Over the last three decades, I’ve advised businesses of all sizes – and I’ve enjoyed (almost) every moment of it. Success planning and creating business strategies are two things I’ve always gravitated towards.
But not every business owner shares my enthusiasm.
Failing to plan is part of the reason why half of all companies fail within 5 years of opening.
While there are many factors that go into the success or failure of a business, there’s one missing element I’ve seen in companies that become stagnant or fail: a strong business strategy.
Here’s the good news: it’s never too late to start or solidify your strategy or plan. These are the steps I recommend to our clients.
Make Success Planning a Team Effort
Success planning should be a team effort involving:
- Key members of your team
- Decision-makers
- An outside advisor
Each of these key players will bring their own insights to the table – insights that you may not have even been aware of. Involving these individuals in the strategic planning process will provide you with:
- A deeper understanding of your organization as a whole
- A broader understanding of market conditions and the competition
- The opportunity to consider different points of view and perspectives
When you build a plan as a team, it also ensures that everyone is on the same page and moving in the same direction toward your dream scenario.
Start Brainstorming Your Dream Scenario
Now that you have all of your key players on board, it’s time to start brainstorming your dream scenario for your business. Brainstorming and defining your ideal scenario will make it easier to build a viable plan to achieve this vision.
So, ask yourself: What’s your dream scenario in 3-5 years? Where do you want your business to be?
Defining your dream scenario will give you and your team a reason to work hard today and envision what you’ll achieve after putting so many long hours into building and growing the company.
During your brainstorming session, consider a few important things:
- Future possibilities. Maybe in your dream scenario, you expand current markets to increase revenue, or maybe your new business segment will grow 200%.
- Long-term viability. Remove the blinders and take an honest look at what’s working today that won’t remain viable over the long-term.
With these points in mind, you and your team can begin creating a blueprint for the next 3-5 years with your ideal scenario in mind.
Develop a Plan for Your Dream
So far, you’ve only envisioned your plan, but that vision seems close enough for you to touch it. Keep that vision alive. It will give you the fuel you need to build a solid success plan.
If you start with the end in mind, you can work backward to build a realistic plan that makes your vision a reality.
Your plan should consider:
- The steps you need to take to achieve your vision for the business
- Annual goals that must be hit every year to bring your vision to life.
- Quarterly goals and the steps you need to take to achieve them.
- Monthly and even weekly goals that must be met.
- Potential downturns and steps you can take to absorb them without taking two steps backward (economic downturns typically occur every 7 years or so).
Having a vision is crucial, but you need to have a plan and take action. After all, businesses with plans expand 30% faster than those without them.
Breaking down your vision into short-term milestones and micro goals will help you guide your business and team from where it is today to your desired destination.
But as you move toward your end goal, you’re going to need one other crucial component to keep you going: momentum.
Build Momentum
Remember – objects in motion stay in motion!
Once you have a plan, start creating momentum right away.
Here’s how:
- Identify some quick wins you can get right away. Small, short-term wins can make a big difference. These small victories show that success is achievable and not as difficult as it may seem.
- Find ways to rally your team behind the plan to make it a top priority. If your leaders and team are aligned with your vision, you’ll find it much easier to build momentum and move in the right direction.
The key at this stage is to start right away. Don’t wait to build momentum – do it while you’re fired up and excited about the plan.
Because if you put it off until tomorrow, you’ll soon wake up to find that months have passed and nothing has changed.
Start today, and find ways to hold yourself and your team accountable.
Avoid the “Failure to Implement” Pitfall
You’ve dreamt, you’ve planned, and you’re building momentum. But we’re still missing one important piece of the puzzle: accountability.
Plans are great, but if you don’t execute them, they’re meaningless. Unfortunately, many business owners fall victim to the Failure to Implement (FTI) disease. They fail to take action or implement changes to keep their plans on track.
Ultimately, it’s consistency and perseverance that help you achieve goals. Passion and motivation can fade over time, but a commitment to being consistent and marching forward no matter what will bring you to the finish line.
One way to hold yourself accountable is to get a coach or advisor involved. As an owner, you have no one above you to keep you focused on important tasks and on the right track. An advisor or coach can step in to fill this role.
Assess, Communicate and Adjust
Now that you’ve built momentum and are holding yourself accountable, it’s time to shift your focus to communication.
For any plan to succeed, communication must be a top priority. First, make sure that you maintain an open line of communication across your team. Second, assess your team to ensure that you have the right people in the right roles.
The key to achieving both of these goals is to understand your team and their personalities, their strengths, and their weaknesses. There are many different types of personality assessments, but I recommend:
- Myers Briggs (MBTI)
- DiSC
- Working Genius Assessment
Specifically, Working Genius can be helpful in building effective teams based on each member’s strengths and weaknesses.
When you understand each team member’s motivations, and strengths and put them in the right roles, you’ll find it easier to implement effective communication strategies.
Closing Thoughts
Through strategic planning, you can guide your business toward your vision. It all starts with clarifying your dream scenario. From that vantage point, you can set your goals, work backward to create your plan, and take action as a team.
To ensure you stay accountable, work with an advisor who can provide guidance and keep you on the right track.
To learn more about strategic planning or to schedule an appointment, click here.