Why is strategic planning important?
All business owners know just how important strategic planning is when it comes to growing and keeping their businesses afloat. Any business will fail without a well-carried out business and strategic plan. But the difference between a business plan and a strategic plan is that, strategic plans look much further ahead and it consists of just a few figures to indicate the company’s intentions.
A strategic plan also refers to a set of documents that establishes the direction of a company and it specifies the steps that will enable them to get to their desired position. The strategic plan also shows the timeframe that it takes for businesses to achieve their goals. When there is no strategic plan to follow, day to day work will lack a sense of purpose and priority and it will result to mediocre performance among staff and profit loss.
A strategic plan will help business owners and managers to lay out the company’s long-term purpose and it will allow them to develop tactical operating plans. A strategic plan also enables businesses in general to overcome major financial or other types of challenges that can impede their growth and profitability. Key Performance Indexes (KPIs) can also be developed out of the strategic plans, making it easier to measure and track business growth.
Other benefits of strategic planning:
1. It pushes organizations to be aware of future opportunities and challenges.
2. It promotes better allocation of resources.
3. It creates standards and accountability.
4. It pre-determines the steps that need to be taken or any important decision to make in case a business encounters a major stumbling block.
5. It helps business owners formulate a strategic management team comprised of most skilled and most experienced individuals.
6. It allows you to stay ahead of your competitors.
7. It makes it easier to review the company’s performance.
What types of business strategies and plans do we implement?
Basic Strategic Plans
Issue-based or Goal-based Plans
Short-range plans Long-range plans
How can Enterprise Global help you?
Enterprise Global has a team of business strategists, financial and business advisors as well as risk experts who can help you formulate your company’s mission, vision, core values and other elements of an effective strategic plan. We can help businesses of all types, regardless if they are well-established, start up or a company that’s looking for more growth and efficiency within their organisation. We will help you conduct a SWOT analysis and act on key action items based on the analysis. We will also assist you in formulating steps you need to take in order to achieve your short term and long term goals as well as your yearly objectives. As your trusted business advisors, we will be there every step of the way to ensure that you maximise the potentials of your business and act upon the risks associated with expansion, relocation, new products or services and many more.
Call us now and let’s talk about your business needs today!