Innovation isn’t just about brilliant ideas, it’s about the structure and foresight needed to bring those ideas to life. This is where strategy and planning come into play. The next point I’d like to share with you is this: Have a strategy and build a plan. This isn’t about creating a static document to tick a box. It’s about shaping a dynamic framework that guides your business, ensuring every decision and action contributes to long-term success.
Strategy defines why you do what you do, it’s your North Star, aligning your purpose with opportunities in the market. A plan, on the other hand, outlines how you’ll get there. Together, they balance and provide clarity, focus, and a roadmap to turn your vision into reality.
The power of strategic thinking
Strategic thinking is the art of balancing the long-term vision with the realities of today. It involves anticipating future trends, aligning resources, and making choices that position your business uniquely in the market. For me, this mindset underpins the planning framework I’ve developed and relied on over many years, here it is:
- Five-year vision: The aspirational destination, the big picture of what we are aiming for.
- Three-year goals: Milestones that bridge the gap between our vision and the present.
- One-year plan: A focused breakdown of what must be achieved within a year to stay on track.
- Quarterly innovation projects: Smaller, actionable initiatives that allow us to experiment, refine, and adapt and innovate.
For more information on my Strategy and Planning Blueprints, take a look here
My personal journey
When I first started implementing this framework, it was out of necessity rather than foresight. I remember sitting in a coffee shop with a notebook, trying to piece together a vision for my company. The market was competitive, resources were tight, and I had no clear idea of how to scale. That day, I sketched a rough version of what later became my five-year vision.
The turning point came a year later, when I revisited that vision. We had achieved some milestones but had veered off course in other areas. Realigning our focus, I introduced the idea of quarterly innovation projects to test ideas quickly – see Part 2 Minimum Viable Product. For example, we piloted a digital tool for project management, learning more from three months of testing than we had from a year of theoretical planning.
This test and measure approach not only strengthened our planning process but also allowed us to stay nimble in an increasingly competitive market.
Crafting your strategy
A great strategy starts with clarity about your purpose. What problem are you solving? What impact do you want to make? Companies like Gymshark, the UK-based fitness brand, exemplify this. Founder Ben Francis’s strategy revolved around creating a community-driven brand. His North Star wasn’t just about selling gym wear, it was about inspiring people to lead healthier lives.
In my business, our North Star has always been to empower clients to create a better, stronger, more secure and profitable future through highly energised teams. This guiding principle focuses every decision, from which markets we target to the projects we prioritise.
Strategic questions to ask:
- What is our unique value proposition?
- Who are we serving, and what do they truly need?
- What trends and challenges will shape our industry over the next five years?
By answering these questions, you’ll begin to see the outline of your strategy, a roadmap aligned with both your aspirations and market realities.
From vision to action
Once your strategy is clear, the next step is to translate it into a concrete plan. This is where tools like the Business Model Canvas (search Google or Wikipedia) and OKRs (Objectives and Key Results) come in handy. For instance, the Business Model Canvas can help you visualise key elements like customer segments, vertical markets, value propositions, and revenue streams, while OKRs ensure every team member understands their role in achieving the company’s goals.
A lesson from the field
One of the most valuable lessons I’ve learned is the importance of starting with the problem, not the solution. Early in my career, we launched a new service offering based on what we thought the market needed. It wasn’t until we conducted a detailed market analysis and adjusted our plan that the service gained traction. See Part 3 – Listen to your customers
The updated plan included:
- A clear problem statement: Defining the pain points our clients were experiencing.
- Customer analysis: Understanding who would benefit most from the service.
- Operational details: Mapping out workflows to ensure seamless delivery.
Read more about what I call Problem Market Fit
The role of quarterly innovation projects
Incorporating quarterly innovation projects into your plan can accelerate progress and foster agility. These projects act as testing grounds for ideas, allowing you to gather feedback and make adjustments before scaling.
For example, during one quarter, we focused on integrating peer-to peer mastermind groups into our client services. The project involved a small pilot group, regular feedback loops, and iterative improvements. By the end of the quarter, we had a scalable model that aligned with our broader strategy.
This approach mirrors how companies like Monzo operate. The UK-based digital bank continually tests new features in small, controlled environments before rolling them out to its wider customer base.
Avoiding common pitfalls
While strategy and planning are vital, there are pitfalls to avoid:
- Overplanning: Spending too much time on theoretical details can delay execution.
- Rigidity: A plan that doesn’t allow for adjustments can hinder progress.
- Neglecting cash flow: A common oversight that can derail even the most innovative ventures.
I learned the importance of flexibility when a key supplier unexpectedly increased prices, threatening one of our projects. Instead of scrapping the plan, we pivoted, negotiating alternative contracts and adjusting our timelines. This flexibility not only saved the project but also strengthened our partnerships. See Part 4 on Pivoting
Keeping your plan alive
A business plan isn’t a static document, it’s a living breathing strategy that evolves with your business. Companies like Dyson excel at this, continuously refining their approach as they expand into new markets, and Gymshark that began in a garage! Founder Ben Francis constantly revisited and updated his strategy, adapting to shifts in consumer behaviour and scaling the business into the global organisation it is today.
In my businesses and with my clients, we revisit our five-year vision annually, review and set our rolling three-year goals, and adapt and sometimes pivot within our plans ensuring our plans reflect current trends and economic changes, all whilst staying true to our purpose and vision. Quarterly projects allow us to test and measure innovations and help us drive our market forward.
Final thoughts
Having a strategy and building a plan isn’t just about creating a document, it’s about building clarity of purpose across your team with a clear focus and alignment. By combining strategic thinking with actionable planning, you’ll not only bring your innovative ideas to life but also position your business for sustained success.
Remember, the best plans are those that balance structure with flexibility and vision with practicality. They’re not just maps to follow but tools for navigating the constantly changing landscape of innovation. Remember, the North Star is always in the north – set yours and don’t loose sight of where you are going.
What’s your five-year vision, and how will you break it down into actionable steps? It’s time to strategise, plan, and move forward with purpose.
For a deeper dive into planning, read the 6 must have plans for every business
Work with me:
I help owners, founders and leaders create a scalable business that works without them, build a world-class team, and 10x profitability. Book a call with me here to see if we could work together.
Remember, there are only three types of people – those who make things happen, those who wait for things to happen, and those who talk about why things don’t happen for them. Which one are you?
Recent Comments