Strategic Planning process and make them an integral part of the future direction of your company.