NEWH - May 2003 - (Page 48)

small business advice… by: Jessie Robertson strategic planning Part 1 (of a two part series) WE ALL KNOW THAT CHANGE brings opportunities, but it can also bring confusion. The idea that strategic planning is all too complicated, has given way to the hunt-and-peck method of ‘finding’ a strategy. Thus, this essentially becomes just a succession of incremental experiments that rarely work because strategic planning is about making choices and trade-offs that fit. Developing a strategy can be complex. The good news is that even great companies almost never get their strategic focus right the first time. You do not have to have all the answers right away. Most companies develop two or three versions, and then they clarify their strategy over time. Great strategies are a cause. The chief strategist of any organization has to be the leader - the CEO who’s willing to make tough choices and define trade-offs. In great companies, strategy becomes a cause because good strategic planning is about being different. A leader also has to ensure that everyone understands the firm’s strategic positioning in order to make sure that every person is working in the same basic direction. There is a striking relationship between really good strategic planning and really strong leaders. Great leaders understand that there is nothing rigid or passive about strategic planning - it’s something that a company is continually getting better at - so they can create a sense of passion and progress while focusing on a clear and sustainable direction. When developing your strategy, it is important to consider who you are targeting and how you want to be positioned. Targeting identifies optimal target markets for early revenue opportunities, and positioning imprints the firm’s message in the minds of key stakeholders in order to differentiate. Given the nationwide economic slowdown, strategic planning should be paramount. Under the circumstances, all strategic and tactical planning should be condition-based rather than ambition-based. By this I mean, a heavy 48 “...strategic planning - it’s something that a company is continually getting better at - so they can create a sense of passion and progress while focusing on a clear and sustainable direction.” -Jessie Robertson emphasis on obtaining current, reliable market data as an integral part of business development planning. Market research will help you make decisions that are based on knowledge not suppositions. It will help you segment your market opportunities. It will help you to exploit your product’s value cycle. And it will help you to evaluate or reevaluate your revenue opportunities in order to uphold your primary strategic goal: superior profitability. Depending on where your company is with strategic planning, you may be positioning, repositioning or growing your business to meet market demands. If you have never engaged in strategic planning, then it is most likely you will be creating a new positioning platform. If you have engaged in strategic planning in the past, it is most probable that you will be repositioning or growing your company for a competitive advantage. No matter where you are in the strategic development cycle, strategy matters. There is no question that strategic planning is a difficult exercise. It involves making tough choices or trade-offs in order to differentiate. Never has there been a more critical time in business to ensure that your company has a strategic focus, and that it can communicate that focus in a tangible and compelling manner. The importance of strategic planning cannot be overstated especially in today’s fast moving and ever-changing marketplace. For more information please contact 310.452.3550

Table of Contents for the Digital Edition of NEWH - May 2003

NEWH - May 2003
Contents
Letter From the Editor
Hospitality News
Spotlight on NEWH
Tips on Specs....Chandeliers
On the Road Again
Did You Know?
Ancient Storytelling Comes to Life
Indian Gaming: Developing the Latest Gaming Trend
You Can’t Sue an Indian Tribe, Can You?
Putting the Pieces Together: The Steps It Takes to Develop a Casino
Building the Fantasy
The Icing on the Cake: The Importance of Architectural Millwork in Casino Design
Designing Today’s Casino Resort: How to Make Entertainment Memorable and Distinctive
Casino Advertising: A Sure Bet!
Understanding Code Issues Related to Riverboat Casinos
Purchasing on a Dime
Under Wraps
Small Business Advice
Working With Team Players...
In My Opinion...
Taking the Gambling Out of Specifying Gaming Furniture
Industry Partner Education
Bios

NEWH - May 2003