Many strategic plans aren’t strategic, or even plans. To fix that, try a six step process: first, identify key stakeholders. Second, identify a specific, very important key stakeholder: your target customer. Third, figure out what these stakeholders want from you. Fourth, figure out what you want from them. Fifth, design your strategy around these requirements. Sixth, focus on continuously improving this plan.
In cities, suburbs and small towns alike, professionals are ditching traditional office spaces in favor of co-working, but some professionals are skeptical of the shift as this movement disrupts long-held business norms. Within certain fields, co-working has always been popular, but within the last five years, the concept has taken hold across industries. Co-working today is booming as a new generation of entrepreneurs, consultants, freelancers, and corporate organizations re-think the overhead costs of business and the value of collaborative work.
If you (as a business) are floundering, the chances are that you are not addressing relevant customer needs with your products and services, which can result in the potential loss of business to competitors, and missing opportunities for revenue growth. Quite often, in playing the competitive game, you also end up eroding margins, and losing the balance between value created and value captured.
So, what should you consider? How do you add value?
The first step to generating real growth is to understand where it comes from. It can be boiled down to six simple categories: new processes, new experiences, new features, new customers, new offerings, and new models. Deciding which ways to grow needs to be intentional — not driven by luck. Innovation budgets are finite, so allocations of your scarce resources should reduce risk and focus on the best bets. It needs to be balanced for maximum return the same way a retirement fund needs to be balanced among high and low risks and rewards.