Business Planning Strategies

Business Planning Strategies-79
A strategic plan is typically focused on mid to long-term goals and explains the basic strategies for achieving them.

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Developing a strategy for business growth requires you to deepen your understanding of the way your business works and its position relative to other businesses in your markets.

As a starting point, you need to ask yourself the following three questions: While the second question is at the heart of the strategic planning process, it can only be considered usefully in the context of the other two.

It may be that decision-making in some areas will be handed to others, or that processes which have worked well in the past will no longer fit with future plans.

It can be tempting for owners or managers to overlook alternatives that are uncomfortable for them personally.

A strategic plan needs to be realistically achievable.

As with any business activity, the strategic planning process itself needs to be carefully managed.Everyone involved should know what is expected of them and when.Consider holding a series of weekly meetings with a strategy team before delegating the drafting of a strategy document to one of its members.Strategic Planning offers a systematic process to ask and answer the most critical questions confronting a management team—especially large, irrevocable resource commitment decisions.A strategic plan is a valuable guide for your employees, your organization's leadership and your stakeholders to know where you're going and why you're going there.You should balance your vision for the business against the practical realities of your current position.You need to take into account the implications of any changes, such as increased investment in capital and other resources.Strategy is about choices: knowing what to do as much as knowing what not to do.Your strategic plan tells your people what they should be doing so that they don't have to worry about doing the wrong things, or having to go to a manager every time there is a decision to make.A SWOT analysis identifies the internal and external factors that are favourable and unfavourable to achieving a business goal: Growing a business can pose some considerable personal challenges to the owner or manager, whose role can change dramatically as the business grows.Effective strategic planning involves challenging the way that business has been done up to this point.

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