Strategic business planning is a prerequisite for the sustainability and profitability of any business and is consisted of 3 basic stages: Understanding of the present situation (Where is your business standing today, strengths, weaknesses, opportunities and threats), setting the direction (where do you want to go from here, what are your priorities) and deciding on the next steps (strategies, business goals, monitoring tools) in order to reach your business’s final destination. Needless to say that every plan is dynamic and should be adjusted to any new conditions. Regular assessment milestones and re-adjustments are therefore essential to keep your plan on track.
Key elements of strategic business planning:
- Evaluation of your business’s competitive position (SWOT Analysis)
- Multifaceted approach to recording business outcomes
- Business objectives leading to the desired outcome
- Effective inventory management procedures
- The key indicators of business performance (KPIs)
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