What is Strategic Planning?

Strategic planning involves setting up a strategy that a business will follow over a defined time period. It can be for a specific part of the business, like planning a marketing strategy, or for the business as a whole. Different organisations  use various time periods for their strategic planning so it really depends on what industry you are in. The time period is usually dependent on how fast the organisation  is moving, so for organisation  that change more slowly, longer range planning is possible and desirable.

Strategy should look to growth while business planning should look to beginnings. Without a strategy, a business has no direction. Strategy tells where you want to go your goals and objectives for your future. It can be done, but the results may not be what you desire. Your strategy is your game plan. Without a strategy, you will be moving blindly forward and your chance of achieving your goals is significantly diminished. These are the critical components of strategic planning. Does your organisation have all these?

 

  • Business purpose 
  • Organisational goals 
  • Strategies for reaching those goals
  • SWOT Analysis
  • Risk Analysis
  • Action plans to implement the strategy 
  • Monitoring plan implementation

 

Why come up with a strategic plan?

Your business strategic plan will become your companys guide or blueprint. As your business grows and you are faced with difficult decisions everyday, you need to take a look at your strategic plan. It will serve to remind you of your companys core values and mission. It will help to redirect your energy when faced with tough decisions. Strategic planning for a small business doesnt have to be as long, as formal, or as detailed as a large company. As a small business, here are two things you can do:

Strike up a dialogue with your customers, employees, vendors, investors, and do your homework about your competitors.

 

When to create a strategic plan?

Its best to do strategic planning early in the life of your organisation. However, if you have been up and running for a while and have not come up with a strategic plan, dont worry. Pull yourself away from your daily obligations and take time to strategically plan your business.

With time at a premium, it is better to work smarter than harder. A well thought-out strategic plan will help you to work more efficiently rather than harder. Additionally, a strategic plan is a philosophy to share with your employees, and you can work together towards achieving your companys goal

Ask  Emergency Management Consultancy Ltd about how you are spending your time and how you would like to be and how to bridge that gap. Dont wait for a crisis to develop, ask for help now.

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