Every successful business is built on a solid business plan. Strategic planning is basically the road map to success for any business. Planning is basically deciding what to do and how to do it before action is required. The chances of succeeding in business without a well-crafted strategic plan are equivalent to flipping a coin. A business will not stand a chance against its competitors if hope is its only strategy.
In business, clear goals do matter. And a business without a strategic plan is at risk of wandering from its objectives and getting distracted by shiny objects. while all roads lead somewhere, sometimes somewhere can be nowhere.
A business without a strategic plan is like a plank of wood in the ocean drifting aimlessly. Sure, the currents may lead the plank of wood to safe harbor but it’s not guaranteed and it is just as likely to end up lost on a reef somewhere in the Bermuda Triangle.
Strategic Planning Process
As much as a strategic plan does help a business perform at a much higher level than it did previously, we at Lantain Limited noted with deep concern a common mistake unknowingly made amongst most business owners is assuming the strategic planning process is a one-time thing.
We conducted our own survey and found out that only 8% of small businesses actually have an effective strategic plan. Only 15% of business owners ever review their strategic plan at least once a month and a full 24% are the metaphorical planks of wood drifting with no clear direction.
But why is updating and reviewing your business plan so important? We will explain this in a few but to help you understand this better ask yourself this…
How do you respond when your core customers’ demands have shifted?
Strategic planning answers the question “ Are we prepared ?”
Long-term planning is not bad but it lacks durability and can leave a business exposed since it’s not fully equipped to absorb environmental shocks like recessions, suddenly increased competition, energy crisis, new regulations or even disruptive technology.
However, a strategic plan is designed for this exact purpose since it enables a business to adapt to new obstacles and opportunities when they make themselves known while remaining in line with the overall company vision.
Whether it is reaching into newly identified potential market segments, finding insights on how to better improve your business performance, developing new products to better meet your customers’ needs, or even uncovering restructuring strategies that can help your organization reach its ultimate potential.
We got you covered, after all why to invest in a strategic business plan if you don’t plan to utilize it and reap its full benefits by meeting your strategic targets.