What is your Strategy for Success?

Strategy is a word that generates much confusion because different people use it in different ways. And of course, there are different levels of strategy. Strategic planning can support creativity and respond sensitively to diverse and changing circumstances. Managers, planners, consultants and even self-employed business people need to grasp the importance of Strategic Planning and how it can be done effectively.

Strategic planning has been in existence for many years. In fact, from a military standpoint, strategic planning has been around since biblical times. Strategy has a decisive impact on your product or services portfolio, how you carry out business operations, and even how you handle human resource issues. It defines the way you address a market and how you sustain the growth and health of your business. Strategic Planning is utterly and completely different from long-range planning.

Strategic planning analyzes the prospects of an organization (or individual business person) regarding its current position and what it is capable of in the near future. Strategic planning examines the feasibility of the projected growth rate of a company and the implications that it might have on itself, to the market and to the world at large. Strategy, planning, and decision making are totally interdependent whether you are looking to set-up your own business, have an established franchise, or are a large corporation or franchisor.

Strategy planning is what I would call the ’steps’ that you must take in order to achieve your goals.  It defines the framework and goals for a long-term process.  Strategic business planning is essential if a business is going to grow. The strategic business plan provides the framework against which all mission critical decisions are taken.  Like goal setting, you must write down your strategies for achieving your goals. It can take you for a “dream and vision” to reality.

Even if you are a franchisee, the need for strategic planning is not diminished.  True, the franchisor will have created an overall strategic plan for the network and probably a high-level strategy for you as a franchisee.  However, if you do not have a complimentary strategic plan for your own business development, you could find yourself going off track.

So what then are Tactics and Tactical Planning?

Often in business the differences and importance of Strategy and Tactics becomes blurred or even ignored.  However, whatever size your business, to do so can have a detrimental effect on your operational efficiency and the important “bottom line”.

Tactics must always relate back to the strategic outcome you have decided upon, and in business, they must always be selected on the basis of the target audience.

Tactical planning is shorter term, and tends to be more about “how” we will do something. Strategic planning is more towards “what if” something happens.

Tactical planning is much more detailed. Once you have decided upon a  strategy, how are you going to make it work? Tactical planning provides the specific ideas for implementing the strategic plan. It is the process of making detailed decisions about what to do, who will do it, and how to do it.

The 4 essential steps to Minimising Risk and Keeping on Track

Whether you are making the move from employment to starting your own business, or are seeking to operate your own independent business or franchise more profitably, these four steps are vital:

1. Create your overall business Strategy, based on your goals and business plan.  This is your blueprint for action, looking at the goals you have set, how to achieve them, and preparing contingencies for factors that could possibly derail your plan if not considered.
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2. Tactical planning then defines all of the specific tasks required to implement the strategic plan.
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3. Next, an operational plan can be developed, concerned with the near-term operation of the business or business acquisition.
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4. Finally, a follow-up control process should be outlined which is intended to ensure that those plans are implemented and the desired results are achieved.

Match Method to Scale and Take Action

Planning is essential to any successful venture, but it should not be a goal in itself. Some find planning a chore, and can tend to gloss over the exercise, diminishing the effectiveness of the planning at all.  Others can become so engrossed in their plans that the planning almost becomes an end in itself.

It is important therefore, that we match the complexity, detail and method of our planning to the size of our activity or business, as well as considering our own skill set, time, and attitude in the context of preparing an effective plan.  If we lack the time, skills or mindset to do effective strategic or tactical planning, then using the services of professionals in the field to get us on the right track is a wise investment.

For example, if you are seeking to improve the efficiency or profitability of your existing business, or launch a new product or service portfolio, then using the services of a business development consultancy could save you significant time and money, as well as improve your chances for success.

Equally, if you are considering starting your own business for the first time, or purchasing a franchise, using the skills of a leading Franchise matchmaking service such as offered by Kyros can help ensure you make the right choices and have a quicker and more “hassle free” road to achieving your goal.  An added benefit in the  case of  Kyros is that there is no cost to you for the services they offer.

But most importantly – TAKE ACTION NOW.  Whether it is creating a plan or contacting Kyros, taking action sets you on the road to success.

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Adapted with permission from an article by William Metzger, Senior Partner of International Business Concepts, the Business Development Consultants.  www.ibcdirect.net