Strategic Planning Process
Strategic planning assesses the current environment of a business, both internally and externally. Then, it establishes future goals and targets and describes the strategies it will implement to accomplish those objectives. In short, strategic planning talks about how you want to change your company to grow or be ready for the future in the event of a disaster.
Strategic Planning Is Planning For The Future
We assume that by the time your company is looking to implement strategic planning, it means that your company has expanded or is expanding. So you are looking to put specific measures in place as security or insurance in case of unforeseen liabilities. Such liability may include natural disasters, economic downturns, market crashes, or pandemics.
It is very critical to plan to avoid your company “going under,” having to lay off employees, or filing for bankruptcy.
Here are five ways to help you incorporate strategic planning into your company
Strategic Planning Process
Employ A Statistical Forecaster: For your small business, it is imperative to hire a statistical forecast analyst to help your company use its current data to predict future production and sales.
Get An Economist: Your company may need to hire economists to research the production and distribution of resources, goods, and services to identify potential trends or make economic forecasts.
Employ An Accountant: Your company may need to hire an accountant to help your business make critical financial decisions, by collecting, tracking, or correcting the company’s finances.
Hire A Marketing Team: Your company may need to hire an in-house marketing team to monitor marketing trends, develop pricing strategies, create brand awareness, and perform research to identify marketing opportunities and client needs.
Hire A Managing Director (Very Important)
Employ A Managing Director: Your company’s day-to-day operations are very critical to the success of the business, and the company’s managing director is responsible for executing the daily business objectives and reporting back to the CEO.
Plan Long-term And Short-term Goals: In addition, the managing director is responsible for establishing long-term and short-term goals, and developing business plans and strategies. Also, they advise the board of directors on strategic issues. In addition, they motivate and provide leadership to managers and senior executives (the managing directors role is extensive)
Lastly, your company should be resourceful, efficient, and practice cost-effectiveness.
For one-on-one business consulting, please email me at lnjbusinessconsulting@gmail.com
