Business Strategy – Planning

October 7, 2018

Thinking about the future direction of your business and your business strategy? Strategic planning is key to making the necessary decisions you’ll need to make to drive your business forward. It’s about identifying the corporate objectives for your business and planning actions to achieve those goals.

If you haven’t done it already we would encourage you to consider a SWOT analysis. For more information on how to complete a SWOT analysis please refer to this article on the Business Ninja site.

Your SWOT analysis will allow you to analyse your performance, external factors outside of your control but also giving you an idea about planning to grow the business. All goof food for thought.

Your business planning will rely on aspects like the business environment. We don’t mean from a ‘pollution’ point of view but more along the lines of encouraging you to ask yourself ‘where does my business sit in the current environment and what factors should I consider’. Practical examples include; what the economy is doing, the likely effects, but also considering factors like how well-known your brand is by prospective customers. You should look at your supply chain and consider economic impacts on suppliers and the likely impacts on your business but then also consider your competitors.

This will give you the basis for some proper business strategy.

 

Where next, then?

Now you’ve done the analysis ‘bit’, it’s time to consider development and implementation.

I look at it like this:

When doing any marketing or strategic planning break it into three categories.

  • Analysis. This is study. Looking at how things are progressing, considering the impacts of decisions and understanding your objectives
  • Development. This is planning. Working out how to achieve your objectives based on your analysis.
  • Implementation. This is action. Market your business, Work on PR, Advertise. Build the business.

Once you’ve broken it down, you’ll be able plan and implement your strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Top