Strategic planning: realize your company's potential

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Strategic planning: realize your company's potential

  1. 1. STRATEGIC PLANNING: REALIZE YOUR COMPANY’S POTENTIAL STRATEGIC PLANNING HELPS YOU ANSWER FIVE QUESTIONS: How are we going to get there? Where are we now? How will we monitor our progress? Where do we want to be? Who is going to do what? THE PLANNING PROCESS PREPARATION AND PRELIMINARY ASSESSMENT STAGE 1: ANALYSIS CURRENT VISION OF THE BUSINESS Prepare for planning sessions • Constitute a reliable planning team • Establish expectations, concerns, limitations and scope of plan Ensure business development is in line with what owners/managers want • Establish what, where and how the business is now • Establish vision of how to develop business SWOT ANALYSIS VISION, MISSION, GOALS AND PRIORITIES STAGE 2: DIRECTION Objectively assess strengths, weaknesses, opportunities and threats (SWOT) • Produce quantitative and qualitative analysis of business to date Define or redefine vision and high-level priorities based on strategic analysis • Decide on mission statement, shareholder objectives • Choose goals, strategic priorities, success factors OPERATIONAL PLANS FINANCIAL FORECASTING ACTION PLAN STAGE 3: EXECUTION IMPLEMENTATION/ FOLLOW-UP Organize action-oriented workshops for each operational unit • Identify resources, budgets and actions Develop financial forecast for agreed planning period • Identify impact of financial decisions on profitability Develop detailed 12-24 month implementation plan Implement plan systematically and monitor progress against milestones • Adjust to changing conditions TO MAKE SURE YOUR COMPANY IS WHERE YOU WANT IT TO BE IN 5 YEARS, START PLANNING NOW! BDC IS THE ONLY BANK DEDICATED EXCLUSIVELY TO ENTREPRENEURS. FINANCING | CONSULTING > BDC.CA/GROWTHCHALLENGES Minicons Free Vector Icons Pack : http://www.webalys.com/minicons

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