Grow Your Business with Strategic Planning

strategic business planning

Growing a business requires a great deal of hard work and perseverance.

But there’s more to it than that.

Good leaders set aside time to look to the long-term and make a strategic plan.

Then, they can guide their business’s growth, no matter what challenges they face.

But this isn’t just for large corporations.

Solopreneurs and entrepreneurs, also need to spend time on strategic planning to grow a successful business.

Proactive vs. Reactive

Without strategic planning, you’re always on the defence.

You can only react to what happens in a way that reduces risk and puts your business in the most favourable position possible.

The idea behind strategic planning is to be proactive rather than reactive. It involves strategic thinking.

Thinking to seek out new challenges.

Also thinking to prepare contingency plans for obstacles you will face along the way.

Your Business’s Long-Term Strategic Plan

How far ahead do you think into the future?

You probably have a solid plan for this month or this quarter, but what about a year from now?

What about five or even ten years from now?

Long-range business planning starts with spending time looking into the future.

Decide where you want to be in one year, five years, and ten years.

Imagine what your business will be like at that time.

Visualising the future in concrete terms helps you set goals.

Then you can develop a plan to achieve those goals.

Make Your Goals SMART

Most of your goals for the future should be SMART: Specific, Measurable, Achievable, Relevant, and Time-Bound.

For example, rather than saying that you’d like to have more clients, choose a number and decide by when you’ll have this done.

Research shows that making goals specific and set with deadlines makes them more likely to be reached.

Add In Some Stretch Goals

No great business became successful from pursuing purely achievable goals.

If you really want to grow and achieve greatness, you need to aim beyond your reach.

The general idea is to set some goals that are difficult, and maybe even impossible, to achieve.

The idea is to shoot for the moon and see how high you can go.

Stretch goals are designed to stretch your ability and are created with the assumption you may ‘fail’ by normal standards.

But with the stretch mentality, you can consider achieving 65% – 75% of your audacious goal, a success.

Strategic Questions and Contingency Planning

With your picture of the future clear, and goals set, it’s time to start thinking about contingency plans.

You should have a plan for any unexpected setback that could happen along the way.

For instance, if there’s some change in the market, you don’t want it to take you entirely by surprise.

You should have a Plan B already drawn up and ready to go.

Brainstorm things that could happen. Imagine you’re a skeptic hearing about your long-term plans.

What questions might they ask you to challenge you?

Ask yourself these questions so that you’ll think realistically about what could potentially happen in the future.

Define Your Company Vision

If you haven’t already done so, define your company’s vision.

Explain how your business helps your customers and clients in a unique way.

Frame this as a statement of around 100 words.

This will help you clarify your vision for the future and keep you on target as you work toward your goals.

Man Makes Plans and God Laughs

There’s one great paradox of business planning.

You can’t move forward without a solid plan, but plans are liable to change.

With a good plan and a clearly defined vision, you can get started knowing where you want to go.

Keep your eyes open for changes in the market and then adjust your plan accordingly.

This is how you grow and steer your business toward success.

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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