Strategic Planning and Implementation business plan objectives successful implementation of the plan

Article : Strategic Planning

A Strategic Plan provides a framework and process that allows busy business owners time to focus on what their companies should be doing and where it should be going. A well communicated plan ensures that all your functional departments are pulling in the same direction for the common good of the business.

A difficult and ever changing business environment means those companies that are most likely to succeed can respond quickly to these events. To not do so means you could become one of the above statistics or at least the rewards and return on your investment quickly diminish.

"Fewer than 25% of SME's have a Strategic Plan even though it is commonly known that one of the indicators of a successful company is that they have one!!"

Without a methodology for creating, reviewing, adjusting, communicating and managing a strategy there is a risk that events will simply overtake your organisation. Losing control of your company can be a consequence of not making the right and timely decisions.

You have the most intimate knowledge about your company. You are committed and passionate about keeping your business successful. Perhaps you get frustrated and disillusioned with how things are progressing. Certainly time is your enemy and stepping aside to see the wood through the trees seems impossible.

But resolving all these issues is possible and does not need to be expensive. Setting your objectives and gathering the necessary information specific to your business in order to craft your Business Plan can be produced by you and your executive team. There is no magic just a logical process that needs to be followed. Sometimes using an external experienced advisor can be beneficial in terms of 'playing devils advocate', freeing up your valuable time and providing alternative solutions.

Objective Setting

Your vision and targets need to be:

Achievable
Specific
Time based
Market or sector based
Cover your products/services now and over time
Acknowledge financial issues
Acknowledge operational issues
Include organisation and people
Include a method of monitoring performance

Information Gathering

This will cover the following dimensions:

Your markets
Your products and services
Your sales and marketing activities
Likely consumer trends
Your competition
Your suppliers and sourcing
Finance and cashflow
Management information
Premises and equipment
People
You

Developing the Plan

With all the information you have collated you are then able to develop a three or five year Plan that makes sense for your business. Do document and communicate this with your executive team. It is their responsibility to help you make it happen. Make them accountable for results. Update the Plan as and when circumstances change significantly.

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