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A Strategy for Success
In the quest towards achieving success and accomplishment in our
lives, a systematic plan of action is needed. Without a plan
even the greatest of efforts will be ineffective, eventually
degenerating into frustration and wasted time. A guided...
Business Planning Myopia
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How to Develop Multiple Streams of $100,000+ Home Business Income
Got a home business? Want a six-figure income? The sure route to home business wealth is to think "multiple," as in multiple streams of income. You can easily develop new income streams if you do two things: * find new ways to get customers; *...
Secrets To Successful Publishing
Have you ever wondered what would it take to compete successfully with the “big guys” like Simon & Schuster and even get to the top of the heap? If there is such thing as a magic formula for success, then the story of Geela, the author of the...
SWOT Analysis Is No Magic 8 Ball
Q: A key investor in my business has suggested that I hire a consultant to do a SWOT Analysis to help plan for the future. I try not to argue with my investors, but I'm not so sure I need to have this done. What do you think? -- Laurie B. A:...
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Strategic Planning Steps For Optimum Business Management
Strategic Planning Steps Overview
The Strategic Planning Steps philosophy/business system is an
organizational tool that is used by groups and corporations
globally to refine their goals and maximize their resources.
Drawing from the concepts of strategic military planning, the
Strategic Planning process is one way in which businesses strive
to attain a competitive edge. Strategic planning involves
defining goals, creating an adaptable business plan and
measuring core competencies of staff to increase productivity
and results. The understanding and implementation of Strategic
Planning Steps can significantly affect a company's ability to
maximize revenue and growth. The steps have been used
effectively in many fields of business, education and government
to formulate productive business systems and resource management
solutions.
Strategic Planning Steps Defined
While there are several different approaches to implementing
Strategic Planning Steps , most models use the following
definitions:
* Mission definition : The mission definition stage of Strategic
Planning encourages an organization to develop a brief
description of purpose to Inform potential stockholders,
employees and customers what they can expect from the company.
From the mission definition, a mission statement can be
developed that serves as a company's calling card and core focus
description.
* Vision/Trend Analysis : The next facet of Strategic Planning
Steps directs a company to analyze current market trends and
make committed decisions about where the business is heading.
Defining long term goals and visualizing the future of the
organization can help to focus current activities and important
financial decisions.
* Strategic Objectives : Once long term
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goals have been set, the
strategic objectives phase consists of formulating actual
business plans to achieve the visualized goals. One acronym used
frequently in this stage of Strategic Planning Steps is SMART.
SMART stands for the type of objectives to be developed to fully
realize the company's long term goals. These objectives include:
o S - Specific objectives
o M - Measurable objectives
o A - Achievable objectives
o R - Resource-based, realistic objectives
o T - Time-frame assessed objectives
* Critical Success Factors : Important milestones and
achievements key to goal realization should be identified at the
critical success factor stage of Strategic Planning. Singling
out these factors provides an easy means for measuring the
ongoing success of the business plan.
* Actions to be Implemented : After critical success factors
have been identified, the next phase involves the development of
action plans need to realize success. Specific tasks and
organizations management strategies are designed to effectively
implement the business plan. Task management is often defined by
the core competencies required for each position in the company.
* Performance Analysis and Progress Measurement : The last of
the most common steps is comprised of formulating methods by
which to measure the organization's progress. Comprehensive
performance analysis tools and measurement criteria are
developed to effectively monitor the success of the current
system. These tools can be used to report both internally and
externally on the progress and growth of the company.
About the author:
P. Basauri is an expert author who writes for Strategic
Planning Steps
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