Having your goals mapped out is great. But having your business Strategically planned out – that’s where the gold is.
Goals and the what and often encompass you’re why. The Strategy is the how.
There are 2 parts to your business strategy. There is strategic planning – and then you have strategic tasks or your to-do list which makes up all the parts of your strategic plan.
It’s important to start with your strategic planning – which is made of many different components depending on the type of strategic planning you are doing.
For smaller businesses, you might only do one small part of the components, Or you may complete all components over a series of months. For larger corporations, we normally go through this process in a day or two with the entire team.
My strategic planning sessions always start with a SWOT – Your Strengths Weaknesses Opportunities and your Threats. This is all important information to know when moving forward.
Next, we do a Design Criteria Canvas. This lists out all the things we must do, should do, could do and won’t do. This canvas will change throughout the session and will be a reference point to complete the other components. It’s a living document, not static.
Then we tackle the Community Engagement section. We map our who your ideal customer persona’s are, and what their journey is with your business currently. It’s always good to revisit that customer journey again later when your services offerings may expand or simplify.
After that, we nut out your Value Proposition – what exactly are you selling, and what need or problem does it solve for your customers.
We then transfer that over to the Business Model Canvas. Now this is the one that can be used as a 1-page planner. If you already know your customers and value proposition, you can often jump forward and map it out on the Business Model Canvas. You can even use this canvas as a 1-service planner, and compete one for each service offering you have.
Don’t forget about that Design Criteria Canvas! Your going to be checking in with it along the way too make sure nothing is forgotten.
It’s here that we start to transfer some of your must, should and could dos onto an Innovation Matrix. This shows us which ideas are going to produce the most revenue for the smallest effort or cost. It gives us that road map of which service or product to roll out first.
After all of that is complete – we now have a well thought out and tested strategic plan that likely spans at least the next 2-3 years.
Part two of that is your Strategic Tasks. Which is the process of mapping out exactly what needs to be done this year, then this quarter, then this month – and if you need it – this week. We want to put the blinders on from being distracted by the big picture and just do the things we need to do today to get us closer to our goals. And that – is eating the elephant one bite at a time.