In today’s world, the “tried and true” methods are not always the way to succeed, as they might have been in decades past. New technologies, media platforms, and marketing channels have forced entrepreneurs to throw many of the traditional models out of the window. Add in the truly global nature of the “new” economy, and following the footsteps of businesses past can be a recipe for failure.
To help account for all of these changes, many companies have begun incorporating “strategic thinking” and “strategic planning” into their planning process and growth strategies. These buzzwords sound modern and trendy, but without a grasp on what they mean or how they can help a business, they are simply more meaningless buzzwords. When understood and properly implemented, however, these strategies can help a business focus on sectors of their plan which are yielding profits and either cut or revamp places which have not yielded results.
At its core, strategic planning is simply the process of defining a strategy, then making decisions on how to allocate resources to pursue that strategy, and finally setting steps and goals to reach the desired result of the strategy. It is an important piece of the planning process, to be sure, but it is often focused on the dollars and cents and existing methods of success.
Strategic thinking can be seen as a more evolved version of strategic planning. You look at a goal or an issue, research existing solutions and plans, then develop new strategies based on those results. This involves using innovative thinking and intuition – following your gut rather than the conventional ways of doing business. When researched effectively, new ideas to overcome an obstacle will naturally come about, however, it can be difficult to stop thinking conventionally. Once mastered, strategic thinking allows businesses to create strategic plans which will topple obstacles in ways no other business has tried and should increase productivity and profitability while limiting risk and losses.
By thinking strategically, you are analyzing situations from every angle, and trying to understand the root cause of the issue in a new way. By doing this, you can solve the issue in a way that is innovative and unique, and should yield additional profits and growth as Sterling Heights L.S. realized over the past several years.