Growth rarely happens by chance – it is almost always based on a clear and deliberate vision, i.e. ambition, and good planning. Strategic planning is one of the most important tools for developing your business and supporting its growth. A well-designed strategy gives your business a direction: it helps you understand where you are going and why, and how you can get there.
Without a clear strategy, growth can be fragmented or slow. The strategy serves as a map to help you make decisions in a goal-oriented and informed manner. It also facilitates the allocation of resources and helps you prepare for changes in your operating environment and activities.
The strategy can help the business clarify matters such as:
- What is our competitive advantage?
How do we stand out from the competition? What do our customers value most about us? - How do we want to grow?
Do we grow organically – by growing our existing activities – or do we seek growth through partnerships or acquisitions? - What are the critical success factors to achieve the target set?
- What are the roles, responsibilities and schedules of the different operators to facilitate growth?
- Do we have opportunities to expand into new market areas or are we developing new products and services for new customer groups?
Could we expand into new customer segments or regions or develop new products or services to complement our current offering?
The strategy is not a static document, but a living tool that is updated according to the situation. It brings confidence to decision-making and serves as a compass to help you keep your direction even when life is busy.