It’s important to understand that Strategic Planning is not a one-time meeting It’s an Ongoing Process.
Do you know what’s your brand’s strategy? How much time you’re dedicating every month to developing that strategy?
It's a process of prioritizing efforts effectively, allocating resources, aligning shareholders and employees on the track of the organization’s goals, and ensuring those goals are backed by data and sound reasoning.
According to research, 95 percent of a company’s employees don’t understand its business strategy and 90 percent of businesses fail to meet their strategic business targets.
Every successful business must have a solid plan and needs to know where it is heading. Not only setting up a plan with purpose, goal setting, and target dates but also the implementation and progress tracking and change control also matters.
Have you ever taken an initiative that failed to achieve its result? If that’s the case that happened with you, then you must have experienced poor implementation in that particular case.
There may be a number of reasons why the initiatives fail, and they all can be treated as poor implementation of the strategic plan. It’s not enough to have Good Idea, a Good Intention, and a Good Mobilization to make things happen, it’s all about Proper Implementation that actually matters.
If the objectives are not achieved and competitive improvements are missed then somewhere on the journey the wheels will come off.
It’s not happening only in your case. More than 70% of business strategies and initiatives fail to achieve the expected result.
Once a project is approved, the implementation process begins. The first step is all the members of the organization must know what exactly is expected of them, and by when. It should start with Detailed Planning, beginning from the top of the organization and filtering down to each and every member who is associated.
If you’re with my team, It’s different – Implementation is one of our specialties. We understand the loopholes and avoid the pitfalls of implementation.
Building a brand is just like a roller coaster of emotions and challenges. On your journey, One day you’re up on the highs and the next day you’re down, dealing with recruitment or legal issue or dealing with a vendor or supplier.
Imagine what if you have a plan, the resources and you’ve started but something came in between. Now what if you can’t track the progress?
Brands that succeed in meeting their business goals have one thing in common. They all tracked their progress that too by using the appropriate Data and Metrics.Unless and until you track the progress you can’t know if your business is headed in the right direction, or if there’s something needs to be corrected.
The success formula is to gather the exact data to know how your business is performing. The data can help you to improve your tomorrow, next week, next month, and next year.
Many businesses fail to accomplish their goals on time not because they lack skills or knowledge but because they lose concentration on what they wanted to achieve. Progress tracking is the key to achieving success. When we do tracking we do move in the right direction which eliminates the risk that can come in the path of achieving goals.
Tracking enables us to improve our ability to estimate the completion of tasks and helps us gain credibility on estimates. So, with timely Progress tracking, we can measure the capacity of our team and able to have enough room to complete the task on time and maintain the quality.
Yes, of course, It’s not easy! you need to gather data and use metrics and formulas too by using the Technologies and Tools.
Growing and Scaling are not the same things at all. We are not just talking about the growth only but about the Scale-Up.
As soon as you launch your business, you may already be thinking about a strategy for scaling it up. If you simply continue trying to increase your revenue by adding more assets, and resources with an increase in cost, you’ll be at a point where you realize that it’s not worth the financial gain.
Scaling your business means your business has an increase in sales, operation, production, or output in a cost-effective and reasonable manner. Scaling up means your business is growing without suffering in strategies, planning, operation, resources, etc.
What you need instead is a strategy for scaling in business that focuses on increasing revenue while also increasing efficiency.