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Strategic planning

STRATEGIC PLANNING

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Strategic planning is a The process of defining the long-term direction of an enterprise or project, setting objectives and identifying the actions needed to achieve them. This tool enables organisations to anticipate and adapt to changes in the environment, and to make informed decisions to ensure their success and growth.

Strategic planning is made up of several key steps, including

  1. Analysis of the current situation: A diagnosis of the company and its environment is carried out, identifying strengths, weaknesses, opportunities and threats (SWOT analysis).
  2. Definition of mission, vision and values: It establishes the company's raison d'être, its vision for the future and the values that guide it.
  3. Target setting: The company's long-term objectives are defined, based on its mission and vision, and indicators are established to measure their achievement.
  4. Strategy development: The actions needed to achieve the set objectives are identified, and the tactics to implement them are defined.
  5. Implementation and monitoring: The actions defined in the strategy are implemented, responsibilities are assigned and progress towards the set objectives is continuously monitored.

Strategic planning is essential for any business or project, as it allows to set a clear direction and define the steps needed to achieve long-term objectives. It is important to review and update the strategy regularly, to ensure that it adapts to the changing environment and remains relevant.

What type of company should undertake strategic planning?

Strategic planning is essential in any business, regardless of size. A new company may even need to more strategic planning to establish a solid foundation and clear direction from the outset. Strategic planning helps companies to define their long-term objectives, assess their business environment and establish action plans to achieve their goals. It also helps companies adapt to changes in the market and stay focused on their objectives at all times.

Disadvantages of strategic planning for start-ups

STRATEGIC PLANNING CAN HAVE SOME DISADVANTAGES FOR A START-UP:

  1. It may take too long: Strategic planning involves a detailed process that can be time-consuming, which can be a disadvantage for a start-up that needs to be agile and adapt quickly to changes in the market.
  2. It can limit creativity: By following a strategic plan, a startup can limit its ability to think creatively and explore new ideas and opportunities.
  3. It can be costly: Strategic planning can be costly if external consultants are hired to carry it out, which can be a financial burden for a start-up.
  4. It can be difficult to implement: Sometimes strategic planning cannot be implemented effectively due to resource constraints or unexpected changes in the market.

It is important for a start-up to take these disadvantages into account when deciding whether strategic planning is right for their company and how they should approach it.

What are the benefits of strategic planning in a startup?

STRATEGIC PLANNING IN A START-UP BRINGS A NUMBER OF IMPORTANT BENEFITS, INCLUDING:

  1. Clear vision: Strategic planning helps entrepreneurs to have a clear vision of their business, its purpose and long-term objectives.
  2. Identification of opportunities: Strategic planning allows you to identify market opportunities, and make well-informed decisions on how to take advantage of them.
  3. Coherence and consistency: It helps to maintain coherence and consistency in actions and decisions over time, avoiding constant changes in direction or approach.
  4. Prioritisation: Strategic planning allows entrepreneurs to prioritise tasks and activities in order to focus their resources on the most important activities.
  5. Adaptability: While a startup must be agile and able to adapt quickly to changes in the market or its environment, strategic planning can provide a framework for decision-making and change management.
  6. Effective communication: Strategic planning helps entrepreneurs effectively communicate their vision and goals for the company to team members, investors and other stakeholders.
  7. Evaluation of progress: Strategic planning sets clear objectives and targets, allowing progress to be measured and adjustments to be made where necessary.

In short, strategic planning in a startup can help to set a clear and coherent direction, seize market opportunities, prioritise activities, adapt to change, communicate effectively and evaluate progress.

How should an entrepreneur deal with strategic planning in his new company?

An entrepreneur must approach the strategic planning of his new venture methodically and carefully to maximise the chances of success.

HERE ARE SOME STEPS YOU CAN FOLLOW:

  1. Establish a clear vision: Before beginning any strategic planning, an entrepreneur should have a clear vision of what he wants to achieve with his business. This may include long-term goals and specific objectives.
  2. Analysing the environment: Environmental analysis is a key process in strategic planning. An entrepreneur must consider external factors that may affect his or her business, such as competition, the economy, market trends and government regulations.
  3. Identify strengths and weaknesses: It is important for an entrepreneur to understand the strengths and weaknesses of his or her business. This includes assessing the skills of the team, available resources and any other internal factors that may affect success.
  4. Set clear objectives: Once a thorough analysis has been carried out, an entrepreneur should set clear and achievable goals for his or her business. These goals should be in line with the vision of the company.
  5. Identify strategies: After setting goals, an entrepreneur must identify specific strategies to achieve those goals. These strategies may include expanding into new markets, improving existing products or services, and creating new lines of business.
  6. Allocate resources: Once strategies have been identified, an entrepreneur must allocate the necessary resources to carry them out. This may include hiring additional staff, investing in technology or raising finance.
  7. Measuring success: An entrepreneur should establish clear metrics to measure the success of the business against its objectives. This may include tracking sales, customer acquisition and customer satisfaction.

In short, strategic planning is crucial for any business, including start-ups. A methodical and careful approach can help an entrepreneur maximise the chances of success and achieve his or her long-term goals.

What does strategic planning look like for a company in the process of internationalisation?

The strategic planning of a company in the process of internationalisation focuses on defining long-term objectives and goals, as well as identifying and assessing international market opportunities and risks.

THE FOLLOWING ARE SOME OF THE KEY STAGES OF STRATEGIC PLANNING IN AN INTERNATIONALISING COMPANY:

  1. Analysis of the environment: It is important for the company to carry out an analysis of the international environment in which it wants to operate, taking into account political, economic, social and cultural factors.
  2. Market identification: Once the environment has been analysed, the company must identify the most suitable international markets for its product or service, assessing demand, competition and growth opportunities.
  3. Definition of objectives and goals: Based on the information gathered in the analysis of the environment and the identification of markets, the company should set long-term objectives and goals for its internationalisation process.
  4. Strategy formulation: Once the objectives have been defined, the company must formulate strategies to achieve them, taking into account the characteristics of each market and the resources available.
  5. Action plan: Once the strategies have been formulated, the company must establish a concrete action plan that specifies the activities and deadlines for their implementation.
  6. Evaluation and monitoring: It is important that the company establishes evaluation and monitoring mechanisms to verify that the implementation of the action plan is being effective and to make adjustments if necessary.
  7. Risk management: Internationalisation entails risks, so it is important that the company identifies potential risks and establishes mechanisms to minimise or manage them.
  8. Resource allocation: Finally, the company must allocate the necessary resources for the implementation of the action plan, taking into account the costs associated with internationalisation and possible sources of funding.

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CASE STUDY

Maria is an entrepreneur who has just launched her online business selling handmade products. From the beginning, she has realised that she needs a clear strategy to succeed in such a competitive market. Therefore, she has decided to implement a strategic planning process in her company.

MARIA HAS TAKEN THE FOLLOWING STEPS TO DO THIS:
  1. Analysis of the current situation: Maria has conducted a detailed analysis of her company, identifying its strengths, weaknesses, opportunities and threats. She has also researched her competitors and analysed the market.
  2. Definition of objectives: Based on the situation analysis, Maria has defined the objectives she wants to achieve with her business. In this case, her main objective is to increase sales and achieve a stronger market presence.
  3. Strategy design: Maria has designed a strategy to achieve her objectives. She has identified the resources needed to implement the strategy, such as hiring additional staff and improving the online sales platform. She has also established a concrete action plan to achieve her objectives.
  4. Strategy implementation: Maria has implemented her action plan, hiring additional staff and working on improving the online sales platform. In addition, she has started a marketing campaign to increase the visibility of her company.
  5. Evaluation and monitoring: Maria has established an evaluation and monitoring system for her strategy. She will conduct periodic reviews to see if she is achieving her objectives and if she needs to make adjustments to her action plan.

Thanks to the implementation of the strategic planning, Maria has a clear roadmap for the success of its business. She is confident that this will enable her to make the right decisions and take her company to where she wants it to be in the future.

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Picture of Jaime Cavero

Jaime Cavero

Presidente de la Aceleradora mentorDay. Inversor en startups e impulsor de nuevas empresas a través de Dyrecto, DreaperB1 y mentorDay.
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