Strategy and Planning Add Value to Your Business / by Kerri
You probably built your strategic plan when you launched your business. More than likely, you have not looked at it in a long time, never mind used it as a guide for building out your business. Strategy and planning add value to your business.
When you start preparing for your exit, that strategic plan and any newer versions become valuable intellectual property as well as the guiding strategy for your transition out.
Your business strategy will be a key selling feature of the business that will attract ideal buyers. It should articulate the goals, objectives and prospects of your business, and the implementation of your vision.
Your strategic plan outlines the objectives you will achieve, the order, the timeline and the tactics to be used. Your strategic plan becomes the blueprint for your company’s success and your successful exit.
Strategic Planning Benefits
Still not sold on the value of strategic planning in your company?
Some of the purposes and benefits of strategic planning include:
- Clearly defining the mission and purpose of your business
- establishing realistic goals and objectives consistent with that mission
- defining the timeline and schedule for implementation.
- Communicating those goals and objectives to all stakeholders
- prospective buyers
- Ensuring the most effective use of company resources
- Identifying Key Performance Indicators to be used to assess and measure progress
- Preparing and provide a mechanism for change [to be invoked when needed].
- Ensuring maximum efficiency, effectiveness and integration across all departments
- Providing focus and direction for all constituents
- Increasing productivity by instituting processes, procedures, tracking and measuring
- Resulting in improved communication, team cohesiveness and recognition of accomplishments when goals are reached.
- Pro-actively solving potential problems in the company before they occur
Strategy and planning add value to your business from day one. That same strategy and planning add even more value to your business when you want to monetize it to get out.