Photograph provided by Dr. Scott Sherman
All Rights Reserved.
Have you spent a few minutes thinking about where your business is going?
Having a vision for where you want your business to go is important. Knowing how
to analyze your business and see where it is going is the primer to accomplishing
Strategy is the development and implementation of a forward looking plan.
Strategic plans begin with an analysis of external and internal factors. It is
important to start the analysis with the environment your business operates. Once
you understand the environment your business operates, you can begin analyzing
your business. A few key questions to ask are “What does my business do better
than my competition?” and “What does my competition do better than my
The combination of understanding the environment you operate in and how
your business is performing is the backbone to the strategic plan. A concrete path
will become visible when all the aspects of the analysis are taken into
consideration. Now that a strategic path has been identified, brainstorming on how
to move the organization down that path can begin. Several how-to options will
come out of brainstorming sessions. As the owner or executive of the business,
you will have to choose which option you want to take. Of course, this decision will
require further analysis.
A step by step written plan summarizing the analysis and outlining the strategic
direction is required for implementing the strategic plan. The business plan will
give management an understanding of where the business is going, why the
business is moving in the specific direction, and how the executives expect the
managers to move. In addition, funding sources will require this plan in order for
your business to receive the funding to accomplish the goal.
A very important aspect to implementation that has to be maintained is
oversight. A very insightful strategic plan poorly executed or neglected degrades
the return on investment into the plan and business. The implementation process
has to be managed by either top management or a third party. Third party
coaching will encourage management to stay on top of the strategic plan and
continue moving forward.
Once again, where is your business going?
Visit our Business Coaching page for ways SSD Holdings can help you attain a
|Where is your business going?