<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

Why You Need a Strategic Planning Session

Jan. 5, 2021 | Posted by Phil Spensieri

Kick off your business in 2021 on the right foot by starting at the foundation of every successful business: strategy. Strategy is even more important for your business after the year we all had last year, where many of our strategies went off course. Strategic planning refers to creating an opportunity to review and realign your current strategic plan, align your management team behind a single vision, and effectively allocate resources you need to achieve your goals.

When you start each year with a solid and planned approach to your success, it provides you with a roadmap to follow and sets a clear tone and vision for the foreseeable future. I have facilitated hundreds of strategic planning sessions and have outlined below a few of my top reasons why all businesses should invest in this critical planning exercise.

Drives business alignment

Although many business owners feel they are completely united with their senior management, with over 40 years working with business owners and senior management, I can tell you with certainty that this is very often not the case. During a strategic planning session it will give you the perfect opportunity to hear from your team, acknowledge their view points, and foster communication with them. It also allows for creative exchange of ideas that can help resolve any challenges and create effective solutions.

Maintaining and improving business alignment are some of the key reasons why I strongly recommend using an outside facilitator to lead your strategic planning session. An outside facilitator with years of senior business expertise will provide you with an unbiased viewpoint who will keep the discussion balanced between all participating individuals of the session. Additionally, they’ll ensure that each person receives an equal opportunity to contribute to the session while handling complex and sensitive issues with tact and professionalism.

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

DOWNLOAD

Creates a unified vision

A strategic planning session creates a unified vision for your business that involves input from every area of your business’ management team. When your senior management team is involved in the creation of the company vision, not only will you gain better buy-in, but it helps foster a more inclusive and collaborative working culture. As a result you will create a single, forward-focused vision that the entire team can rally behind and communicate to their staff so there is a unified vision.

Defines priorities and goals

Part of any productive strategic planning session is the ability to define priorities and measurable goals to help execute the vision. The team will review and effectively allocate what resources will be needed to achieve the goals of the plan. You will regroup with your team to consider the priorities and short-term and long-term goals. To help identify your goals and priorities, I often lead businesses in a strategic session through a SWOT analysis. This allows you to create a proactive plan by identifying strengths, weakness, opportunities and threats from all angles.

Before you conduct a strategic planning session, you’ll need to hire an outside facilitator. Not only can they foster open communication, but they can also challenge you to think in new ways when evaluating all areas of your business, including operations, sales, marketing, etc.

At TAB, we use a strategic management platform called Business Builder’s Blueprint to help business owners increase revenue, profit and the value of their business. To learn more, visit our website, or contact me to discuss how we can guide you toward success.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by Phil Spensieri

Phil Spensieri is a TAB Facilitator in the York Region of Ontario, Canada.

Related posts

Attract New Talent to Your Team in 2021
Jan. 19, 2021 | Posted by The Alternative Board
Like all other facets of society, the business world has undergone seismic changes in the past year. However, one operational element—the recruitment and hiring of quality talent—remains unchanged....
The Difference Between a Strategic Plan and a Business Plan
Jan. 14, 2021 | Posted by The Alternative Board
Every business needs a strategic plan. Every business needs a business plan. It’s knowing precisely what each plan entails and when that plan can be of most use that makes the difference between...
Closing Techniques that Help Build Sales
Jan. 12, 2021 | Posted by The Alternative Board
Salespeople all agree about the importance of “ABC” (Always Be Closing), but there’s considerable diversity of opinion on how to go about it. The best salespeople understand that working towards a...
Improving Your Accounts Receivables Process
Jan. 8, 2021 | Posted by The Alternative Board
Most businesses offer a solution to problems or otherwise fulfill a need experienced by their target audience. They can only go on doing this if—in exchange for delivering a valued good or...
7 Ways For Onboarding New Employees During the Pandemic
Jan. 7, 2021 | Posted by The Alternative Board
Employee recruitment, training, and orientation are critical to the success of any organization. A well-thought-out and executed onboarding plan helps set new employees up for success.  However, the...
Now is a Good Time to Cut Business Expenditures
Dec. 30, 2020 | Posted by The Alternative Board
In “normal” times, businesses often face the challenge of reducing expenditures while maintaining efficiency and productivity within their business operations. As we have noted before, “excessive...
Does Your Sales Team Possess Client Engagement Skills?
Dec. 28, 2020 | Posted by The Alternative Board
We hear a lot of talk about the importance of employee engagement, but how well do members of your sales team engage with current and prospective clients? Whenever a customer and salesperson talk...
The Pros and Cons of Invoice Financing
Dec. 23, 2020 | Posted by The Alternative Board
Businesses are often haunted by customers who consistently pay their invoices later than expected, or by those who don’t pay at all. A great deal of time, effort, and resources can be consumed by...
How to Build Innovation Through Strategic Planning
Dec. 22, 2020 | Posted by The Alternative Board
At this point, not a lot can be predicted about how businesses will fare in 2021. But one thing’s for sure—innovation, the ability to come up with new products, upgrades, and other breakthroughs,...
12 Ways to Make Budgeting And Forecasting Easier
Dec. 21, 2020 | Posted by The Alternative Board
Building and implementing a budgeting and forecasting process is critical to revenue growth. In today's fiercely disruptive and competitive world, the importance of such an approach cannot be...