Monday, March 02, 2009
Strategic Planning - What You Should Do Differently!
Obviously, this year puts most of us in a strategic environment that is quite different from anything in the past five or ten years. Are there any things you should do differently in strategic planning this year? Absolutely! Here are a few suggestions:
1. Do make sure you are investing as much as you can in capital and acquisitions - because they are really cheap right now!
2. Do invest in your brand - again, really cheap, and the marketing noise level is low in many markets!
3. Do hire good people away from competitors that are cutting staff - good people are gold, and some of the best people may become available this year!
Here are a few other things you should NOT do:
1. Do NOT save money/time by skipping strategic planning! Now, more than ever, you need to steer your business carefully.
2. Do NOT cut key people if you can help it - they are very hard to replace.
3. Do NOT assume that current trends will continue - one thing we know is that even bad recessions don't last THAT long, so plan to position yourself well in the recovery.
If you'd like to discuss how to apply these suggestions at your business - no matter what size - please get in touch! We've helped clients improve their profits in good years AND bad since 1981 - and the Simplified Strategic Planning model can be scaled to fit any timescale and budget.