Warren Ferster, Manchester: Strategic Planning for Business Leaders

WARREN FERSTER, MANCHESTER PRESENTS

Strategic Planning for Business Leaders A guide for first-time entrepreneurs

Competitive business leaders should also be strategic thinkers.

THE IMPORTANCE OF STRATEGIC PLANNING IN BUSINESS CANNOT BE OVEREMPHASIZED. It gives business leaders an expansive and inclusive understanding of the business’s objectives while helping it to achieve its long-term goals.

Warren Ferster, Manchester

THE COMPREHENSIVE STRATEGIC PLANNING PROCESS FOR BUSINESS LEADERS SHOULD COMPRISE OF FIVE CRITICAL STEPS. Defining mission and vision Comprehensive SWOT analysis Formulation of the strategy Implementation of the strategy Progressive evaluation

Warren Ferster, Manchester

Defining mission and vision THE ONLY WAY TO INCORPORATE THE FUTURE INTO THE PRESENT WITHIN A COMPANY IS TO HAVE A WELL-DEFINED MISSION, VISION, AND GOALS.

Warren Ferster, Manchester

The vision statement is a description of what the business intends to be within a unit time.

The mission statement, on the other hand, comprises a description of what is being done currently to achieve the vision.

Comprehensive SWOT analysis STRATEGIC PLANNING CANNOT BE COMPLETE WITHOUT EVALUATING THE BUSINESS’S STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS (SWOT).

A proper SWOT analysis should allow the company to realign itself to ensure that its goals are accomplished.

Warren Ferster, Manchester

Formulation of the strategy THIS REQUIRES THE CONCERTED INVOLVEMENT OF ALL TEAMS, DEPARTMENTS, AND INDIVIDUAL EMPLOYEES. The rigorous process of strategic business planning should be progressively tested over a duration of time to ensure that the final plan is foolproof and sustainable.

Implementation of the strategy A GOOD STRATEGIC PLAN SHOULD HAVE EACH MEMBER WITHIN A TEAM OR A DEPARTMENT WORKING TO FULFILL A SPECIFIC ASPECT OF THE FORMULATED STRATEGY.

Warren Ferster, Manchester

Creating a network across the entire enterprise offers the right platform of teamwork to ensure that all concerted efforts point towards fulfilling the business’s strategic objectives.

PROGRESSIVE EVALUATION A progressive evaluation should be done to ensure that the execution of the strategy is perfected.

Regular checks and balances should accompany the execution process.

Key performance metrics that are relevant to each department can be used to assess whether the company is on course to fulfill the strategic plan.

Warren Ferster, Manchester