Scaling your business, building your team and expanding your customer base is essential if you want to grow your business. If you’re not sure where to begin, it can be a challenge for you to determine which direction to go when it’s time for growth.
Strategic planning is a high-leverage organizational strategy used in small and large companies across nearly all professional sectors. All members of an organization can benefit from learning about the strategic planning process in more detail. Understanding key aspects of the process and effective implementation strategies is especially critical.
This Strategic planning process is used by organizations to identify their goals, the strategies necessary to accomplish those goals and the internal performance management system used to monitor and evaluate progress. Most organizations use a SWOT or gap analysis to identify the underlying factors driving their current performance. This, in turn, provides information regarding the most high-leverage strategies to create change.
Companies looking to optimize their performance and growth rely on a strategic planner, meaning a person who is dedicated solely to carefully planning the actions a company needs to take to reach their full potential.
The strategic planning process culminates in the development of a strategic plan document that serves as the organization’s collective roadmap. While each organization is unique, the essential elements of a strategic plan include:
- Clear mission and vision statements to frame the context of the document
- Clear timelines for strategy implementation and progress monitoring
- Quarterly benchmarks or objectives that will inform progress towards annual goals
- Identification of the data sources used to track progress
- Indication of the individuals and/or offices responsible for each strategy
An effective strategic planning process is required for all organizational processes, from human resource policy implementation to financial growth goals. Whatever the goal, you can create a performance improvement plan to streamline the processes you undertake to further your company’s growth.
Whether you’re a well established and highly profitable business, an emerging business or an underperforming one, Alleyne & Co. can assist you in getting to next level in your growth projections.