As you grow your business, you are likely to find yourself with some common challenges. After working with hundreds of clients in many different sectors, we’ve found a few things that commonly need to be given more attention. If you’ve been successful so far, and ready for you next level of growth, focusing on these things will very valuable.
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Many businesses are seeing the advantage in undertaking expansions into global markets. But for businesses that have traditionally only operated domestically, making the strategic transition to access global markets can present a number of challenges. These commonly include, but are no means limited to cultural differences, local tax laws, human resources, and payroll.
You can use strategic planning in many occasions in your organization such as:
- Looking at new markets to enter
- Planning growth and overall business strategy
- Dealing with competitors
- Creating action plans with your team
- Choosing between different strategic investments
- Predicting uncertainty in the future
- and much more.
Deciding when to do strategic planning and what you should focus on as part of your planning process really depends on where what your organization is dealing with in the present.
Some organizations update their strategies quarterly, some yearly and others monthly or weekly.
Deciding when and why to work through strategic planning really depends on your industry and how concerned your team is with being proactive (versus reactive) to changes in the business environment.
With ever increasing globalization and the speed at which technology changes, almost every organization should be reviewing their strategy every quarter. This might just mean discussing key priorities as part of your strategic plan, or breaking down the strategic plan into smaller chunks.
We've worked with many clients who were wondering why they do strategic planning. Here are some use cases and benefits they got out of the strategic planning process:
Why is Strategy important to business growth?
Here are some practical reasons & applications:
- If you're part of an organization and things aren't going the way you want them to - Strategic planning will help you align your team towards a common goal or direction for the organization.
- If you're the CEO and you aren't sure if the company should continue on the same profitable path without growth, or if it should look for new sources of revenue and expansion.
- If you're someone on the leadership team and you see the need for organizational structure or change.
- And more!
Recently SME Strategy was selected by Brussels Invest and Export to help educate Canadian companies about the benefits of expanding through Belgium in order to reach the European Market.