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Best Practice Benchmarking - The path to Excellence
Today benchmarking is an essential ingredient in strategic
planning and operational improvement. Long-range strategies if
not survival require organizations to continuously change and
adapt to the known marketplace of today and the expected...
Millionaires Name Top Choices for Holiday Gift Wish List
Top 5 Choices Vary by Age, Gender, And Level of Income or Net
Worth
From among more than 16 possible choices, the wealthy selected
clothing, gift certificates/money, and books/CDs/DVDs as the top
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Plan for Business Success - 6 Reasons to Succession Plan
There are many valuable reasons to plan for the future - not least because it reduces the inexperience when people leave the business or organisation - yet there are other reasons too. Succession Planning provides many valuable assets to your...
SELLING YOUR BUSINESS FOR THE BEST PRICE
If you are considering selling your business this article will help you evaluate your company as a strategic acquirer might. From that perspective it pays to focus on ten critical areas of value creation. The better your performance in these areas,...
The Crisis Of Modernity
THE CRISIS OF MODERNITY Since the beginning of the industrial era our world has been facing what some historians call an ongoing "crisis of modernity". As fast as we adjust to new circumstances, the circumstances change again, and, the rate of...
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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
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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