Mastering Strategic Planning
Introduction:
Strategic planning is the backbone of any thriving business, providing a roadmap for sustainable growth and success. Recently, on the podcast "Beyond Wealth: Success Unscripted," Matt Calnan spoke with Merin Coutts, founder of MCSquared Coaching, to dive deep into the nuances of strategic planning. With over 15 years of experience, Merin has guided countless businesses through the complexities of crafting a clear vision and executing with precision.
Merin's Journey:
Merin Coutts’ journey into business coaching wasn’t a straight line. Growing up in small-town Saskatchewan, Merin began her career in media and communications, working with prominent networks like CTV and Shaw Communications. Fast forward a few decades and life’s transitions led her to discover her passion for strategic planning. Today, based in Calgary, Merin uses her experience to help business owners craft and execute strategic plans centered around growth that position them for success.
Key Takeaways on Strategic Planning:
1. Understand Your Current State: Merin emphasizes that the starting point for any strategic plan is gaining a deep understanding of where the business currently stands. This means analyzing the industry, recognizing the ideal customer profile, and pinpointing strengths and weaknesses. Without a clear picture of the present, it's difficult to plot a course for the future.
2. Set Realistic Goals: Once you’ve assessed your current state, the next step is to define where you want to go. Goal setting in strategic planning involves both long-term vision and short-term, actionable objectives. Merin encourages business owners to dream big and stay rooted with tangible milestones to maintain momentum.
3. Address the Challenges: No strategic plan is without its obstacles. Merin advises that identifying potential roadblocks early on allows for proactive problem-solving. Planning for setbacks ensures that your strategy is resilient and adaptable.
4. Measure Success: An often-overlooked aspect of strategic planning is defining how success will be measured. Establishing key performance indicators (KPIs) helps track progress and provides benchmarks to ensure that the business stays on course. According to Merin, the ability to measure and adjust based on these metrics is what transforms a strategic plan into a living, breathing document that drives success.
Avoid These Common Strategic Planning Mistakes:
Attempting to Go it Alone: While it’s tempting for business owners to lead their own strategic planning, it can be hard to maintain objectivity. Hiring a facilitator, Merin says, provides valuable perspective, allows you to be an active participant without worrying about managing the process, and keeps you moving forward.
Outsourcing Everything: Strategic planning should be a collaborative effort. While a facilitator can guide the process, business owners must stay involved to ensure their commitment to execution. Full outsourcing leads to a lack of ownership and diminished follow-through. The greatest win comes from quality discussions and ‘aha’ moments along the way.
Rushing Through It: Effective strategic planning takes time. It’s easy to want to complete it quickly, but doing so can result in missed opportunities and shallow execution. Merin recommends breaking the process into smaller, manageable chunks to ensure its thorough and intentional.
Practical Advice for Small Business Owners:
For small businesses just starting out, strategic planning doesn’t have to be overwhelming. Merin advises starting by assessing your current state and setting clear, achievable goals. For businesses unable to hire a facilitator, resources like 90.io can provide structure, and books like "What the Heck is EOS?" by Gino Wickman offer practical guidance on developing a strategic operating system.
Conclusion:
Strategic planning is a vital tool for businesses aiming to grow and evolve. Merin Coutts' insights highlight the necessity of a structured process, active participation from leadership, and ongoing measurement. Her practical advice helps demystify strategic planning, making it accessible for businesses of all sizes.
Listen to the Full Interview: Catch the full interview with Merin Coutts on "Beyond Wealth: Success Unscripted" on Apple Podcasts. For the video version, watch it on YouTube.
Cheers,
Merin