Strategic Planning Fundamentals
Strategic planning is vital while starting a new business or expansion of an business or planning to boost the performance of an existing business. But it requires detailed strategic planning and controlled deployment activities. Strategic planning is used to delivers its value proposition and achieve its mission.
The main difference between Strategic planning and long term planning is long term planning is developed based on the current scenario but in strategic planning we anticipate future changes.
These are the fundamentals of strategic planning.
Business Mission
The mission statement identifies purpose of the business and the reason for its existence. The mission statement, the organization prospect, ensures realiability and clarity of purpose throughout the organization. The business mission definitions shoule not be confusing, if the perspectives are confusing which leads to incorrect decision making.
Strategic Research
A Strategic research and understanding of your marketplace, your financial perspective and capabilities forms the foundation for the strategy development process. From the analysis, applying creativity, developing a strategy map will produce a number of options and opportunities that can be used to build and implement a solid strategic plan for new or existing markets.
Strategic Procedure
In this segment we should concentrate on where the organization should be going rather than how it should get there. The vital issues facing the organization are, to achieve its mission should be basis for this segment.
Tracking key strategic thrusts
This step produces the inventory of key strategic thrusts that are emphasized to address the vital issues.
Accomplishment
A evaluation with the current strategy should be carryout at this segment. An assessment of the structure and operations of the business must be carried out to ensure whether it is jelling with the new business objectives. These are the list of department has to be examined
Resource distribution has to be checked. Whether enough resources are available for next financial year. Organization formation has to be appropriate. Whether the jobs are defined propely. There are proper committee are there to deal with the stage. Proper communication systems. Whether the organization communication management is effective?. People accountable is to there. wherether people identified as "in charge" of each objective. Clear incentive systems. How will people be recognized or receive incentive for achieving results?
Ramki is with Axsellit Technologies Business Software. Axsellit Software delivers professional, benefit-enriched business solutions with an unbeatable performance-to-price ratio. Axsellit Technologies provides Strategic Planning and Balanced Scorecard Software.
More Resources
Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exitingMore Strategic Planning Information:
Related Articles
Regroup - How To Do It And Why It Works
Regroup?is this a new management trend? Not a chance! Regroup is simply an opportunity to end one month's business cycle, recap the performance of your company and outline a plan of success for the new upcoming month. Why does it work? Because it allows each person on your team to assess their performance from the previous month, and make any necessary adjustments for the new month.
Six Key Principles of Corporate Accountability
The foundation of any business transaction is the promise of fair deal. In complex organizational relationships, it is all too easy to lose sight of the existence and terms of this deal.
Home Improvement Construction Project Planning
The first task before hiring a contractor for home remodeling is laying out the details on what exactly you want done. This will ultimately save you time and money, as you will be able to choose the perfect contractor for your construction job, and get the job done correctly the first time.
Fail to plan... or Plan to FAIL??
Running a business, whether it be an offline multi-billion
dollar company or an online part time home business, they
share many similar traits.One of the biggest obstacles I have endeavored to
translate to many, many small business / home business
people, is a very simple phrase.
Microsoft Great Plains in Aerospace & Defense industries - implementation & customization highlights
Microsoft Great Plains fits horizontal markets clientele and in case of Aerospace and Defense industry we'll talk about contractors - parts and subsystems for government contracts. We do not necessarily talk about large corporation, however models described could be implemented for large publicly traded company.
Laying It Out On Paper
You might be thinking to yourself, "Why should I waste my time writing a business plan? I know what (web designers, freelance writers, professional organizers) do!" Knowing intellectually what your industry is all about and pinpointing exactly where you want your business to go are two entirely different propositions.Something happens when you empty vague ideas out of your head and SOLIDIFY them on paper.
Going Self-Employed - A Few Handy Hints
The day you decide to take the plunge and work for yourself will be one of the most life-changing choices you ever make, whether starting a company large or small or as a freelance; from the very first moment of being self-employed, you and you alone will stand or fall by your decisions and actions. You will be responsible for steering your business through all its ups and downs, good times and bad times with no guarantee that everything will turn out right in the end.
Business Strategy Planning Made Easy
Ask Yourself three simple questions that affect your strategy planning..
Resilience
I. INTRODUCTIONThe term resilience, which is of frequent use in the psychotherapy area, has recently started being used in the corporate field.
How Copying the HBO Schedule Can Boost Your Business
I'm not talking about posting the HBO schedule on your website or sending a Xeroxed copy around to all your customers. When HBO came onto the scene they were innovative, fresh, and willing to do things other people were not.
Your Business: Will It Have A Happy Ending?
"Begin with the end in mind," says Stephen Covey in his book Seven Habits of Successful Living. Those who have created a successful business know it does not happen without planning, hard work, and a little luck.
Corporate Contingency Planning
Part 1A few weeks ago I attended a seminar sponsored by Independent Solutions Insurance Inc (Edmonton) entitled "Seminar On Disaster Preparedness", during this seminar I heard stories from individual company owners who told us of their misfortunes and how they coped with their crisis. In both cases these crisis were caused by accident, however, a potential catastrophe nonetheless.
Dotcom Business Plans Archive Project
One of the most important initiatives in the domain of business documentation is that of professor David Kirsch from the University of Maryland, who thought of a dotcom Business Plan Archive - , a project that consists of collecting business plans for posterity. The project was started in 2002, through the Web portal businessplanarchive.
Are You Aware of Planning in Business?
Human beings are rational agents. Rationality endorses one to take up planning in every sphere of life from shifting to a new house to marriage, as well as business.
Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)
One of the key challenges for any business is to remain focused and invest resources for maximum pay-off. It's said that 80% of a business's activity accounts for only 20% of total profits.
What is Your MSP?
For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters -Marketing, Sales and Profitability.
Expanding your business in a franchise system
If you are a successful franchise of a large franchise brand or chain, chances are you will wish to expand. The most important thing to do is make sure you are on the most positive terms with your franchisor.
Call in the SWOT Team: Produce More Opportunities to Expand Your Business
Have you ever done a SWOT analysis? No, it's not some dangerous military
maneuver. It's actually a fun and incredibly helpful business development exercise that will give your company focused direction and great marketing ideas -- whether your business is brand new or has been around for years.
Leverage - A Small Step For You /A Big Change For Your Career
Cassy was an employee of a nonprofit who had been at her job 5 years. She came to me because she felt that the organization she was working for didn't value her and was upset because others had been promoted but she had not.
Mastermind Your Way to Success
What do Mark Victor Hansen, Robert Allen, Anthony Robbins, Andrew Carnegie, Henry Ford, Thomas Edison and Ben Franklin have in common?They all leverage the power of the mastermind team.The mastermind works on the concept that two (or more) heads are better than one.
Titanic Precautions
Many movies have been made about the tragic story of the Titanic. Arrogance and ignorance was definitely present during its maiden voyage, which was Titanic's last voyage.