Strategic guidance is a process that provides an organization with direction, goals and a roadmap to get to those goals. It also helps businesses understand how changing business, industry, legal and regulatory conditions impact their strategy.
The process starts with a company’s mission statement, which defines what the business aims to achieve and why it wants to accomplish it. The mission statement is a broad, but actionable, statement that offers employees a sense of purpose and direction and sets the foundation for developing a strategic plan.
Next, a company should create customer segments to define who its ideal customers are and what they need or want from a product or service. It should also identify weaknesses that need to be addressed. It’s important to have a strong understanding of these groups and their needs before you start working on your strategic plan, so that you can make sure you’re targeting the right audience.
Once a business has identified its core customer segment and its weaknesses, it should then start working on a strategic plan to improve its overall competitiveness. This plan should outline a detailed initiative to improve on these areas and set the business up for success in the future.
A business should then hire an external facilitator to guide the process of drafting a strategic plan. This person can help ensure that the business’s strategic goals are realistic and that all perspectives are heard.
This external facilitator should be a consultant who does not carry day-to-day responsibilities and is able to remind the business of its most important priorities.
The facilitator should be someone who possesses the necessary knowledge, skills and resources to facilitate a successful strategic planning process. They should also be familiar with the business’s mission and core values so that they can help align the company’s objectives with its vision.
Finally, the facilitator should be a strong and trusted partner with the CEO or other senior executives who will oversee the strategy implementation and execution. This person can ensure that the strategic plans are implemented properly and that employees are given the time, support and resources they need to successfully execute them.
It’s essential to develop a solid strategic plan that will guide the business through challenging times. It will also help to ensure that the business has the tools and resources it needs to succeed in the future.
Developing a strategic plan involves engaging with your employees and discussing what you’re doing well and where you need to improve. This discussion helps to build team alignment and decision-making capacity.
You should then create a strategy to implement the plan and monitor it’s progress. This plan can be updated and revised at any time as your business and the world around you change.
In the end, a strategic plan will help you focus your energy on the choices that will influence revenue decisions. For example, you’ll likely need to decide on whether you’re going to continue offering a particular service or product or move on to a new one. This can be tricky and time-consuming, but it’s worth the effort.