Why I Really Can’t Stand Strategic Planning
and how it saved my business.
The question that is always asked is will you be working for someone or will someone be working for you. Ever since I was little, becoming an entrepreneur has been my dream. I started my first business by the time I was 18. I failed. I had many more shots at starting various ventures and even before they could get off the ground, they all went under.
Start with the Basics
Before you even think about strategic planning for your business, start by learning how to actually develop a successful business model. That’s the single most important skill you need to have. You can always hire someone who has studied and has experience in strategic management and planning but if you’re reading this post, I’ll show you an easy way to plan and execute those plans to guarantee success.
In building your business model, focus on the learning how to use the business model canvas effectively. By utilizing the canvas, you’ll learn exactly what it takes to operate successful businesses. First, find a problem you think is worth solving and go out and test it. Testing requires connecting with people who you think have the problem and would like to pay for a solution. Collect data, compare statistics, refine your solution based on your offer and and go search for feedback once more. Keep at it until your offer fits perfectly with what your potential customers want. The canvas will help you to track and test all your assumptions.
“In building a startup, you have two best friends, the business model canvas and your customer segments. Stick with them because best friends stick together”
— Kareem Little
Remember it makes no sense to spend time and strategically plan around a failing business. Correct the minor errors, Pay attention to the details and keep at it.
Start with what you know
You don’t need to spend years in any tertiary institution to learn strategic planning. Here’s the simple formula. Start with what you know. Use a chart and make a list of all the things in your business that:
- will make you money
2. will bring you more traffic
3. might cause you to fail or lose
4. keeps the business afloat
I use this website (draw.io) to create my charts. Once you’ve done that find out how each thing is connected. Use boxes and lines or arrows like this to make it easier. Connect all your thoughts.
Think about building your plan like the aerial view of a tree spreading from the middle. That middle is your original idea, the business itself. You could just name it (Business Name). The next immediate sections of your strategy should include production and marketing. Build out your process for each.
Go deep
Feel free to go as deep as you want, remember, it’s your business. Define pricing strategy, content marketing strategy, all your products, potential offers, opportunity costs and even projected sales and revenue. The deeper and wider your strategy is, the easier it will be everyday after you’re finished creating it so go all the way. You probably understand why I hate strategic planning now. It’s takes so much time! You could literally spend 1 week just to plan out 4 weeks of content marketing strategy. That’s not even half of the big picture. It’s just content marketing section! Bear with me, it will be totally worth the effort.
I started a social media marketing business in January of this year and it took me 2 entire months to make my first $100 all because I went in with no strategy at all. With no plan, I struggled to make it work until I realized that there had to be something I’m missing. I spent 8 hours per day on Instagram with little to no traction or sign of success.
I took a 4 week break and built a system to ensure my success as I already had developed my business model. It worked! I started to see constant increase in my income. I felt at ease to know all the hard work had paid off.
Don’t stop there
I felt at ease. That was a major issue. Don’t stop there. My feeling of ease and comfort caused me to fall back into old habits. So after the first 2 months I had stopped following my own plan, and again started posting without strategy and surely enough, my income declined again. Strategic planning is very effective and aids you in achieving those specific goals to make your business a success. Keep refining your strategy and remember the more time you spend on it, the more useful it will prove especially in saving you time.
