Strategic planning is vital while starting a new business or expansion of an 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 delivers its 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 we anticipate future changes.
These are the fundamentals of strategic planning.
The mission statement identifies purpose of the business and the reason for its existence. The mission statement, the organization prospect, ensures realiability and clarity of purpose throughout the organization. The business mission definitions shoule not be confusing, if the perspectives are confusing which leads to incorrect decision making.
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, 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.
In this segment we should concentrate on where the organization should be going rather than how it should get there. The vital issues facing the organization are, to achieve its mission should be 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.
A evaluation with the current strategy should be carryout at this segment. An assessment of the structure and operations of the business must be carried out to ensure whether it is jelling with the new business objectives. These are the list of department has to be examined
Resource distribution has to be checked. Whether enough resources are available for next financial year. Organization formation has to be appropriate. Whether the jobs are defined propely. There are proper committee are there to deal with the stage. Proper communication systems. Whether the organization communication management is effective?. People accountable is to there. wherether people identified as "in charge" of each objective. Clear incentive systems. How will people be recognized or receive incentive 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.