Life After Business
#178: 10 Steps to Create a Strategic Plan and Increase the Value of Your Business (Ep.2 of Value Growth Series)
Today’s episode is all about how to build a strategic plan which is value-growth-centric. There are 8 areas of your business that need to be both balanced and nurtured: planning, leadership, sales, marketing, people, operations, finance, and legal. You need to pay attention to each of these functional areas. The areas which are normally weakest or often neglected in businesses are the planning, finance, sales, and marketing areas. I’m talking with Greg Meredith today, to help by talking about strategic planning. We’ll be talking about the importance of having one, debunking some myths around it, and how you can develop one to help you and your business thrive.
Greg has devised a plan which takes 10 steps, which will help you build the plan which will help your business grow and become more valuable. Even if you’re already trying to implement EOS or Rockafeller plan, these steps will help you develop a strategy you need before you can effectively use an EOS plan in order to implement your strategic plan.
What you will learn:
- What is Greg’s background and experience?
- What is strategic planning?
- Why is strategic planning important?
- What are Greg’s 10 steps to devising a strategic plan?
- How can you implement these steps?
- What is the difference between goals and strategies?
“Strategic planning is the process by which you come up with compelling strategies.” - Greg
“Too many times, I’ve seen it where it’s a passion or an interest of the owner so they just keep doing it, but it’s the Sunk-Cost Fallacy.” - Ryan
There are 8 areas of your business that need to be both balanced and nurtured: planning, leadership, sales, marketing, people, operations, finance, and legal. You need to pay attention to each of these functional areas. The areas which are normally weakest or often neglected in businesses are the planning, finance, sales, and marketing areas.
Look at your strategies and apply the Opposite Rule: if the opposite of your strategy is absurd, you need to keep working. For example, if your strategy is to “hire great people”, the opposite is to “hire terrible people”. That’s not a strategy, that is absurd. No one would ever do that.
Links and Resources:
Greg Meredith, email: firstname.lastname@example.org
Reach out to me if you have questions about the boot camp!
Greg Meredith is experienced in strategic planning, process design, business technology selection and optimization, project management and general management. His specialties lie in getting up to speed quickly and delivering results that matter. Greg has broad experience in many areas of business and can execute projects rapidly and on budget. He is and has been a consultant for Brixey & Meyer, director for Startup Grind, a director for sales at LexisNexis, and was the director of operational excellence at Domin-8 Enterprise Solutions.
Brought to you by Ryan Tansom of Life After Business