More often than not these fundamentals include Strategic Planning. Whether it's your Business Development goals, your short-term Marketing strategy, resource management and expenditure Plans, or even your aligned Social Media content, everything ties back to a Strategic Business Plan.
At LVL Up Consulting we like to bust the myth that developing a Strategic Business Plan is a cumbersome and onerous process. In fact, we are so confident that with the right high quality inputs you can develop a rock solid Strategic Business Plan in under 3 hours. Too good to be true? Come along to one of our Strategic Business Planning workshops to find out how (www.lvlupconsulting.com.au/upcoming-events).
If this has inspired you to carve out some time to build your own Strategic Business Plan, here are the components we recommend including;
1. Write down your vision, goals and objectives for your business (aka your "Why"): Level set and state your original and current vision for your business. This will set the pace of where you take your plan.
2. Market and Competitor Research: Determine the current trends in your industry by taking a look at what your competitors (both locally and beyond) are doing. Keep a keen eye on anything that is new or emerging as there may be a chance to jump in early and enjoy a first-mover advantage in your local market.
3. Customer Research: You know what they say about those who assume..! The quickest and most effective way to determine your ideal customer's motivations is to ask or observe them. Conduct surveys, watch them shop, analyse what they're saying in Social Media groups; do whatever you need to build a picture of where they're at today. Note: this data is incredibly time-bound and trends can often move quickly. Therefore, Customer Research should be conducted every time you are looking to implement something new in your business (E.g. launching a new service, running workshops, changing your prices).
4. Brainstorm and Ideate: Now that you have a complete picture of both your competitors and customers you can now brainstorm each of the options available to achieve your big audacious goals. The secret here is to start with quantity and then select the highest quality ideas to pursue.
5. Develop your Action Plan: An idea is just a wish until you have a plan! To create a stellar Action Plan list out each of the key deliverables or milestones required to make your big idea a reality, the activities or tasks to complete the deliverable, and the timeframe in which you will deliver it in. If you work in a team it's important you also assign an owner to each task and have a way to track progress against the plan. To ensure your Action Plan is executed brilliantly, assign key metrics or Key Performance Indicators (KPI's) against each deliverable. This will help you analyse whether your plan was successful and what to replicate in the future.
To add some extra muscle to your Strategic Business Plan you may consider developing (or revisiting) your Brand Strategy, building a Marketing Plan, or even mapping the Customer Experience (CX) Journey (just to name a few bonus extras!).
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