At this very moment, there are roughly 200 days left in 2021 for you to hit your number.
Regardless of whether you’re crushing it in 2021 or behind on your growth goals, pausing to reflect and revamp for SaaS strategic plan in the middle of the year is paramount.
Pulling together your leadership team to talk through what’s holding you back, what you can accelerate, what’s working, what’s not and revamping the strategy and plan of action is SaaS marketing 101. It’s super important.Â
The companies that are able to do this grow a lot faster. The ones that just hope things will turn around and avoid looking at the ugly are the ones that fall behind.Â
So how do you approach a strategy offsite or a day focused on this?
How do you actually look at your SaaS strategic plan and gauge what parts are working or not?
How do you understand what’s wrong with the business and what you need to fix?Â
How do you get people into a room and actually make it productive?
All these questions can be answered by looking at three principles.
3 Principles to Revamp Your SaaS Strategic Plan
These principles will help you revamp your strategy and ensure you are set up for success for the next half of this year.
Step #1 in any strategic discussion is to get in sync on what the chokepoints in the business are. This is the most important thing.Â
What you want to do is go in with data and spend time talking about what the chokepoints in the business are.Â
I like to identify what the flywheel is and what parts of the flywheel have chokepoints.
For help developing your Flywheel I recommend watching my SaaS Business Model video.
What is Your Strategic Design?
Great strategy is when you’re making choices. Bad strategy is when you have a wishlist. The way you make choices is to talk about your strategic design.
Great strategy finds and identifies the core of your business that you are going to strengthen and separate the things that are expansion.Â
Great teams know how to identify what’s core to their business, what they need to strengthen, and one or two expansion bets. By doing so they can be strategic and think longer term.
In some cases you may do both. Some just one. It depends on what stage you’re at and what the competitive dynamics are. That’s part of what you would identify in the chokepoints section.Â
From there you will get into your strategy design;Â what’s your core, how do we define it, strengthen it and expand from there.
These are all the things I’ve learned on how to properly run a strategic planning process.
Define and Align Around OKR’s (objectives and key results)
I’ve seen offsites where we’ve signed up for everything, time ran out, we went to dinner, then nothing.Â
The problem giving strategy offsites a bad rep is it’s hard to get it to execution.
Until you put a name and a responsible party to a single throat-to-choke initiative. Until you’ve assigned a party to spearhead your efforts, people are just going to walk away feeling good thinking the other person is responsible and nothing gets implemented.Â
These are the three steps to revamp your SaaS growth strategy. When these three things come together, you are able to create a strategic plan. It gives you a framework to execute against so at the end of the offside you are translating it into real results for the business.
Now, if you’re looking for more guidance; a step-by-step strategic planning process to kickstart the growth of your SaaS business. Then I invite you to check out my SaaS Scale Program.
You’ll Get The Training, Blueprints, Coaching & Accountability You Need To Craft & Implement YourÂ Unstoppable Strategy.