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2024 STRATEGIC PLANNING GUIDE

“Strategic planning is important throughout all aspects of a company’s life cycle. As market conditions change and new technologies emerge, it is important for businesses to plan for these changes and react accordingly, making adjustments and pivots along the way.”

– Excerpt from ‘Completing the Deal’, by Matt Andersen – CEO, Westlake Securities

 

Below is a reference guide, think of it as your compass. Our team of strategic advisors can also help you navigate every step of the process, so please reach out as needed.

Key Steps in Strategic Planning >>

  • Assess short-, mid-, and long-term goals for creating shareholder value
  • Create a “direction objective” statement (where is the company headed?)
  • Identify gaps: current state vs. desired future state (“direction objective”)
  • Define measurable steps to close strategic gaps
  • Prioritize actions: alignment with growth goals, viability with resources
  • Build execution plans: clear roles, timelines, KPIs, resource allocation

It is important that your execution plans have the follow-through detail >>

  • Clear objectives for deliverables and quality
  • Activities and action items needed to create deliverables
  • Key targets and performance indicators
  • Risk management plan
  • Human capital
  • Financial capital requirements
  • A process for monitoring progress, timetables, and achievements

Board of Director & Management primer questions >>

  • Where is customer “spend” moving over the next 3 to 5 years, and are we prepared for that?
  • What does it take to double our business in three years?
  • If capital wasn’t a concern, what would we do to grow, and why?
  • This time next year, we own our biggest competitor(s). How could that change the game?
  • Are we a growth, cash flow, buyer, or seller type of company?
  • How do we make the business more efficient or yield a higher margin?
  • Are internal and external factors aligning to consider a minority or majority sale of the business? If not now, when and what are the signals and triggers to look for?
  • How will shareholders realize liquidity for their shares? When? In whole or in part?

Strategic planning sessions >>

  • Two half-day sessions can often be more productive than a full day
  • Evaluate the benefits of on-site vs. off-site planning
  • If you are stuck in a planning rut, have prepared questions, or have outside parties come in to mix it up and challenge the status quo
  • Moderators can be helpful in keeping the meeting on task
  • Low or no tech is often preferable to keep participants focused
  • Mix in social time to keep the meeting fun and allow for additional creative thought

Please reach out to schedule time with us. We’re committed to supporting you in achieving your goals for the year. Together, we can make tomorrow’s vision a reality.

Download a PDF version of The Strategic Planning Guide Here