An adage that we live by at Sharp Accounting is “If you fail to plan, you plan to fail”. We live by this adage because we have consistently seen positive results from businesses that invest the time and energy to plan for the future. Strategic planning allows businesses to grow profits and operational capacity, while ensuring the right personnel are in the right positions. In this blog post, we will outline what companies need to know about Sharp Accounting’s strategic planning process.
What is strategic planning?
A strategic plan is a document that considers your current position and outlines the steps required to get your business to where you want it to be. Essentially, a strategic plan is a roadmap from where you are right now to where you want to be at set intervals in the future.
While a strategic plan considers the big picture, it should be an actionable document. Your strategic plan should include a timeline for taking the steps you need to take to achieve your mid- to long-term goals. It should also include accountabilities.
Finally, a strategic plan should be designed for all employees. It provides guidance and direction at all levels, ensuring everyone in a company is working towards the same goal(s).
Overview of the strategic planning process
The first step of the strategic planning process
At Sharp Accounting, we kick start the strategic planning process with a half- to full-day workshop with our business clients. Before the workshop, we’ll provide you with a questionnaire designed to provide insights into key areas where change is required for your business to reach its potential.
We’ll complete an in-depth analysis based on your answers before the workshop too. Before the strategic planning workshop, we’ll take a deep look into your marketing, finances, personnel, culture, systems, and operations, amongst other things.
The second step: The workshop
During this workshop, we will discuss your current position, including your strengths, weaknesses, opportunities, and threats. We’ll also look to the future and work out what your dream business looks like in 12 months and in 5 years. No dream is too big!
The strategic planning workshop is an incredibly challenging and rewarding part of the process. Business owners tend to leave the workshop feeling a rejuvenated sense of purpose and focus.
The third step: A strategic plan for the future
With your future goals in mind, we will develop an actionable strategic plan for your business. This plan includes a comprehensive Now, Where, How analysis. The Now, Where, How report outlines your current business position and fills in the details about how you’re going to get to where you want to be.
Your strategic plan will include the steps you need to take to grow your business. Action items for the next 12 months and strategic intervals over the coming 5 years will also be detailed in your strategic plan.
For more information about the strategic planning process or to book your workshop, contact us.