What A Strategic Plan Can Do For Your Business

Not sure if you need a strategic plan? Well, know this: it’s nothing like a business plan! Here’s a summary from this week’s Talk Exchange Radio’s interview with Ilene Wilder:
Q: Why have one?
A:  strategic plan helps you find your company’s direction. Think of the strategic plan as the 30,000 foot view, and the business plan as all of the details.
Q:  When is the right time to create a strategic plan?
A: It’s a must if you’re starting a new business, but other good times are if you are diversifying your product/service line, have experienced a change to your business, the market has shifted, or you’ve had significant technological changes (ie: think of print or booksellers)
Q: What are the key components of this plan?
A: It’s important to get the key people of your company together, and a very good idea to have a facilitator take you through the process. This way, you can be part the plan, and your thoughts/ideas are not influencing others due to your position in the company. It’s important to ask: why does my business exist? Where do I want my business to go? Answering these questions will help you find your direction, and ultimately lead your company’s decisions, from its operations to its marketing.
Q: What happens when the strategic plan doesn’t match your current way of doing things?
A: Change is expected and can be uncomfortable to many. You may discover that there are people in the company who are not in the right positions. Some people may no longer be a fit at all.
Q: How do you spread the news of change within your company?
A: Change must be done from the top on down. You might plan a special event to announce the changes, then bring the key messages to each level through managers and discussion groups.
To listen to this segment in its entirety, go to: Marketing Chat with Nancy Sipera, and click on 9/24/13
Source: Ilene Wilder Assocs.