I run a small video production agency (newevolutionvideo.com) and professional studio rental (dk3studios.com) and would like to know how to create a good strategic document that can power my companies to the next level. Every time I try to create one I get writers block or some sort of frustration along with lacking the necessary skill set to do this properly. Any resources or assistance would be welcomed. Thank you
Divide your task in multiple steps. Then tackle each one individually.
First, think on how the industry (in your case professional studio rental, but also production agency) is developing in the next years. Think of the context, competitors, new technologies (in video production - AI generated production for example).
Second, think where you want your companies to be in the next 1, 2, 5 and 10 years. Be specific! Think of KPIs that are important to you - be it market share, growth rates or anything else concrete. Please don't think of number of employees or other secondary measures (obviously, you need to have enough employees to cover the business, but the actual business is important, not what you need in order to run it, this comes later).
Third, think what measures you need to take in order to avoid the pitfalls from your research in the first step, and what measures you need in order to accomplish your second step. Try to bring them together and make sure they don't clash (an example would be: you know a new technology is being developed that can revolutionize the camera tech - and you want to have a decent market share for your rental business - obviously you need to plan in advance to get the new tech early, perhaps talk to the manufacturers?). In this step create actionable statements, like the example I gave you earlier.
In the last step go ahead and create quotable mission goals for your employees, website, board meetings etc. - put them somewhere where you can see them. You know what stands behind them so you can easily explain them to your employees and colleagues. These together with the document you created (and the actionable statements) should be your guidance. Of course, you need to monitor, update and improve this document every so often. My recommendation is at least every 3 months.
Hope this helps! If you need more details, something is unclear or just want more personalized feedback you are welcome to give me a call!
Best of luck to you,
Dragos-Cristian
Hi Richard?
I had a look at your website and it looks amazing. Currently, I am not self-employed but will be next year.
Your question is very interesting and my first thought was: What does it mean to take your company to the next level?
Do you want to employ more people? Do you want to make more money? Do you want to get more customers? Do you want to streamline your processes and be more productive and efficient?
If this is clear, I recommend (because that is my problem) to make less goals than you have planned. We tend to push ourselves massively forward and create preassure which is not helpful.
So, less goals is better.
Then, write down the desired outcome (on a high level).
After that identify criterias that bring you to this desired goal.
You can read about this SMART Goal method in the internet.
At the end write down goals and milestones into a trusted place, i. e. physical notebook, project managment tool, task list manager. It's up to you. But spend some time per week and reflect about the tasks you have completed and which tasks move your project forward. Consistency is the key.
Because it is so easy to start with a project and we are more than happy to finish a project. But the road between start and end is "Consistency".
Does it make any sense to you?
Good luck and best regards.
Heiko
I would start with some simple questions:
- Who are you trying to reach? Why?
- What are their needs?
- How would they describe their needs?
- How can you position yourself as a partner with them to solve their needs?
- How can you use their language to explain what you do?
- Where are they most likely to go seek information to solve their need? Can you meet them there and position yourself as an expert?
- What are their hesitations or reservations in choosing someone like you?
- How can you assure them you are the right person for the job?
- How can you use your current client list to get new clients?
This is just the starting point, but I hope it gives you some ideas to break through your writer's block.
Feel free to reach out.
All the best,
-Shaun
A well-crafted strategic plan will help you clarify your goals, prioritize your efforts, and align your team towards a common vision. Here are some steps and resources to help you create an effective strategic document:
1. Conduct a SWOT Analysis:
- Assess your company's Strengths, Weaknesses, Opportunities, and Threats (SWOT).
- This analysis will help you understand your current position and identify areas for improvement and growth.
- Resources:
- https://www.businessnewsdaily.com/4245-swot-analysis.html
- "SWOT Analysis: How to Develop a Strategy For Success" by Mind Tools: [https://www.mindtools.com/pages/article/newTMC_05.htm]
2. Define Your Mission, Vision, and Values:
- Clearly articulate your company's mission (purpose), vision (long-term aspirations), and values (guiding principles).
- These elements will serve as the foundation for your strategic plan and help guide decision-making (and most importantly when to say no to something).
- Resources:
- "How to Write a Mission Statement With Examples" by The Balance Small Business: [https://www.thebalancesmb.com/how-to-write-a-mission-statement-2948001]
- "How to Write a Vision Statement" by Asana [https://asana.com/resources/vision-statement]
In a mission statement, you answer these questions about your company:
What do I/we do?
For whom?
How?
For what purpose/goal?
3. Set SMART Goals:
- Develop specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business.
- Break down your long-term objectives into short-term milestones to make them more manageable.
- Resources:
- "SMART Goals: How to Make Your Goals Achievable" by Mind Tools: [https://www.mindtools.com/pages/article/smart-goals.htm]
- "The Essential Guide to Writing S.M.A.R.T. Goals" by Smartsheet: [https://www.smartsheet.com/blog/essential-guide-writing-smart-goals]
4. Develop Strategies and Action Plans:
- Identify the key strategies and action plans needed to achieve your goals.
- Break down each strategy into specific tasks, assign responsibilities, and set deadlines.
- Resources:
- "The 5 Steps of the Strategic Planning Process" by The Hartford: [https://sba.thehartford.com/business-management/strategic-planning-process/]
5. Monitor and Review:
- Regularly monitor your progress against your strategic plan and make adjustments as needed.
- Schedule periodic reviews to assess the effectiveness of your strategies and make data-driven decisions.
Remember, creating a strategic document is an iterative process. Don't aim for perfection on the first draft. Instead, focus on getting your ideas down and refining them over time. Involve your team members in the process to gain their insights and buy-in.
If you still find it challenging, consider seeking the assistance of a business coach or consultant who specializes in strategic planning. They can provide valuable guidance and help you navigate the process more effectively.
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