Here's how you can navigate the key components of a strategic planning process for small businesses.

Charting my small business course! Here's my strategic plan: Mission & vision check: Revisit why I started and where I want to go. What's my guiding light? Strengths & weaknesses: Take stock of what I do well and where I can improve. Honest assessment is key. Market & competition: Research my target audience and competitor landscape. Who am I up against? Goals & action plan: Set clear, measurable goals and outline actionable steps to achieve them. By defining my purpose, analyzing my situation, understanding the market, and setting goals with a roadmap, I can navigate the key components of a strategic plan and steer my small business towards success.

One of the most important aspects of planning is setting those goals. Where we intentionally plot them out and work backwards to see what needs to happen to reach the goal. Then we're able to see the steps listed out and attach timelines to them. They may shift to the right or left but the range gives us an anchor point as to where we should be by a set date. Just setting a goal isn't good enough and we have to take the time to identify a realistic path that reaches it.

I really like the Liftoff process proposed by Diana Larsen. It's typically associated with teams, but the general principles are broadly applicable. The process includes three main components: 1. Purpose - Essentially, this involves checks on mission and vision. 2. Work Alignment - This entails agreements on collaboratively achieving goals. 3. Context - This is about understanding the environment in which the company operates. I'd say the last component is often overlooked, which can lead to scenarios where we're building something perfect for deserts, while our customers are actually in forests...

Once you’ve nailed down your vision and mission at the top of the Strategy Pyramid, the next step is setting your goals and strategies. These foundational elements guide your business and don’t change often. The real work begins at the action level. Break your goals into actionable steps and create a detailed action plan. Assign tasks, set deadlines, and use project management tools to stay organised. Regularly track progress and adjust as needed. By focusing on practical implementation, you ensure that your strategies are effectively executed, steadily moving your business towards its long-term objectives.

Progress is exhilarating and a cause to celebrate. However, achieving progress to attain goals demands rigorous adherence to the foundational aspects of business operations. Setting goals may be a straightforward process, but the real test lies in the execution and oversight of the strategies that propel progress. This is a challenge that requires consistent, diligent effort. Ironically, we've seen business owners too often neglect essential basics or seek shortcuts to bypass the demanding nature of crucial operational tasks. Oversights can happen when you overlook the fundamentals.