What is Strategic planning?


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What is Strategic planning? In the words of our new marketing assistant Jenna Sedmak.

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What is Strategic planning?

  1. 1. What is Strategic Planning?
  2. 2. What is Strategic Planning?  Building or developing a business is like planning a road map. The directions, turns and potential obstacles need to be decided in advance.  A successful business will have a unique strategy to help the company grow and adapt to the market as technology, market competition and client needs change.  As every business is unique, each one will have their own strategic plan, suited to their specific needs.
  3. 3. What is Strategic Planning? A basic strategic plan involves knowing: “What do we do, who is it for, and how do we do it?” Strategic planning is understanding your target market and knowing ahead of time how you want your business to develop. A good strategy will change and grow approximately every three years to adapt to market and technological changes.
  4. 4. Key Ingredients for a Successful Business Strategy Branding and Marketing Be unique! Networking Operational and Cost effectiveness
  5. 5. Branding and Marketing Creating a face for your company is essential for success. Every business has a “personality” and a face that the public will see. Choose a brand that represents the services you offer, and how you would like your target market to perceive you. Avoid being generic, especially if you have a lot of competition.
  6. 6. Be Unique! Whether you have many or few competitors, set yourself apart from potential competition. Focus on what your company has to offer, and develop your strengths. Anticipate potential market and technological advances, and devise a plan for how to adapt your company to these new standards. Create your own niche.
  7. 7. Networking See and be seen: know who your potential allies and competitors are. Utilize technology, especially social media and online networking services. Public networking and events can give a face to your company. Event networking can be fun and rewarding!
  8. 8. Operational and Cost Effectiveness Convince your market that your company can perform better than rivals. Either offer different services than rivals, or similar services in different ways. (Be unique!) Be innovative: Generic solutions can be imitated. Offer products at a better value than competitors, or offer the product for the same value, but with a lower overhead cost.
  9. 9. Why These Concepts are Important Although the planning and implementation are necessary phases for every company, the unique ways of using branding, networking, and effectiveness will vary for every business. These guidelines are a great starting point for implementing your company's strategic plan.
  10. 10. Contact us www.smestrategy.net 1.778.895.5446 (Vancouver) 1.855.895.5446 (Toll Free) Jenna Sedmak- Marketing Assistant jsedmak@smestrategy.net