When it’s time to update your strategic plan, get started by identifying the Crossroads Issues. They’re the business issues that demand strategy decisions.
Our work with La Quinta Inns back in the 80’s is a great example of Crossroads Issues.
When La Quinta attracted $75 MM of expansion capital financing, they had just completed important market and customer research (note the two are different).
Research said that in their price tier of the hotel industry, professional salesmen who travelled by car (their traditional market) preferred outside-corridor hotels because it was easier to unload luggage and a briefcase just outside the room rather than lugging it through a lobby, elevator and down a long hallway.
But the research also said that saleswomen felt safer walking through a lobby to inside rooms, and represented the fastest-growing segment of their price tier as businesses added talented women to their sales teams.
Should La Quinta use the $75MM to build outside-corridor hotels for their traditional market of salesmen? Or inside-corridor hotels to attract more saleswomen? That’s a Crossroads Issue.
To jumpstart your own strategic plan update, look at your business from a high enough altitude to see the Crossroads Issues that demand strategy decisions.
And call me at 800-AGENDAS. We can assist you to identify the Crossroads Issues your business faces, at no cost, and without any obligation to engage our strategic planning consulting services.