Owners and managers of Small & Medium-sized enterprises (SMEs) who design a strategic plan have a better survival rate and a more pro-active approach to decision-making. Smaller businesses often connect to their strategies better than larger businesses when strategies are linked to company values. SMEs can then prepare for changes in the market or technology, be more confident in their marketing choices, and have a better picture of potential growth, maturity or even succession of the business.
Values provide business owners and managers a reference for what the company considers desirable, important, beneficial, and constructive. A values-based strategy helps guide company decisions by ensuring consistency and compliance.
Simplify Strategic Planning
Keeping it simple can work really well. Create a document that guides future planning, not a lengthy schedule of tasks to be achieved over 3-5 years.
The Strategic Plan in 4 Steps:
#1 Work on your values
Do a bit of soul-searching and make a list of 4 or 5 values that are important to you, and then do the same exercise for your business. They will probably overlap, and that’s fine. This provides a framework for decision-making, so it’s important to think about, draft, refine, draft again, and allow as much time as needed to get and feel right.
#2 Find your ‘Reason for Being’
What is the purpose of your business? Why does it exist? The ‘Reason for Being’ or ‘Purpose’ is often easier for smaller organisations to connect with, rather than the traditional Vision and Mission statements.
#3 Define your market
Who are your customers? Where will you find them? How will you reach them?
#4 The Value Proposition
This is the ‘how to win’ part of your strategy: why the customer will buy from you.
Not sure how to create a Value Proposition? Check out Cleverism’s guide.
Putting your Strategic Plan Together
Those 4 steps provide you with the basics for a strategic document that guides:
- Is it in line with our company values?
- Marketing & Communication
- Is the value proposition contained in the material?
- Future planning
- Does it reflect our reason for being?
Your strategic plan can be as simple or as complex as you want it to be.
For an in-depth consultation as to how Spindle can facilitate your company’s strategic direction, please fill out our contact form and we will be in touch.