Have you ever sat down to plan how you're going to really scale your business next year, only to walk away feeling more unclear than when you started? And even worse, have that plan fall apart 6 months in? In part one of this three part series we dive deep into strategic planning from someone with over 35 years of experience, and has ran strategic planning for $750M corporate divisions. Listen in to find out how the most successful organizations are planning out their year and making sure their time, energy, and money are going only towards the highest-leverage initiatives.
Mark has led M&A deals from $1M to over $2B, ran strategic planning for $750M corporate divisions, set company sales records, and conceived and developed multiple product lines in different companies that led to over $1B in revenues at > 80% GM. He is an international speaker and author with over 100 articles published and has spoken at industry conferences on six continents.
1.) Strategic planning takes a lot of effort but can often lead to very rich rewards as you better understand your customer and your business as whole.
2.) Don’t overlook small income streams. Large profit margins can be found by correctly accessing and redirecting resources appropriately
3.) Find the correct A Team when diving into strategic planning. The right people and the right size group is essential to success.
Strategic planning is the process of determining what priorities are most important for an organization and then allocating the resources to pursue them. This is vital to a business because it ensures that precious resources are being directed to the right objective.
They discovered that one particular service which then represented less than 5% of their revenue was actually highly profitable. It was a simple process of redirecting more resources to what had become a really winning business segment.
One of the key things that companies don’t do as well as they should is really understanding how they are perceived by their customers.
"If I huddle with the CEO and we do it together you’re not gonna get a lot of buy in. It’s just gonna be pushed down from the top. Conversely you can’t have everyone in the room, you just can’t get decisions made."
Every industry is different. Every business is different. But in general, here are just a few KPIs to pay attention to:
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