A regular strategic review is a valuable exercise that businesses should conduct two to three times a year to ensure they are on track and identify areas for change.
It follows the development of a 3 – year growth map which oulines your key areas for growth and how you plan to measure your progress – what i call the critical success factors.
Here are the benefits of conducting a regular strategic review:
✳️ 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗰𝗹𝗮𝗿𝗶𝘁𝘆.
It allows you to take a step back to examine your current position from six months ago. What has worked well, and where do you need to improve?
✳️ 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀:
Identify how different functions have been performed by assessing the results from the critical actions from your last review. What is the data telling you? What areas need attention? Are there any new targets?
✳️ 𝗦𝗵𝗶𝗳𝘁𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁:
Any changes or new developments in the market. Customer preferences? Competitor behaviour.
✳️ 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲 𝗮𝗹𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻:
Identify areas that are doing well, where to allocate resources, and how to prioritise initiatives that offer the greatest return on investment.
✳️ 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 𝗚𝗿𝗼𝘄𝘁𝗵
Know the strategic steps you need to take, such as introducing an innovation that can give you an advantage.
The importance of a strategic review cannot be overstated. The clarity it provides is encouraging, inspiring, and reassuring. Clients leave our sessions buoyant, hopeful, and excited, with renewed confidence in their business’s future.
After their review, an MD emailed and said, “I enjoyed the meeting and believe it’s given us another boost to move us forward and get us and the senior team working together better.”
