Do you know that most construction startups don’t spend a lot of time on strategy? Studies support this statement. Consider the following stats:
· 86% of executive teams don’t even spend one hour per month for their strategy discussion.
· 60% of organizations don’t forma relationship between strategy and budgeting?
· 95% of workforce has no idea about their organization’s strategy.
Strategic planning refers to a process of documenting and creating a direction of your construction startup by determining where you are at the moment and which road you plan to take. The strategic plan offers you a place to define your long-term goals, values, vision, mission, and the action plans you utilize to meet them.
A well-defined strategic plan can play a key role in your construction startup’s success and growth. It describes a framework for your team to tackle certain opportunities and challenges.
Through in-depth research, lengthy discussion, and shrewd goal setting, the strategic planning process can help you and your team to decipher the existing status of your construction startup and find its future direction.
Strategic planning is key to identify the direction of your construction startup. A well thought out strategy puts emphasis on your efforts and ensures all your project team members / stakeholders work towards a shared goal. Strategic planning provides assurance that all the steps you take are rational and improve the project delivery’s efficiency as well as add value to the overall standard construction procedures.
· Aligns the relevant resources to generate better outcomes
· Prioritizes financial needs.
· Establishes a competitive advantage for your construction startup
· Engages with your project teams and stakeholders and interacts efficiently on what must be done.
Another major benefit of strategic planning is to aid in managing and minimizing risks.
With strategic planning, you can analyze potential business and startup risks, implement risk control measures on a business level, remove uncertainties, and help mitigate the damage incurred
The strategic planning process takes sometime, but it is advantageous for all those involved. As the foundation of a startup business, you will have a clearer idea of the objectives and goals you want to meet and get a direction to do that. This process can lead to an increase in productivity for your employees and contribute heavily to the business growth.
The strategic planning process should consider your workers. They are busy during the daily operations and can offer a unique perspective of the startup. Workers can share with you what they think works and where you need to make improvements, informing your future planning.
Additionally, it is advantageous to contact people outside your business to collect their views. Similar to your workers, your vendors have their own outlook on your industry. Initiate discussions about your startup and collect their feedback on what they think will happen to your industry in the future.
The US Small Business Administration encourages business owners to create flexible strategic planning. When you connect with employees and individuals outside the organization, these discussions should empower everyone to voice their thoughts and produce innovative ideas.
When your employees join the strategic planning process, it creates a sense of responsibility and accountability, leading to a sharp rise in productivity. Whether they were made aware of the startup’s objectives and goals after the strategic plan was finalized or contributed value to the strategic plan itself, they will be driven to assist you with meeting these targets.
During the strategic planning process, you get to examine and assess your whole business. You can analyze what your startup does better and figure out areas that need further improvements. By determining your startup’s existing strengths and weaknesses, the strategic planning process offers your team an opportunity to become better in the feature and act as a reliable startup by limiting risks.
Even if you have come up with an idea that you believe can take your startup to unprecedented heights, still, keep your employees in the loop and have them take an active participation through the process. This way, you might unlock a valuable insight that went unnoticed in the earlier stages.
As the strategic planning process comes to an end, your team should have a proper, clear overview of where you plan to take your startup in the next few years. This planning process and discussions will be highly beneficial in putting the startup in the ideal position to get further successes.
Strategic planning offers you and your startup ample time to determine how to grow in the feature and tackle new challenges and opportunities. Consider the issues or challenges your construction startup may face after five years and make plans accordingly to prevent your business from being driven to the ground.
Construction startup founders need to communicate their strategy and check for progress as it unfolds. This way, they can define
· Company purpose and values
· Market and competitors
· 3-year target
· Annual and quarterly goals
· Priority projects
Whether you need general guidance or want to maximize your chance of receiving funding Boris & Associates Inc. will get you from planning to execution without wasting time.
