Welcome back to the Strategic Planning series with Isabel Alexander. In this episode, Isabel delves into the crucial steps of creating a realistic strategic plan that goes beyond collecting dust. Join her journey as she breaks down the process, offering valuable insights and a modified methodology.
1. SWOT Analysis:
- Explore your organization's strengths, weaknesses, opportunities, and threats.
- An honest assessment is essential for crafting a realistic strategic plan.
2. Action Plans and Incentives:
- Establish milestones and celebrations to make the journey rewarding.
- Set up action plans and incentives for yourself, your team, and your company.
3. Accountabilities and Communication Rhythm:
- Appoint individuals accountable for specific goals, even if you're a solopreneur.
- Establish a communication rhythm for reviewing progress, addressing issues, and ensuring alignment.
- Embrace the importance of celebrating achievements.
- Fuel your energy and motivation by acknowledging and enjoying your successes.
Listen in as Isabel shares tips, experiences, and the joy of strategic planning success.
About the Host:
Your Next Business Strategist and Transformation Catalyst
Dynamic, a self-made entrepreneur who overcame obstacles with an unrelenting positive nature, a farm girl work ethic, and a conscious choice to thrive rather than survive, Isabel Alexander cultivated an award-winning, $10+ million global chemical business and grew it from dining room table to international boardrooms.
Isabel’s strengths include the ability to initiate and nurture strategic relationships, a love of lifelong learning and talents for helping others maximize their potential. An inspiring speaker within both industry and community, she is a driving force behind those with the courage to follow her example of thriving against the odds.
With 50+ years of business experience across diverse industries, Isabel is respected as an advisor, a coach, a mentor, and a role model. She believes in sharing collective wisdom and empowering others to economic independence.
Lift As You Climb Movement (www.facebook.com/groups/liftasyouclimbmovement)
Chief Encore Officer, The Encore Catalyst (www.theencorecatalyst.com) – an accelerator for feminine wisdom, influence, and impact.
Author & Speaker ‘Who Am I Now? – Feminine Wisdom Unmasked Uncensored’ (www.IsabelBanerjee.com)
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I'm Isabel Alexander and we're continuing our series on strategic planning.Isabel:
If you have been following along the last, I don't know, four episodes, maybeIsabel:
five, I talked about why you should have a strategic plan as a woman business owner,Isabel:
as a solopreneur, small to medium sized business enterprise, and how to and I'mIsabel:
sharing my own journey, my own education, my evolution was falling in love with theIsabel:
process of having a strategic plan that is real, that works, that is somethingIsabel:
more than a piece of paper that gets shoved in a binder and collects dust.Isabel:
We've talked in episodes about the importance of having a strategic plan,Isabel:
and I've been summarizing the steps that I went through personally learningIsabel:
about strategic planning when I hired a very expensive business consultantIsabel:
who brought a book to my boardroom called Mastering the Rockefeller Habits.Isabel:
The book is written by Verne Harnish.Isabel:
I'll link to that book, but before you get distracted and think, oh my god,Isabel:
another fucking book I have to read, I'm going to break it down for you.Isabel:
I'm going to continue to break down the steps, because I wouldIsabel:
like you to have the advantage.Isabel:
Thinking about percolating, as I say, why these steps are importantIsabel:
and get your stuff collected in your head before you tackle it.Isabel:
And if tackling creating a strategic plan for your company is a little more thanIsabel:
you're ready for the first time, or maybe you've created one in the past usingIsabel:
a different methodology and it didn't prove to be worthwhile, reach out to me.Isabel:
I'd be very happy to talk to you about doing that because I have personalIsabel:
evidence on how AMAZING the results are, the impact is, when you know where you'reIsabel:
going, and you have a map ahead of you, and you have measurable signposts alongIsabel:
the way, that really mean something to you, and your team, and your stakeholders.Isabel:
So we've talked about core values, and the importance of that is aIsabel:
foundational piece and strategic plan, creating from those core values, yourIsabel:
purpose and your mission, big, hairy, audacious goals, objectives, primaryIsabel:
long term, medium term, short term, and way out there in the future.Isabel:
And we talked about creating measurability in terms of focus around monthly,Isabel:
quarterly, annually, whatever the cadence is that works for your business.Isabel:
I didn't mention before, but of course that means knowing how to createIsabel:
really implementable, successful goals.Isabel:
And that's a structure that is often called SMART goals.Isabel:
I've learned over time to modify that acronym and make it even more relevant.Isabel:
to our kind of business and success and our personalitiesIsabel:
as women business owners.Isabel:
I touched a little bit on KPIs and critical numbers, but I want to talkIsabel:
a little bit more about those again today because I don't think I gave themIsabel:
enough importance in the last episode.Isabel:
I cannot begin to stress how vitally, essentially, important it is to knowIsabel:
your numbers as a business owner!Isabel:
You have to!Isabel:
As, as yucky as it may feel, as annoyingly irritating, time consuming,Isabel:
oh, I don't want to face the truth.Isabel:
You have to know your numbers, and you have to know the criticalIsabel:
numbers for growth going forward.Isabel:
What are the things that are most important for your business?Isabel:
number of transactions, number of customers, dollars per saleIsabel:
lifetime value of customers.Isabel:
It's all very specific to your business and so I can't talkIsabel:
about that in generalities.Isabel:
I'd have to talk to you about what's most important, what's most relevant for you toIsabel:
measure, but what I can say is, you have to measure because if you don't know whereIsabel:
you're going, you will not get there.Isabel:
And then one day you may find yourself at a place that is very unpleasant.Isabel:
Establishing metrics is very important and it makes it a lot more rewarding.Isabel:
Moving to today's content, the focus here is in terms of following this process orIsabel:
at least my modified methodology, the next steps are to learn about SWOT analysis.Isabel:
I don't know why my Zoom is making thumbs up here, so hopefully that made you smile,Isabel:
but thumbs up because SWOT analysis is extremely important in this process ofIsabel:
creating a realistic strategic plan.Isabel:
The term SWOT is like I don't know, so old, it's grown a beard,Isabel:
but it's still very important.Isabel:
And that is to do a really honest assessment of what are yourIsabel:
organization's strengths, what makes you different, unique, special, moreIsabel:
valuable than anybody else similar?Isabel:
What are your weaknesses?Isabel:
Oh my God, what are your Achille's Heels?Isabel:
Where can circumstances, market whatever conditions Bite You In The Ass?Isabel:
Where Are The Opportunities That You Have Not yet explored but are possibilities?Isabel:
What are the threats to exploring those opportunities?Isabel:
And that's almost a full day, at least a couple of hours, sessionIsabel:
that I go through with my clients.Isabel:
Because the more you peel back the layers and The more you dig into those areas,Isabel:
the more there is to explore and consider.Isabel:
And so it's very important that you are guided through that process becauseIsabel:
you can't see what you don't see, when your nose is too close to the screen.Isabel:
So having somebody else be the facilitator of that conversation for you and be theIsabel:
scribe so that you're in flow and they're capturing it is extremely important.Isabel:
That's a tip I learned.Isabel:
So helpful to me.Isabel:
The next part of this beautiful formula with Verne Harnish's plan isIsabel:
setting up action plans and incentives, because there have to be rewards.Isabel:
Otherwise, it's just grueling and grind.Isabel:
Establishing for yourself and your team and your company, Milestones andIsabel:
celebrations are extremely important.Isabel:
I can't tell you how much fun I have with that and the currency return onIsabel:
that is with your team, with yourself.Isabel:
Because if we're just only ever working, and we're never celebrating,Isabel:
you know what happens with that!Accountabilities:
establishing who is going to be the captain ofAccountabilities:
that particular accountability;Accountabilities:
and it's tough if you are a solopreneur, cause you think, youAccountabilities:
have to be the only one and you have to be responsible for everything.Accountabilities:
That isn't going to work, sister.Accountabilities:
I got to tell you, you've got to appoint some other people to beAccountabilities:
captain of that particular squad.Accountabilities:
So if you don't have a team, you don't have employees or staff orAccountabilities:
contractors working for you, then think about who are the subcontractors, theAccountabilities:
service providers the technologies.Accountabilities:
That you can put in charge and be accountable for thatAccountabilities:
particular goal, rock, process.Accountabilities:
That's another aspect of this process that really makes it work is establishingAccountabilities:
the rhythm of reviewing progress, addressing the issues, and making sureAccountabilities:
you're on track, ensuring alignment to your values, and why you establishedAccountabilities:
that goal, and do you still feel aligned with that, is that the rightAccountabilities:
thing, or have circumstances changed?Accountabilities:
Oh my gosh, there's some great processes for small companies!Accountabilities:
One of my favorite memories when I think back to my company was our daily standAccountabilities:
ups and the haka that we developed to get everybody pumped and energized for that.Accountabilities:
More on that when we talk in personAccountabilities:
The final part of all of this is It wouldn't be worth doing if it wasn'tAccountabilities:
worth celebrating, because after all, if you're planning, that means thatAccountabilities:
you have an intention to arrive at a destination, and when you arrive at that,Accountabilities:
you must celebrate it with all your might!Accountabilities:
Otherwise, you just don't have the energy, the propulsion, to keep goingAccountabilities:
to the next level, the next summit.Accountabilities:
I believe that all of this put together, all of these points create a veryAccountabilities:
successful formula and a how to create a meaningful and result oriented strategicAccountabilities:
plan for any company of any size, and I really encourage you to embrace thisAccountabilities:
thinking and try it on for yourself.Accountabilities:
I look forward to hearing about your success and celebrating because I wantAccountabilities:
to buy the dress for the gala where I'm showing up to celebrate your success.Accountabilities:
I am all about lifting and climbing and building successAccountabilities:
ladders for others and woohoo.Accountabilities:
I love a good party.Accountabilities:
Talk to you soon.