Strategic Mastery: Developing A Strategy For Your Business.
“Success is 20% skills and 80% strategy. You might know how to succeed, but more importantly, what’s your plan to succeed?” — Jim Rohn
Trusting that you have written your goals for 2019. Now it’s time to create an intentional ACTION PLAN that POWERS UP your GOALS!
Do you have a STRATEGY and do you know what strategy would work best for you or your business?
Strategy vs Action Plan – do you know the difference?
These two terms are often used interchangeably however they are far from the same. In fact, each is a completely different concept.
An action plan defines the “steps”, while a strategy explains, the “best steps”.
A strategy is a plan for the future. An action plan is a collection of actions designed to achieve a goal.
Strategy speaks to the reasons why, while the action plan is focused on how.
You may be wondering: Is it worth initiating a strategic planning process?
Both structures are crucial to the success of your long term health and wealth goals.
Missed the Facebook Live with Business Growth Accelerator Brent Simpson from Bold Vision? Find out 3 key points to consider when developing a winning business strategy.
In order to understand and evaluate strategic planning, we first need to clarify and define an action plan versus a strategy.
Action Plan:
An action plan is a list of steps taken to accomplish a goal. It should also include enough detail to achieve a goal. In other words, it needs to address questions like- how, when, where, who and what? Having a clear action plan will help you deal with the day-to-day activities and keep you focused. Although a plan is vital to reach a goal, it should not be the first step.
Strategy:
A strategy is larger than an action plan. Strategy focuses on the question- why as well as what is the best tactic or approach when moving towards an outcome. When developing a strategy you are looking at all possible factors and analyzing the whole situation, selecting the methodology that is most effective at moving you towards your intended goal while achieving the highest possible result for the time you committed to the task. The strategy ensures that the action plan you are taking is the right plan that gives you a competitive edge and leverages your time and resources most effectively.
By understanding these differences you are better able to develop the right strategy and create the appropriate action plan around the strategy.
Goal: Expand network and create new business relationships.
Action plan: Attend a weekly networking event.
Strategy: Identify and develop relationships with professionals and entrepreneurs at the event who have clients with whom your services will be a value add and complements their services.
You distribute a wholistic nutritionist and you begin to develop relationships with business professionals such as personal trainers, talent agents, chiropractors, weight loss clinics.
Identify one strategy you are going to use to maximize your impact and leverage your time and resources.