Have you ever thought about why you need a business strategy? You might have heard about business strategies and strategic planning but aren’t sure what they entail and why they are beneficial. Let’s explore this.
You have a business and desire clarity about decision-making and how to reach your goals. You realize that you need a roadmap so you know exactly where you are and where you’re going. This is where strategic planning comes in.
The Harvard Business School website defines strategic planning in the following way:
“The ongoing organizational process of using available knowledge to document a business’s intended direction.”
This ongoing process requires constant thinking and frequent discussions with your team members, particularly with the organization’s leaders, to come up with a general consensus about the proposed and desired future of the organization. It involves selecting short term and long term goals and periodic evaluation of progress. Steps will vary based on what sort of business you have.
Strategic plans are future-oriented and help you envision and dream about what your business will look like in the future. Having a strategic plan is extremely advantageous. It may make or break your company’s success.
Why is it important to have a business strategy? The following lists some crucial reasons why:
- It gives you direction and goals to work towards
- It helps you navigate the unexpected and be more resilient
- Following a plan gives you a better chance of thriving and success.
- It often entails getting together as a team which can boost team morale and connection
- It helps you see the bigger picture with clarity.
Without a roadmap, your business can seem disjointed. Perhaps your actions may even seem aimless. In times like these where societies are changing rapidly and there is a lot of uncertainty, having a business strategy will give you peace of mind.
A good strategic plan can take your business to the next level and this is why you need a good business strategy. Working with a business coach can help you to think through your strategy; identify Strengths, Weaknesses, Opportunities and Threats; and develop action plans to ensure you and your team stay on track.
Want to read more? Check out a past myCEO blog post about how using business strategies can grow your business.