Starting a business of course will be one of the most important highlights of life. According to a research, all over the globe only 10% of the organisations close due to bankruptcy, remaining 90% of them close down due to poor planning. Therefore, in order to become a successful business entrepreneur, it’s very important that you start your journey as a business owner by drafting a strategic plan for your business.
A strategic plan is usually meant for any existing organisation, so that they can advance the growth of the organisations. It further helps you define a suitable direction for your business in the next five years. Apart from this, it also helps in managing and implementing the entire business plan for your organization. Business plan on the other hand, is slightly different from this one. It is mostly meant for startups and is meant to define what your business is going to do in the next 12-24 months. It helps in convincing people to invest in your business.
Strategic plans are known to provide a well defined and structured focus and pathway as to where exactly and how exactly you what to drive the success chart of your organization. They also help you a great way to make a sustainable and successful use of your resources, which further will enhance your productivity. In this article, we will discuss some of the key steps that are required for strategic planning for your organization. These steps are given and implemented by the great business tycoon Jignesh Barasara.
Steps for strategic planning:-
SWOT Analysis:
Before drafting your strategic plans, make sure that you do a swot analysis of the same. SWOT analysis consists of analyzing the strength, weakness, opportunities and threats associated with your business. Strength here is the financial resources, employees, sales and marketing and some other growth strategies. Weaknesses as the name says are customer complaints, missing sales. Opportunities consist of gaining new ways and channels of delivering success. Threats here includes losing some of your most vital employees. Here, one thing that you need to keep a tab on is SWOT analysis gives you both internal and external analysis of your organizations.
Vision and Mission:
In order to be successful at strategic planning, it is very important that you keep your vision and mission well defined. And, both of these should be well aligned with each other. Mission statement is mainly meant to describe what is the purpose of the existence of your organization. Whereas, the vision statement about what are you currently delivering to the industry as of now. So, it’s just like writing your short term and long term goals, but keeping them aligned to each other for overall growth and development of both individuals and organisation.
Corporate goals:
After doing a thorough analysis of your SWOT and defining your mission and values, it is now important that you pen down your corporate goals. The goals that you list down in your strategic planning are basically the result of what aim you are trying to achieve. These goals can vary from anything from improving upon your products and services to increasing your sales. Keeping your corporate goals clear will help you define the right picture for both short term and long term achievements. Also, this will help you a great way to deal with procrastination.
Conclusion:
Being a strategic planner is extremely important when it comes to achieving success as a business entrepreneur. This is one of the key parameters that business tycoon like Jignesh Barasara follow in order to be successful.
