<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

6 Tips on Making a Family Business Partnership Work
Apr. 20, 2021 | Posted by The Alternative Board
We often hear stories about the difficulties of making a family business partnership successful. Yes, there are unique hurdles that differ from other types of business models, but with the right...
Tips on Achieving the Elusive Work-Life Balance
Apr. 16, 2021 | Posted by The Alternative Board
Among CEOs and business leaders, the search for the best work-life balance has been going on for years. Only recently has the crucial importance of this balance become crystal-clear for everyone....
Time-Saving Tips for Hyper-Busy Business Leaders
Apr. 13, 2021 | Posted by The Alternative Board
There may be only 24 hours in a day, but with effective time management, business leaders can get a lot done within that limited timeframe. The key is taking steps to eliminate clutter and...
8 Common Challenges Every Family-Owned Business Faces
Apr. 8, 2021 | Posted by The Alternative Board
Every business, no matter the format or industry, faces several challenges from time to time. There are problems related to securing capital, talent acquisition, team training, cash flow issues,...
How to Build Employee Culture with a Remote Team
Apr. 6, 2021 | Posted by Phil Spensieri
Whether your staff have been working from home for the past year or rotating between home and the office, there is no doubt that for most of us there has been a change in our working environment....
4 Tips for Maximizing Time, Your Most Valuable Resource
Mar. 25, 2021 | Posted by The Alternative Board
Some CEOs and business leaders have an innate ability to manage their time efficiently. But many others have to learn new habits of time-management and work hard to reinforce these habits in their...
10 Ways Business Leaders Get More Time In Their Day
Mar. 12, 2021 | Posted by The Alternative Board
Are you spending too much time managing your business and not enough time building it?  You are not alone. This is a systemic problem, and most entrepreneurs succumb to the daily grind, leaving...
How to Build Operational Efficiency in 3 Simple Ways
Mar. 2, 2021 | Posted by Phil Spensieri
In order to grow your business, you may have been told to work on your business and not in your business. While this is true and something, I encourage my clients to do, it’s important to remember...
5 Tips for Hosting a Virtual Conference
Feb. 23, 2021 | Posted by The Alternative Board
The business landscape has undergone seismic changes since the beginning of the pandemic. Workplace environments are being re-evaluated, with potentially huge implications around the corner. Another...
Tips on Using Artificial Intelligence to Boost Productivity
Feb. 16, 2021 | Posted by The Alternative Board
For years now, large-scale businesses have been employing Artificial Intelligence (AI) to help drive productivity and high performance. This same technological advantage is available to small...