Strategic Planning for Companies
Growth Strategies for Small Business Women in Houston
Strategic Planning is a comprehensive process for determining what a business should become and how it can best achieve that goal. It appraises the full potential of a business and explicitly links the business's objectives to the actions and resources required to achieve them.
Strategic Planning offers a systematic process to ask and answer the most critical questions confronting a management team, especially large, irrevocable resource commitment decisions.
A successful Strategic Planning process should:
- Describe the organization's mission, vision and fundamental values
- Target potential business arenas and explore each market for emerging threats and opportunities
- Understand the current and future priorities of targeted customer segments
- Analyze the company's strengths and weaknesses relative to competitors and determine which elements of the value chain the company should make versus buy
- Identify and evaluate alternative strategies
- Develop an advantageous business model that will profitably differentiate the company from its competitors
- Define stakeholder expectations and establish clear and compelling objectives for the business
- Prepare programs, policies, and plans to implement the strategy
- Establish supportive organizational structures, decision processes, information and control systems, and hiring and training systems
- Allocate resources to develop critical capabilities
- Plan for and respond to contingencies or environmental changes
- Monitor performance
Companies use Strategic Planning:
- Change the direction and performance of a business
- Encourage fact-based discussions of politically sensitive issues
- Create a common framework for decision making in the organization
- Set a proper context for budget decisions and performance evaluations
- Train managers to develop better information to make better decisions
- Increase confidence in the business's direction
Source: Bain
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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