Enumerate How A Firm Formulate And Implement Its Growth Strategies Effective Strategic and Business Planning

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Effective Strategic and Business Planning

Strategic planning is a coordinated and systematic process for developing a plan for allocating resources to optimize an organization’s overall direction and future potential. Many businesses start with just an idea and a desire to succeed. Sometimes it works; Many times, it doesn’t. According to the US Small Business Administration (SBA), the main reasons for business failure are lack of solid planning and lack of adequate capital. These two reasons are not unrelated, especially in tight economic times. After all, if you don’t invest in a good plan for your business, why would you expect anyone else to invest in your business?

Strategic and business planning is not just a box to check on your to-do list. Strategic planning is the foundation for everything: your business identity, your marketing and sales, your operations, your management approach, and your finances. However, there are many excuses for not doing so. Even well-established businesses need to differentiate themselves from their competitors to increase and improve their margins.

No matter the size of your business or how long you’ve been in business, if you’re willing to invest, you can be the one to leapfrog your competition and change the nature of our economy through new processes, products, or services.

Planning is not only a team-building exercise, but one of the benefits of using the inclusive planning process outlined below is building a strong, cohesive management team. Feedback from my strategic planning workshop is that the process brings together different management approaches and structures them into an integrated strategy.

My six-step process for building an actionable strategic plan is the foundation of my strategic planning workshop.

Orient participants – Build a shared understanding of planning processes and frameworks that provide insight into your business. This phase defines the general framework for the process and explores options to fully develop various aspects of the process. Planning team members should come from the company’s functional units (finance, marketing, operations), so they may have different perspectives based on their area of ​​specialization. Bosses are a key driver of end game strategy.

Review your current mission, goals/objectives – Establish a starting point and examine options that can add value to your current plan. Whether your current goals and objectives are loosely defined or well defined, they define your business and how it is run. If you’re not sure where you are, you’ll have a hard time defining your direction. I use a customer-focused three question exercise to define your current business and then look at the next 12 months.

When you define your business from a customer perspective, it can make all the difference in your success. Growth comes from focusing on customers and consistently delivering value to them. Although strategic plans usually cover the long term, a solid plan for the next year is important to believe in a three- to five-year plan.

Prepare your situational analysis – Identify market segments, competitors, capabilities, core competencies, and opportunities. Instead of trying to tackle large, broad markets, define your niche and prioritize it for your competitive advantage. To position yourself against your competitors, understand who they are and what their market strategy is.

When you consider your capabilities, you need to conduct an honest Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. All of your core competencies should be strong, but does each one add value? Are they unique and sustainable? How important is each qualification to your customers? Finally, identify and evaluate your perceived opportunities. Preparing a situational analysis can be an intensive activity, especially if you discover that you are not well aligned with your customers. If you’re not well aligned, you’re left with options to find new customers, develop new products or services that match customer needs, or become a statistic. Over the past two years we have seen some prime examples of companies not responding to changing customer needs and wants or changing government regulations.

Create your strategy – churning; industry landscape development; Complete strategic assessment; Create strategy, mission statement, goals and objectives. “First comes the idea, then organizes that idea into ideas and plans; then transforms those plans into reality.” – Napoleon Hill, author of Think and Grow Rich.

This is where you set yourself apart and find ways to beat the competition. Some companies have fared poorly in a down economy, but others have grown and thrived because they had strategies to respond to change. Small businesses have an advantage over their larger competitors because they can move quickly to respond to change and implement new ideas. This step definitely requires consideration, but the rewards can be substantial. Remember that many of today’s great businesses were founded during the Depression. Other small businesses proved they had value and were acquired by larger businesses.

Prepare your implementation plan – Define work plans, schedules, and budgets. Action without strategy is wrong. Strategy without action is wasted. What specifically needs to be done to accomplish your goals and objectives? Who needs to do this, and what other resources do they need? When does it need to be done? Tasks need to be broken down into measurable steps according to a schedule and assigned to specific people. How are you going to fund your plan? Your implementation plan is your basic reality check. If the schedule is unrealistic or if you do not have the necessary people, resources, or funds; What can you adjust to achieve your goals?

Prepare for monitoring – Establish metrics and a monitoring schedule. After you’ve established what needs to be done, you need to define how you’re going to measure progress toward meeting your goals and objectives and how often to do so. Monitoring should be adequate so that corrective action can be taken before you miss important dates. Monthly progress reviews and quarterly strategy reviews may or may not be sufficient. Establishing minimum, target, and stretch goals can also be helpful. Remember that the plan is not set in stone. If your reviews show that something is not working – change it.

I generally recommend using the SCORE business plan framework which was developed for start-ups but can be easily adapted for established businesses. Questions answered during the planning process feed directly into the sections of the business plan: Business Description – What do you do? Products/Services – What do you sell? Marketing Plan – How are you going to sell it? Operational Planning – How will you operate on a daily basis? Management Plan – How and by whom will your business be managed? And financial planning – how do you finance the business?

As you go through the stages of developing your strategy and preparing your plan, it’s important to keep your end game in mind. Although no one can guarantee the success of your business, a good plan builds a strong foundation for your business and reduces your risk.

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