In our experience, clear, long-term strategic focus is what separates the top performers from the also-rans.
Businesses that can articulate their plans for the next 3-5 years with clarity and conviction attract more funding, deliver higher returns and generate greater valuation multiples.
A written strategic plan is a smart starting point. And the writing process can help you get crystal clear on your market placement, product offering, operating model, funding structure and even exit plan.
But where do you even start?
Well, whenever we’re helping our clients through a strategic planning exercise, we generally use this simple but highly effective five Gs framework.
When it comes to planning your travel business’s future, there’s no time like the present.
Download and save the strategic planning framework to use in your business.Download now
Our top three tips when working through the five Gs are:
1. Be ambitious but realistic when goal setting (G1) and identifying gaps (G2).
Your strategic plan should push boundaries, but it’s critical that you’re brutally honest about where you are now.
2. Eat the elephant in bite-sized chunks.
Although your solutions (G3) will focus on your long-term destination, make sure you’re clear on the small steps that will get you there.
3. Bring your stakeholders with you.
Misaligned stakeholders can quickly destroy your chances of reaching the goals. So allocate plenty of time for selling the vision and building consensus (G4).
Find out more about these three tips in our latest videosWatch the videos
If you’re thinking about your travel businesses’ strategic planning process and you’d like some help, please get in touch with our strategic consulting team.