Strategic Planning: Purposefully Growing your Business in 2024
Updated: 7 days ago
Having a strategy and purpose is invaluable to any business. Without strategy, businesses lack direction, goals, and a growth mindset.
“Articulating a clear and differentiated strategy, supported by a strong core culture that can deliver on the brand’s promises, is they key for any company wanting to scale up their business” – Verne Harnish
At Synergy, we believe strategic planning should be done more than once a quarter or once a year. It is important that senior leaders meet often to pulse check their plan and ensure they are delivering on the elements of their strategy that they set out to accomplish. In Verne Harnish’s book Scaling Up, The 7 Strata of Strategy are identified. Some of them are:
· What word(s) do you own in the minds of your targeted customers?
· What are your core customers, what three brand promises are you making to them, and how do you know that you are keeping these promises?
· What is your Brand Promise Guarantee?
· What is your X-Factor?
If you haven’t started to think about these pieces yet, and are unsure where to start, we recommend starting with a Vision Summary. This summary provides a one-page format to communicate the key aspects of your company’s vision to employees, customers, investors, and the broader community. The dedicated consultants working at Synergy are experts in strategic planning and we host strategy sessions on a regular basis for our clients. Under the guidance of our consultants, we are able to identify opportunities and pain points to help our clients scale up their businesses following each session.
Another pivotal area that is important to identify when thinking about Strategy is the execution. The key question to ask is if the processes within your organization are running smoothly, running without drama, and creating profitability. It is important to note that where things may be looking good on paper, the business also needs to think strategically for the workforce. From a Human Resources standpoint, this includes proper annual Succession Planning, identifying key skills, identifying critical roles, and identifying flight risk employees.
Setting your business up for continued success year after year takes proper planning, action, and implementation of any learnings along the way. When done properly, your business and workforce will thrive. At Synergy, we love this time of year because when our clients experience success from their Strategic Planning, we share in that success. Thinking you may need some help in scaling up your business in 2024? Contact us today. Our dedicated consultants are ready to help YOU!