What is Strategic Planning?
Strategic planning is a business’ process of defining its direction and making decisions on assigning its assets to pursue this strategy.
No great strategy was born without careful thought. That’s why the process of planning a strategy itself is an important vehicle for setting priorities, making investment decisions, and laying out growth plans. However, for many companies the process is backed by slim facts and research and hasn’t been disseminated to daily operations and tactics.
As an independent advisor we can ensure that your strategic planning carries weight, is actionable and is more likely to yield results.
Writing an Effective Strategic Plan
Involve Key Stakeholders
Don't expect the Sales Manager to be behind your progressive sales budgets if you didn’t involve her in the forecasts or even more importantly exactly how you were going to increase sales volumes this year by 16%. Encourage ownership of your plan from the very people that will have to action it.
Don't write a book
If you expect people to follow your plan, let alone action it and achieve those lofty objectives, then keep it brief often explainable in a PowerPoint or bullet point form. No matter the seniority or experience of your team, no one wants to wade through soft vision statements and strategic waffle.
Escape the rigid template
Templates are often a standard fixture of strategic planning. But the rigid use of templates can lead a team to be more focused on completing corporate requirements than on doing the hard thinking about how they plan to grow their business in their specific environment
Ask challenging questions
Asking challenging questions will unearth better strategies that could have ground-breaking effects on the way you go to market. The answers could get you away from the stock standard strategies and increase everyone’s level of confidence in moving forward. They could include questions like:
“Do we have a strategy for growth?”
“If you could draw a picture of your business in two years time, what would it look like?”
“What are the barriers to us achieving our goals?”
“What are the two or three things that we must do right now to implement our strategy?”
“So we have the resources (capital, people, plant) to achieve our strategy?”
“What is the jeopardy of not pursuing this particular strategy - what will happen if we don't do this?”
Sudburys has had more than 30 years’ experience working with the directors, boards and advisory boards for New Zealand companies and organisations of all shapes and sizes. We have a breadth of strategic experience across a wide range of industries and are professional specialists in key disciplines such as financial reporting, tax and accounting standards, strategy advice and risk management.