By Jeff Brunings While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting.
Fostering accountability within your team. By the end of this five-step process, not only should you have a very clear idea of what goals to target for the year, but you will know exactly what is required of you and your team to get there.
Writing out the steps is useful, but showing those steps can help everyone envision the path in question. Start by identifying your high-level business goals As human beings, we have a tendency to start all journeys at the beginning.
And this makes sense of course. Imagine if you were to start reading the Harry Potter series, and J. Rowling started the story by saying: Well, the journey to product and business growth functions a little bit differently.
It makes sense too, right? Starting at the end of your growth strategy: Many successful and fast-growing companies do this, and all of them have different terms to refer to these high-level goals.
Shopify calls this the BHAG, which stands for big, hairy, audacious goals. This business goal is usually meant to seem a little bit crazy.
Brian Balfour takes a more practical approach and refers to setting high-level goals as using the Top-Down Approach to inform your growth models. Where do you see yourself and your company by that time? How much revenue do you expect your company to generate?
How many employees do you see yourself having? At 10 years old, the company expects to be making million in revenue and they expect to achieve this with employees.
As you glance further down the funnel, you can see that this is, in fact, a pretty audacious business goal considering where the company is probably starting out from. By working backward, it becomes easier to make somewhat realistic goals of where the company would need to be in 5 years, 3 years and 1 year in order to hit that year goal.
This is only one small part of the process.
The next step is to figure out how you can hit your 1-year goal, and that means understanding which metrics are most important to improve in order to make a big impact on growth. In this book, he uses the analogy of a breakfast factory to help explain the importance of all the little actions or inputs that have an impact on the successful operation and growth of the factory its output.
What this means is that for every goal you set, there are key metrics and results which will help you identify whether or not you will, in fact, achieve that goal.A Growth Plan has 9 steps ; it starts with business goals that point the business in the correct direction.
A Growth Plan also spells out the strategies and tactics for reaching these goals. In the absence of a Growth Plan, many businesses suffer from multiple knock-on effects that impact revenue growth.
Harrisburg, Pa.-based PinnacleHealth System has a new strategic plan to create a highly integrated system of care that will increase access to care, improve quality and reduce cost.
7. Due to its size and growth potential, China’s healthcare market is one of the most attractive in the world for foreign investors.
Read more here. Values and brands may remain constant, but your strategy and product/service mix must evolve, and you must be willing to adopt a Plan B and have the ability and willingness to listen, keeping ears and eyes close to the ground, in order to make your growth plan work at the cost you can afford.
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