Creating a strategy for growth provides an effective framework for positive change and helps to re-focus the business on achieving its Strategic Vision.
The first mistake most businesspeople make, is to confuse a Strategic Planning vs Business Planning.
Whilst a strategic plan can provide the foundation and model for creating a “business plan”, they are two very different things.
A strategy provides a living and breathing template for running the business, and engaging everyone involved in the business in achieving a common goal.
A business plan is normally written to communicate with people external to a business to justify financial support or ongoing investment at a very specific point in time – they typically have very limited shelf life.
A satisfactory strategic plan must be realistic and attainable so as to allow directors and managers to think strategically as well as for staff to act operationally. Some essential points which should be observed during the strategy planning process include the following:
- It should relate to the medium term i.e. 3 – 5 years
- Be undertaken with directors and senior management
- Focus on matters of strategic importance
- Be separated from day- to- day work
- Be realistic, detached and critical
- Distinguish between cause and effect
Depending on the size and complexity of the business; formulating a business strategy can be completed in a single day (or 2 half-day sessions). This should ideally be followed up with the preparation of a business strategy report that provides a coherent plan for implementation, and can be used to engage the entire company on what the company seeks to achieve, when and how.
See attached for examples of strategies. What is your strategy?
If you don’t have a business strategy in place, you need one and we can help.
Contact us on info(at)agamebusiness.com