Only after business owners have seen the benefit of tackling some specific issues and tasted the ‘low-hanging fruit’ of increased profit or some other benefit, are they likely to begin to talk about their vision for the future.
At this stage they often look to us to assist them with setting a strategic vision for the business that aligns with their core values, personal objectives and vision.
Core value and principles provide a value system that acts to underpin decision making at every level within the business - how it treats team members, customers, suppliers, partners, the community and the public at large and, how it develops its business in accordance with its values.
The ‘Vision’ is about where the team believes it can bring the business over the foreseeable future.
With Core Values and Principles alive and at the heart of the business, with the Vision set and with the Strategy adopted, the business has a framework in place to guide management and those involved in planning Actions and decision-making.
A business needs a solid basis upon which to plan. There are six key strategic business pillars that should underpin the plan:
Sustainable Competitive Advantage (SCA), Marketing, Operations, Innovation, Human Resources and Finance.
Once a business knows it has a sustainable competitive advantage it can plan to;
Tailor its marketing to its ideal customer type
Sell to these customers needs and wants,
Achieve prices and terms that generate profit,
Structure operations to meet customers’ needs,
Focus innovation to meet their evolving needs,
Recruit suitably skilled people who share its core values.
A ‘Strategic Plan’ can be a one page or a 50 page document depending upon the size and complexity of the business. It is a living document that should be regularly visited and reviewed.
Can you see the future
of your business?
A business needs a solid basis upon which to plan.