1. Three crucial elements for strategic planning
Lastly, take the Tim to mull over the strategies which must be created in order to achieve these
objectives. Current processes and methods may need to be tweaked or replaced entirely. The
financing and structure of the company could also require reassessment, in order to meet the new
and enhanced vision for the business.
Although the second point, regarding the central vision of the company is probably the most important,
it can only happen within the Baxendale Walker context of the other two points. The ‘big dream’ for a
company must always be balanced with a realistic perspective of the current position of the business.
Formulating and applying a strategy for business development must always start by deepening
one’s knowledge of the ways in which the present strategies operate and how the company is
doing when compared to other companies in the same industry. Look at the following three
points, which can help you to start the process of strategic planning.
Firstly, how are the existing business operations doing presently? It is important to think about
what elements are driving the profitability of the organization, whether or not the internal
structure must be adjusted and how successful the business is in comparison to competitors in the
market. At this stage, one must be as objective, honest and realistic as you possibly can, to be
able to gain a correct perspective of the company’s current state.
Secondly, the path of the business should be carefully considered. If the company remains as it is, where
will it be in five to ten years time? At that point, the objectives, values Baxendale Walker and core
mission of the company must be assessed and re-evaluated if required. Perhaps the focus of the
business needs to be adjusted, or a new USP must be created in order to gain a competitive advantage
over competitors in the same industry.