What is Strategic Planning?

What is Strategic Planning?

Building or developing a business is like planning a road map. The directions, turns and potential obstacles need to be decided in advance.

A successful business will have a unique strategy to help the company grow and adapt to the market as technology, market competition and client needs change.

As every business is unique, each one will have their own strategic plan, suited to their specific needs.

What is Strategic Planning?

A basic strategic plan involves knowing: “What do we do, who is it for, and how do we do it?”

Strategic planning is understanding your target market and knowing ahead of time how you want your business to develop.

A good strategy will change and grow approximately every three years to adapt to market and technological changes.

Key Ingredients for a Successful Business

StrategyBranding and Marketing

Be unique!

Networking

Operational and Cost effectiveness

Branding and Marketing

Creating a face for your company is essential for success. Every business has a “personality” and a face that the public will see.

Choose a brand that represents the services you offer, and how you would like your target market to perceive you.

Avoid being generic, especially if you have a lot of competition.

Be Unique!

Whether you have many or few competitors, set yourself apart from potential competition.

Focus on what your company has to offer, and develop your strengths.

Anticipate potential market and technological advances, and devise a plan for how to adapt your company to these new standards.

Create your own niche.

Networking

See and be seen: know who your potential allies and competitors are.

Utilize technology, especially social media and online networking services.

Public networking and events can give a face to your company.

Event networking can be fun and rewarding!

Operational and Cost Effectiveness

Convince your market that your company can perform better than rivals.

Either offer different services than rivals, or similar services in different ways. (Be unique!)

Be innovative: Generic solutions can be imitated.

Offer products at a better value than competitors, or offer the product for the same value, but with a lower overhead cost.

Why These Concepts are Important

Although the planning and implementation are necessary phases for every company, the unique ways of using branding, networking, and effectiveness will vary for every business.

These guidelines are a great starting point for implementing your company's strategic plan.

Contact us

www.smestrategy.net

1.778.895.5446 (Vancouver)

1.855.895.5446 (Toll Free)

Jenna Sedmak- Marketing Assistantjsedmak@smestrategy.net