Strategic planning is based on solid goals and objectives which are derived from your vision of a successful business. Rabbit Hole Business Solutions works with business owners to bring their vision into focus and capture the goals (desired outcome) and objectives (specific measurable results).
Understanding your business model is a key component to your strategic plan. In the book GOOD TO GREAT, Jim Collins writes about the Hedgehog Concept. In summary, you need to answer the following questions to identify the element(s) that satisfy all three questions and then keep it simple.
- What can you be the best at in the world?
- What are you deeply passionate about?
- What drives your economic engine?
An action plan can now be generated. This overarching plan incorporates your goals, objectives and business model while serving as a guide to the direction of the company. It will contain the major steps required to accomplish your vision. Each of the major steps can be broken into one or more detailed project plans as part of business management.
Strategic planning is a process. As the market changes and businesses improve their products and/or services the plan will evolve. The action plan becomes a dynamic reflection of the changing environment in order to keep your business from visiting Alice’s Wonderland.