What is Strategic Planning?
Successful Individuals and business people often quote that at the heart of success lays a defining sense of purpose and clearly established goal/s. Goal setting is one of the most powerful tools available to reach a desired outcome, and is at the forefront of any strategic planning process.
In business, we often refer to Purpose as the Business Mission, and Goal/s as the Business Vision. You may be familiar with these terms, but I feel it important to clearly define their meaning.
1. Where are we?
So how do we arrive at an effective, yet realistic Business Mission and Vision? Well first we must understand our unique business and operating environment, as well as organisational capabilities. This can be achieved through the use of SWOT analysis. S.W.O.T being an Acronym for Strengths, Weakness, Opportunities and Threats.
Strengths and Weaknesses are internal elements of the business, and Opportunities and Threats external. Depending on the in-house knowledge of the strategic planning team, some further analysis and insight maybe required to complete the analysis.
2. & 3. Where do we want to go?
“The mission of Gold Numbers Accountants is to assist business and individuals to reach their personal, business and financial freedom. Gold Numbers achieves this through understanding their client’s unique circumstances, and offering an integrated plan which results in more effective progress and attainment of their goals.”
“The Vision of Gold Numbers is to be the leading Accounting, Wealth and Advisory firm on the Gold Coast of Australia. The firm will be proactive, customer centric and create outcomes for clients previously thought unattainable. Gold Numbers will leave minimal carbon footprint, and use only the most ethical, well considered methodology and approaches for clients. Gold Numbers will forever go forwards, never backwards...”
4, 5 & 6. How do we get there?
Once the Mission and Vision are created, we must define the tactics and initiatives that are to be employed. This is traditionally a conversation, decision rich area where strategic managers must decide on their big plays, and what will ultimately drive the organisation towards success. This could be the creation of a new marketing campaign, the training of staff in an innovative practice, or the development of a new product.
The next stage is functional and departmental adoption of the chosen strategies through all levels of the organisation. It is important to clearly articulate the strategy to stakeholders (employees etc) to achieve buy-in, and create clear direction and purpose. This is where Leadership becomes critical. How Leaders and Change proponents align stakeholder interests to those of the organisation, will determine the success or failure of the strategic initiatives.
The final cog in the strategic process is to develop and monitor the progress of the organisation in attainment of its Mission and Vision. This is achieved through a mixture of both financial and non financial measures often referred to as Key Performance Indicators (KPI’s).
Strategy is never constant, and must be reviewed to ensure it's harmony with changes in the operating environment, or internal capabilities of the business. The power of this process is however undoubted, and adhered to by elite organisations both public and private.
The GoldNumbers Strategic Performance Model drives organisations to their Business & Financial Vision faster than any tool available on the market today. The Model aligns Business Strategy with both Financial and Non Financial measures, and tracks progress, and identifies catalysts for change.
Remember "Failing to Plan is Planning to Fail". Contact GoldNumbers today for a free Demonstration of the Strategic Performance Model.
“GoldNumbers is truly the Manager’s consult. They provide an expert evaluation of your current business model, and leverage from this to pave the way forward. I would recommend this service to any business looking to grow, improve performance or streamline operations.” Andrew Hunt- Managing Director, Ascention Group of Companies.
“GoldNumbers Accountants understands where your business is today, where you want to go, and what you need to do to get there.“ Lino Giangiordano– Designer/Director, Pink Elephant Brand Consultants.
