What does long term strategic planning look like and how do you do it?
The Nuts and Bolts of Planning
Who should be involved in your long term strategic planning process and when and how should you do it?
You may want to start the process by yourself or with your business partner if you have one. But I suggest that you involve your management team along the way. Getting the team involved helps them to have input into the process and they are more likely to “buy in” to the plan and take ownership for their part in implementing it. You may also want to include an outside advisor like your business coach, CPA or other trusted advisor in the process.
An annual planning session or retreat is an important time to review past progress and set new measurable goals and strategies to achieve them. Plan for an entire day (or maybe two). It’s a good idea for the annual planning session to be held off site to get you away from the day to day environment.
At the end of the planning session, you should have a workable plan for the year, and each person should know what their responsibilities are to make it a reality. I then suggest breaking the year into quarters and identifying measurable targets and initiatives to be implemented in each quarter.
Quarterly planning sessions can be scheduled for a half day to review progress and plans for the upcoming quarter. If targets aren’t being met, this is a good time to discuss challenges and how to overcome them and revise the plan if necessary.
On a monthly basis, you’ll want to check in on key performance indicators and progress towards initiatives to ensure that you are on target with your plan. Are you hitting your sales targets? Have you hired the people you need? Are your profit margins where they should be? Are you getting enough leads from your marketing strategies? Are your customers giving you glowing reviews? Are you where you need to be in implementing your new software or getting your training program up and running, for example?
The future is coming, one way or another
Strategic planning and implementation of your plan will help you get to an outcome you choose, rather than one that happens to you. There are tools and resources* to help you navigate your route and arrive at your destination. Commit to your vision. Create a structure that will get you there. Get support when you need it.
See Taking the Long View – Part 1 and Taking the Long View – Part 2 for the rest of this article.
Here’s to your success! Feel free to contact me for a complimentary consultation if you’d like some support in your strategic planning process.
*Below are some resources and tools I recommend that are very helpful with planning, goal setting and more importantly, goal achieving! I’ve used these in my own business and with clients.
Traction, by Gino Wickman and the associated free tool Vision/Traction Organizer (V/TO)
The 12 Week Year by Brian Moran and the companion workbook (with free tools) The 12 Week Year Field Guide.