As we approach the end of the financial year and embark on a new one, it’s crucial to start preparing and planning for the months, and even years, ahead. This involves defining milestones and desired outcomes that are essential for your company’s survival and growth. While time constraints often challenge small to medium-sized businesses, failure to invest time in strategic planning can lead to repetitive results year after year. Over the past 12-18 months, businesses have faced numerous challenges, including inflation/interest rate increases, staff and skill shortages, and the roller coaster ride of reactive management.
To maximise business outcomes and profitability, developing a strategy for the next 12 months, thinking about the next 2 years, and creating a vision for the next 3-5 years, is crucial. Planning ahead rather than being reactive is the key to success in running your business.
What is Strategic Planning?
Strategic planning involves bringing your leadership team together to chart the course for your organisation over the next 2, 3, and 5 years. It entails documenting the strategic plan, setting deadlines for key elements of change, growth, and sustainability, and assigning responsibilities to ensure risk mitigation and sustainable progress. Whether you’re a family business or an organisation reporting to a board of directors, strategic planning provides clarity and buy-in for decision-making in pursuit of organisational growth.
Purpose of a Strategic Plan
The purpose of creating a strategic plan is to establish goals and a solid plan to achieve them. We recommend focusing on ten key areas for change and continuous improvement to unlock your organisation’s full potential. By developing an effective strategic plan, you’ll have a tangible document that outlines strategic goals and assigns responsibility for action items throughout your organisation.
The ten key objectives for your organisational growth plan include:
- Mission, Vision, Purpose, and Values: Are they still relevant, or do they need refreshing to propel your organisation to new heights?
- Organisational Strategy: What steps must your organisation take to align with your growth plan?
- Financial Sustainability: Have revenue streams changed? Which initiatives will enhance your organisation’s financial sustainability?
- Service Offerings: Are your offerings competitive? How can you improve or expand them to attract new customers and open new channels?
- People & Capability: Is your organisational chart aligned with your needs? How can you optimise recruitment, retention, succession planning, and training?
- Marketing Initiatives: Do you have a comprehensive marketing plan that yields measurable outcomes for growth?
- Process Improvement through Technology: Is your organisation leveraging technology to enhance performance outcomes in the digital age?
- ICT – Information, Communication, and Technology: Does your organisation have the latest technology and IT support to elevate operations?
- Growth Strategy/Mergers/Acquisitions: What are your plans for expansion? Will it be through improved performance, mergers, or acquisitions?
- Compliance/Risk: How does your organisation manage compliance while maximising opportunities to expand?
At KBA, we believe that having a strategic plan in place enhances overall business performance. If you’ve never gone through this process before, engage Key Business Advisors to facilitate a workshop for your next strategic plan. We’ll assess your current plan or ideas of your thought process, identify areas for improvement, and tailor a session that drives change and continuous improvement.
We question, motivate, and drive outcomes, ensuring your organisation thrives with a growth plan that engages key stakeholders, fosters leadership, and cultivates accountability.
There are several reasons why you might need a strategic plan for your business:
- Securing Large Loans: Banks often require a well-documented strategic plan.
- Business Expansion: A strategic plan ensures necessary steps are taken to grow and expand your business.
- Future Sale: A strategic plan outlines your exit strategy, maximising the value of your business.
- Advisory Board Engagement: They need to know everything about your company, including the inputs and outputs and what is happening inside your business, such as the drivers, tools, and internal functions that make your business tick on a daily basis.
At Key Business Advisors, we have a track record of delivering on our commitments and demonstrating our value. Our team upholds our mission, vision, values, and purpose, inspiring our staff to do the same every day. We are a winning team driven by meaningful work, fostering high motivation. We believe our strong foundations and well-defined pathway enable us to consistently deliver excellent outcomes, benefiting both our internal team and our valued clients. We are grateful for the work we do and the achievements we have accomplished along our journey.
At KBA, we are a highly passionate team dedicated to elevating businesses from good to great. If you require assistance with business strategy, recruitment, or staff management, don’t hesitate to get in touch with us today!
For further information or to explore our services, please contact Key Business Advisors at 1300 4 ADVICE.
To learn more about us, check out:
- Key Business Advisors – www.keyba.com.au
- KBA Strategic Planning Workshop – www.keyba.com.au/strategic-plan/