5 Keys to Strategic Planning for Your Remodeling Business
by Doug Howard in Business Management, Financial Management, Leadership, PowerTips, PowerTips ArticlesIt’s that time of year again — when we look back to see what worked and what didn’t for your business, the good decisions made and others you’d change. Did this year bring the success you’ve been building toward or was it a challenging year that fell short of your goals? But it’s also time to look forward. To figure out and where you’re headed and move you closer to your long-term goals. For this, we look to strategic planning. Strategic planning is the process organizations use to clarify the long-term direction of their companies, define a company’s mission and vision, set priorities, align the team, allocate resources, and translate those goals for the future into projects and budgets that can are implemented in the short term. It defines the work in the coming year that will get your organization to your destination in the years to come. I get the pleasure of working with companies by facilitating two-day strategic planning events for their remodeling companies. Based on those experiences, these are the five keys to good strategic planning to do now.
No. 1 Involve the Whole TeamSchedule your strategic planning event at a time your whole team can attend. Involving the whole team improves the process by having more input, broader discussions, and a better understanding of the process when it’s time for implementation.
No. 2 The Right SettingGet out of your office. Hold the meeting off-site, at a location that’s comfortable and — if possible — inspirational. Participants need to be able to focus; away from distractions but also be in a place that inspires creative thought. You don’t have to go far, but you do want to get out of your own space.
No. 3 Set Your DestinationYou can’t get to your destination if you don’t have a map. Start by defining where the company is going. Pick a point in the future (three or five years) and describe in detail your vision for the company:
- Your revenue goals
- The type of projects you’ll be doing
- What your role as the owner will be
- How the company structure will change to meet the revenue goals