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The Big Component of Strategic Planning -Business Review

Author: Shahrukh Hasan
by Shahrukh Hasan
Posted: Sep 04, 2020

Strategic Plan Introduction

It is the process of establishing and documenting a direction of your business—by assessing both where you are and where you’re going. This type of strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you’ll use to reach them. A well strategic plan that are well written can play a pivotal role in your small business’s growth and success because it tells you and your employees how best to respond to opportunities and challenges.

Benefits of Strategic Planning

Its process can take some time, but it’s beneficial for everyone involved. Like the small business owner, you’ll have a better idea of the goals and objectives you want to accomplish and a path to do that.

Here are the top 5 benefits of strategic planning:

1. Allows organizations to be proactive rather than reactive

These plan allows organizations to foresee their future and to prepare accordingly. by strategic planning, companies can anticipate certain unfavorable scenarios before they happen and take necessary precautions to avoid them. With these strong strategic plan, organizations can be proactive rather than merely reacting to situations as they arise.

2. It sets up a sense of direction

Its helps to define the direction in which an organization must travel, and aids in establishing realistic objectives and goals that are in line with the vision and mission charted out for it. it offers a much-needed foundation from which an organization can grow, evaluate its success, compensate its employees and establish boundaries for efficient decision-making.

3. It increases operational efficiency

These plan provides management the roadmap to align the organization’s functional activities to achieve set goals. strategic plan guides management discussions and decision making in determining resource and budget requirements to accomplish set objectives — thus increasing operational efficiency.

4. It helps to increase market share and profitability

Through it, organizations can get valuable insights on market trends, consumer segments, as well as product and service offerings which may affect their success. strategic plan approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes can help to increase profitability and market share.

5. It can make a business more durable

Business is a tumultuous concept.. According to reports, one of every three companies that are leaders in their industry might not be there in the next five years.

Communicating Your Strategic Plan

The strategic planning process should involve your employees. Your employees are involved in the day-to-day operations and can provide you with a unique view of the company. Employees can be share with you what they think is and isn’t working with the business today, which can inform your planning for the future.

  • Increase Productivity
Involve your employees in the strategic planning process also means they receive a sense of accountability that can increase productivity. Whether they contributed in the process and were informed of the business’s goals and objectives after the strategic plan was created, they’ll be more likely to want to help you achieve those targets.
  • Identifying Strengths and Weaknesses
As part part of the strategic planning process, you’ll examine and analyze your entire business. You’ll take a look at what your business does well and the areas where it still needs to improve. By identified your business’s current strengths and weaknesses, the process gives you and your employees an opportunity to improve in the future and become a durable business by minimizing risks.
  • Setting the Direction of the Business and Fostering a Proactive Business
By the end of the strategic planning process, you and your employees should have a clear direction of where you want the business to go in the future. These discussions and the planning process itself help put the business in the best position to succeed in the future.
  • Strategic Planning Misconceptions
There are many strategic planning misconceptions. From not having enough time or thinking it only benefits larger businesses, to fearing you’ll put your business on the wrong path, there are a variety of reasons why business owners may be wary of strategic planning.

Performance operations, objectives of the company

An organization success is depends on three major factors that is product quality, cost, and speed. In todays market trend every customer focuses on these three things of the product. If any company product quality is good, and cost is also minimum with having good comfort as compare to other products then your products demand increase in market place. This will helps to organization for long term sale of the particular product. For maintaining all these things, company’s operation management must be good. Organization must be achieving objectives with help of strategic planning. Strategic objective planning helps to achieve organization objectives. With the help of operations management organization finds his dependability of the production, and it also helps to organization how to fulfil the dependability of the organization. Honda Motors every year make survey of the market for the understanding current market needs. After the analysis of the survey Honda Motors decides his strategic objectives and these objectives organization achieve by using good operations methodolog. Company launch his product in a market with having good quality, comfort, and minimum price as compare to competitor’s products. Flexibility is most important part of the organization, organization must make changes into the product as per the market requirement and this is achieved by good operations management of the company. Flexibility is very helpful for company’s success. With the help of operations management organization achieve strategic objectives. If company having powerful operations management in a company, it will automatically achieve organizational strategic objectives.

Systems to ensure quality of product and services Business Process Management

In the competitive world every organization creates different products from the competitors for to secure business in the market place. Quality management is the need for today’s business environment. If customer not satisfied with this product performance they switch to this brand. Thus the organization must focus on customers’ needs and wants and differentiation of the quality from the other number of competitors. Customer satisfaction is most important for build up brand loyalty and this helps for long term sales.

Business process Management tools

There are many business process management software solutions are available in the markek.

About PrimaPlus:

prima plus you are able to seamlessly connect your business strategy and objectives to tasks and KPI’s and track their progress, ensuring that the entire organization is moving forward in synchrony. Our solution is quick to deploy and enables the executives of the business units to define goals and organizational strategies and effectively monitor their completion and act upon any variances so that they are corrected before they become issues.

  • PrimaPlus is easy to understand and implement
  • PrimaPlus helps drafting Strategies, Action plans and KPI’s linking to functions and individuals
  • PrimaPlus provides end-to-end solution
  • Real time anytime, anywhere
  • Fixes accountability at all levels
  • Generates Dashboards, Reports and provides reminders and escalation as needed

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I am a professional in Search Engine Optimisation with more than 4+ years of experience in the IT field. Search Engine Optimisation, keyword analysis, Google AdWords, Google Webmaster Tools, on page Optim

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Author: Shahrukh Hasan

Shahrukh Hasan

Member since: Mar 11, 2020
Published articles: 43

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