Long Term Business Planning

Long Term Business Planning-19
A common misconception is that strategic planning is only for large companies.But the reality is that most businesses can greatly benefit from the exercise.Once it has been created, the plan should be consulted whenever there are major business decisions — and either followed or adjusted.

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This can ultimately lead to problems when that new business line begins to fade and the company has lost its central objective.

To avoid this trap and keep the company strategically focused, a mission statement and long-range plan derived from that statement must be articulated and put in writing.

Strategic planning"How to Create a Long-Range Plan"As successful companies grow, they sometimes lose focus, getting sucked away to peripheral markets that seem attractive at that moment.

There is a way to maintain — or regain — the power of your core competencies without curbing your growth.

"The net profit is better, we enjoy seeing to the details that homeowners expect at that level and few in our area were doing that type of work very well," he explains.

He opened an office and cabinet shop near the section of town where demographics focused this work, and he eliminated all other types of construction to focus marketing efforts in this niche.DO IT [top]Think about what set the company apart when it opened. Do the mission and vision statements reflect present reality? Shutt Articles in our Entrepreneur’s Resource Center appeared in print and online newsletters published previously by the foundation.is a guide to setting the mission statement and developing a long-range plan. Internet Sites"It's True -- Lead, and They Will Follow," by Barry J. Center for Strategic Planning, Targa Business Planning Course and Direction Newsletter. More than 1,000 articles can be found in the categories below, addressing timeless challenges faced by entrepreneurs of all types.The process of creating these statements begins with self-analysis by the owner to define his or her vision for the company.When your company activities are aligned with good mission and vision statements, drafting a long-range plan should just take a few meetings over a few weeks, with time spent between meetings incubating ideas and optimizing phrasing.Owners of proprietorships normally do most of the plan preparation with the aid of senior staff members.The long-range plan should provide guidance for all areas of activity in the company: — These should be based on the assessment of existing markets.SWOT analysis (strengths, weaknesses, opportunities and threats) is a widely used element of strategic planning described in greater detail in the companion Quick-Read Solution "Doing a SWOT Analysis for Your Company." In examining the company's position, input should be gathered from all sources, especially front-line employees and customers, both of whom intimately know the company's key strengths and weaknesses.Be careful to be specific and set goals that truly reflect the company's mission.The Mission and Vision Statements Serve as the Guide The mission statement and vision statement define the business and its customer base.They serve as the foundation for the company's approach to the market and keep it on track with adjustments as changes occur.

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