Strategic planning is crucial for organizations on every level…as long as you want to build a sustainable business that does well. Planning and preparing for the future is a best practice, so you can plan out your resources accordingly. Here are a few ways you can use strategic planning in your company.
Keys to strategic planning for success
Understand your business goals
Is your goal for your business eventually to sell it for a profit? Do you want to turn it into a lifestyle business, that allows you to live the way you want while supporting you? Or do you want to grow it into a multi-national corporation? The moves you make should depend on your business goals, and each strategic decision should move you towards that goal.
Know when to hire
As your business grows, you need to understand what your current team’s capacity for work is. Instead of overworking your team and having people quit because they’re getting burnt out, be aware of when it’s time to hire additional team members to take on more work. Check in with your team regularly to evaluate their workload, efficiency, and how well things are getting done (as well as the results).
Know when to introduce new roles
Many businesses start out with few employees who wear many hats. As you grow, you’ll want to review your business hierarchy, teams, and positions to see where a new role is needed.
For example, your project manager might also be your account manager, this person would interface both with internal teams as well as your clients. However, when your team grows enough, it would be wise to separate these two fundamentally different roles. One will be concerned with keeping projects on track and on budget, while the other will be focused on client retention, acquisition, and upsells.
Use the right tools
Finally, it’s crucial that you use the right tools to assist your strategic planning. Whether that means assessments to ensure your new roles fit within your organization, or strategic talent management to ensure sustainable personnel growth, take care during every step of the process to avoid slip-ups.