When businesses connect their strategies to their values, they are often more adaptable to changes than their larger, corporate counterparts.
Values-based strategy links the values that the company considers desirable, important, beneficial, and constructive, with future actions. It ensures company decisions are consistently guided according to the core values of the business.
Strategic plans don't have to be complex. Keeping it simple can work really well, especially for smaller businesses. A useful, practical strategic plan guides your future planning. The trap many fall into is thinking that a strategy is just a list of tasks to be achieved over the next 3 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 your business. 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?
A ‘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 above (values; purpose; market; value proposition) provide you with the absolute basics for a strategic plan. Such a document can then guide:
Your strategic plan can be as simple or as complex as you want it to be.
Spindle can facilitate your company’s next strategic planning session.