Strategic planning is the process of documenting where your business is now and where you want it to be in the future. It details your company vision and values and sets short- and long-term goals and objectives. Your company ‘why’ we do what we do should be at the forefront of conversations when developing your strategic plan.
Strategic planning development can take time, but the process should comprehensively analyse your business and the areas you are doing well in, the areas you want to expand or specialise in, or need to improve in. A comprehensive analysis enables you to identify strengths, weaknesses, opportunities and threats, all of which feed into your strategic plan.
A strategic plan gives the business and employees a framework to grow and develop within, and an opportunity to think ahead about the challenges or risks in your work. Often strategic plans are developed and most effective with 1, 3 or 5 years in mind but can be extended to longer.
Many strategic plans are developed at the beginning of a financial or calendar year and have regular reviews (typically monthly) to ensure progress. Maintaining it, as a live document that needs regular maintenance, keeps you accountable and on track to achieve your goals and objectives. Having these clear objectives with measurable outcomes is essential to determining your success at the end of each month or year. When objectives are achieved, reassessment of the plan should be undertaken and adjustments for new goals or targets included.
Employees should be aware and engaged with the strategic plan, they have an intimate knowledge of your business, what’s working and needs improvement, so are in a unique position to help drive change and achieve goals.
There are many resources and business specialists available to help develop your plan if required. A strong, regularly maintained strategic plan puts you in the best position to be responsive to the market and your clients, and to identify risks and new opportunities in the constantly changing and variable construction sector.
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