We rarely come across instances, wherein small businesses have successfully transformed themselves into large corporations with operations spread across, unless of course they are merged with or acquired by a giant. Rather such occurrences are so rare, that they have been noted down in various journals as important case studies. But, what if this exceptional growth pattern was to become a norm? Why can’t an aspiring entrepreneur so often convert the desires into hard-core business?
The key factor has been the lack of strategic planning at the grass root level. Small businesses either think that they are too small to actually undertake diligent strategic planning or if at all they realize the requirement, lack of apt knowledge and guidance does not enable right strategy to be planned let alone implemented.
Strategic Planning: Requirements and Implementation Strategic planning is at the heart of any business. Any unplanned or numerous circumstantial moves can only result in a short-term endeavor. Long-term survival, associated growth and profits are they key fundamentals of any business decision. Strategic planning not only decides a course of action for any enterprise but also provides for contingency planning and solutions.
Various small business even if understand the importance of strategic planning in the overall functioning, fail to implement it in their model. The reasons could be many; ranging from poor planning to lack of communication and employee support.
An important fact to be recognized here is that employees are the actual strength of any venture. The Director alone cannot run a business. Therefore to implement strategic planning, or any other decision, in the true sense of the term make sure that your employees understand the overall need and their role.
Therefore, while jotting down the key essentials for implementation of strategic planning in small and large business alike a foremost requirement is complete executive and employee support.
To enable commitment on the part of your employees make sure that they understand the overall requirement of any decision and its correlation to the planning. Additionally they must be clearly abreast of their individual role in the overall strategy as devised.
This can be achieved by fulfilling the second most crucial requirement of implementation of strategic planning i. e. Effective Communication with all the involved. Make sure that the communication channel is two-way and the associated can understand the message as intended.
Any planning initiative relies heavily upon the basic inputs i. e. extensive internal and external research in terms of your own capabilities and market trends and analysis.
Therefore, the third crucial aspect that must be considered for devising and implementing strategic planning is organizational ability and competitive analysis.
Any organization can stand only on the pillars of meticulous strategic planning followed by equally committed implementation. Therefore, whether small or large, one must understand and appreciate the importance and corresponding need of planning in the business model.
Alexander Gordon is a writer for http://www.smallbusinessconsulting.com - The Small Business Consulting Community. Sign-up for the free success steps newsletter and get our booklet valued at $24.95 for free as a special bonus. The newsletter provides daily strategies on starting and significantly growing a business.
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