The market has never heard the words “volatility”, “instability” and, above all, “constant change” as much as it does today.
In this scenario, we experience great and constant transformations, both positive and negative. VUCA world (volatile, uncertain, complex, and ambiguous) is a reality and is evolving. We live in a BANI (Fragile, Anxious, Non-linear, and Incomprehensible) world, and when we look at small businesses, we realize how much they are impacted. Observing the rapidity of these transformations, it's common to think there's no way to prepare for so many unforeseen events, especially when it comes to small business.
However, thinking this way is a mistake. Action is needed! It's known that something planned, measured, monitored, and addressed will always tend to suffer less impact, and depending on the situation, the impact may not even occur. Therefore, it's important that small businesses follow this recipe and develop a strategic planningThis planning will guide you where and how to get there, as it will address your mission, vision, objectives, and how to achieve them. It will always be aligned with your business environment, guiding how to act in different situations. You need to know what to do and what not to do!
THE construction of strategic planning must follow some important steps, which are:
1- Define the mission, vision and values: concepts that define the identity and positioning of the business.
2- Analyze the internal and external environment: it is necessary to consider internal and external factors to identify the need to adapt to various changes.
3- Define objectives and goals: Objectives should be guided by the strategy, which will determine how to achieve them. Goals, in turn, will measure the performance of the objectives. It's important to emphasize that goals should be specific, measurable, achievable, and time-bound (SMART).
4- Develop an action plan: how the strategy will be executed. Clearly define the role of employees in executing the actions deemed essential to meeting the indicators. Also, define the necessary resources (human, material, technological, etc.).
5- Measure and monitor results: everything that was planned must evolve as expected or, if necessary, make specific adjustments.
The constant market changes have practically forced small businesses to reinvent themselves daily, demanding rapid adaptation to external pressures, so that they can defend themselves from threats and identify opportunities, whether in their own segment or in another to be explored.
Therefore, it's important to plan and implement what you've designed. To that end, I'd like to share some tips:
– Clear definition of the future (purpose) of the business: It is extremely important for senior management to reflect and discuss lessons learned, reevaluating the company's mission and values, and defining where the business should be in the future. It's a good idea to put all ideas, lessons, and suggestions on paper for the entire executive team to read, discuss, evaluate, and combine possibilities until a common denominator is reached, which should be known and understood by all areas of the business. It's also important to focus on simple, objective writing, facilitating understanding for everyone. Think:What is our desired future?”
– Unfolding goals and involving teams: After senior management has decided on the future, it's necessary to define how to achieve it. This is when the development of objectives, indicators, and an action plan comes into play. The results achieved through these indicators will inform whether the proposal is being met or not. It's important to define clear, achievable, and time-bound goals, involve the team that will be on the front line executing these goals, and jointly develop the action plan, specifying where and how each employee will participate in this journey. Direct and simple communication is essential for this development. Think:How will we get to our desired future?”
– Monitor the results: Every result needs to be monitored and evaluated. Regular meetings are essential, where senior management should review the progress of everything that has been implemented and determine whether actions need adjustment. It's important to see the implementation as completely aligned. That is, once the strategy is defined, the objectives must be linked to it, which in turn will be met through indicators and targets, which can then be met through actions. Think about it:Are we on the right track?”
Building a strategic plan avoids shooting in the dark, reduces risks, and reduces uncertainty. It's about defining a pattern of behavior toward the desired future!
Author: Luciana de Sales Pessoa – Management and Process Analyst at Aço Cearense Comercial
Graduated in Economic Sciences from the Federal University of Ceará (UFC), with courses and experience in projects, planning and processes.
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