A few thoughts on how strategic planning can help grow your business.
What is it? Why do strategic planning? When is the right time for strategic planning?
Strategic planning is undertaken to define the precise mission of the organization, prioritize opportunities, maximize resource utilization and help manage growth. It is also a very useful tool in satisfying succession planning needs.
A strategic plan is a coordinated and systematic way to develop a course and direction for your company. Basically, if you don't have a strategic plan, it's akin to navigating unknown territory without a map. And without a map, you're lost in a highly competitive business environment that will inevitably throw these challenges your way: increasing globalization, unpredictable investment patterns, more demanding clients and the dizzying speed of technology. A rule of thumb is that if there's uncertainty on the horizon, which there always is today, the greater the need for strategic planning.
Since no two businesses are alike, the process you choose to do your strategic planning should fit the nature of your business. You can adapt it to suit your needs. If you're a small firm, a brief strategic plan might be appropriate. If you're a bigger company, a more detailed plan on various aspects of your organization may be more effective.
Don't confuse a strategic plan with a business plan which is a much broader document and includes a strategic plan, a marketing plan, financial plan and operational plan.
Prepare and define the scope of your planning by reviewing your motivation, costs and means. Plan your way to the future.
I hope these suggestions provide some of the options and steps to consider as you grow your business. Let me have your thoughts: firstname.lastname@example.org