5 Checkpoints of your business strategy
It’s the start of a new year, and this is usually the time to take stock of your business and develop a strategy for the year. You want to set goals, pinpoint objectives and put a well-defined plan in place.
It all sounds so deceptively straightforward, but strategic planning can be a daunting task. We’ve put together a checklist to consider when you embark on the process of strategic planning for your business, with a strong focus on the digital aspect.
BUSINESS STRATEGY CHECKLIST
1. Revisit your vision statement.
Now is a good time to review your business’ vision to see if the motive remains the same, or recognize if it has changed.
Keep it simple, yet relevant. In the digital age, business practices overall have become more dynamic and complex. Simplifying your vision for your business not only gives you a clear indication of what you are working towards, but it also allows your team to embrace and work towards your vision.
2. Identify your Business Values.
The embrace of digital transformation has had huge, lasting impacts on the business sector in recent years. Along with it comes a mind-shift that strategic planning is supposed to be all about data collection, analysis, plans and implementing. Whether your business has had, is undergoing or you’re still planning a digital transformation, the effect of digital on the strategic process has changed to a practice of setting a direction, sequencing resources and then making commitments.
3. Define your business’ strategies.
This refers to all policies and guidelines utilized in achieving the business’ objectives. Review, polish and refine all areas of business that need to be reviewed in order to reach your business goals and objectives.
By making digital strategy the backbone of your business strategy, you leave room for an organic strategic process which stems from a fundamental understanding of strategic planning in the digital age.
4. Identify your business objectives and goals.
Putting all of your gathered information to use allow clear business objectives and goals to emerge. This, in turn, serves to structure the development of your product strategy and align it with sound marketing strategies.
Merely understanding your product or service and even the target market your offerings are aimed at is falling short as there are so many digital tools at your disposal to make decisions on what your business objectives should be. By recognizing how far your company is on its digital journey may also help you establish clever, well-defined goals for your business.
5. Formulate an Action or Achievement Plan.
Strategic planning in the digital landscape requires strategists to adapt and grow beyond the data collection, analysis and plans of the past. They have now become futurists, with a variety of digital tools at their disposal.
Find the time to work as a team on developing an actionable strategic plan. If need be, contract an external facilitator to provide a fresh perspective on your process. This will afford your team the ability to focus better on reaching consensus and creating a progressive, well-defined action plan. This is where Realm Digital can assist.
THE WAY FORWARD
The rate at which technology is progressing and the shift in customer behaviour creates problem areas for companies who try to be too much to too many different audiences, resulting in a general lack of focus. This is the reason why modifying the strategic planning process has become essential in the digital era.
Trust Realm Digital with all of your digital needs. Our strategic approach identifies with your business, right down to the core of it, by means of our innovative, strategy-led digital thinking. Get in touch and let’s discuss all the opportunities available to your business.