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StrategicPlanning360.com - Strategic Planning Information At Your Fingertips... |
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Strategic Planning Fundamentals
Strategic planning is vital while starting a new business, expanding a 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 deliver the business 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 future changes are anticipated. These are the fundamentals of strategic planning. Business Mission The mission statement identifies the purpose of the business and the reason for its existence. The mission statement ensures reliability and clarity of purpose throughout the organization. The business mission statement should not be confusing - if the perspectives are confusing it could lead 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, and 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 you should concentrate on where the organization should be going rather than how it should get there. The vital issues that the organization will face if it is to achieve its mission should be the 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 An evaluation against the current strategy should be carried out in this segment. An assessment of the structure and operations of the business must be carried out to understand if it is gelling with the new business objectives. Resource distribution has to be checked to establish if there are enough resources available for the next financial year. Organization formation has to be appropriate, to confirm that the jobs are defined properly, i.e. there are proper committees to deal with each stage. Proper communication systems are needed - whether the organization communication management is effective. Accountability should be included, with individuals identified as "in charge" of each objective. Clear incentive systems should also be shown - to record how people will be recognized or incentivized 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.
 Strategic Planning News for Monday, Feb 6, 2012...
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