Fall In Love With Strategic Planning

Welcome to this week’s installment on planning and forecasting for your small business! Head over to our Youtube channel and take a look at this article from Entrepreneur to dive deeper.

In this week’s planning segment, we want to talk about something might sound a little funny… it’s called falling in love with strategic planning. Now, we all know people who probably love the process, and they love thinking of new paradigms on their business or even just thinking about new businesses. People love to imagine and think through the process. That’s a little bit different than the actual planning process, but that’s where it begins. If you’re actually gonna become really good at strategic planning, the way you need to be in your organization, you do sort of have to fall in love a bit with it. You’ve got to enjoy the process and look forward to the time that you set aside to do that with your team.

There’s a few steps here in an article Entrepreneur Magazine, an excellent source of information. They suggest four steps that you would engage in to “fall in love” with strategic planning. It’s really just about getting to the point where you and your team enjoy the process, and if, like some of the teams that we’re on, y’all really enjoy being together then that really helps the process as well.

The first suggested step is looking at competitive business models. Look at your competitors. Study them see how they’re doing business. See how they’re handling the same situations that you face. Just take a look at that, and you might learn something. Look at many different business models, maybe not direct competitors, but people who sort of overlap your space a bit. Look at those models too, and in the mix of the select the ones that are relevant to your business, because you may be in a different niche than others, and so there may be things that they do that don’t apply to you, but select the relevant business models. Next, after you’ve selected some of these other business models, take some time and visualize your business in one or two of these other business models. Try to reimagine your business if you did things the way those other organizations did. That can be time consuming, and it should be, as you re-imagine what you do day-to-day in these different business models. You’re questioning what you do, which is always a a good exercise. Make sure you also review the competitive materials of others. Depending on what business it is, you might even go do business with them, find out how they’re treating you as a customer, and learn about them that way.

We hope you check out the article and learn to fall in love with strategic planning like we have! If you need a little help in that area, this is what we do at Harvard Grace every day. If we can help you strategize, reach out! We’d love to talk.

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