What is the value of a strategic plan?

Did you know that, mathematically, if you improve revenue by 2% per month, you will more than double your business in three years? The value of a strategic business plan, then, is to create the “how to” strategies, initiatives and resourcing to get there.

So how do you get this done?

Consider these five ways to fix your focus. They will go a long way to ensuring that the strategy is actionable and executed.

1. What do you stand for?

So often we think only of how our products and services rack and stack vs competitors. Throw out the marketing jargon of “positioning” for now. For you, CEO, this is personal. This question goes deeper than that – into the roots of your business and beliefs, whether you are an owner, founder, CEO or president stewarding the business.

For example, if you are a SaaS company offering a superior GPS app, you may sell subscriptions for better directions. However, you might stand for “road superiority”. Eric Ryan, co-founder of Method (household cleaning detergents), describes what his upstart challenger company stands for – “We are people against dirty” – even though what his company sells is soap.

2. Whom do you serve?

It’s impossible to discuss what you stand for without considering your customer. And it’s easy to forget that your customers don’t really care what products or services you provide. They only care what you do for them.

By looking at your customer through the narrow lens of what you’re selling them, you sell both them and yourself short. By going deeper to gain better insight into their world – their motivations, beliefs and behaviours in the context of your industry – you can develop true insight: the origins of great and enduring strategies.

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