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Strategic Business Planning
link to Management
Strategic planning or long-term business planning is a continuous process of assessing the status of the business, the owners' goals, and strategies to achieve those goals. Other descriptors of the process are
- It is a multi-step on-going process.
- The three basic
questions (where are we, where do we want to go, how do we get there)
expand into numerous secondary questions, such as
1. What is the current status of my business? (inventory the business)
2. What are my interest and skills? (consider the owners' skills and interets)
3. What are my expectations about the future? (assess the business environment
4. What do I want to accomplish? (establish business and personal goals)
5. Will the current business be feasible in the future? (assess capacity of current business to fulfill the owners' goals)
6. What alternatives are feasible for the future? (identify alternatives and assess whether they can fulfill the owners' goals)
7. What steps are needed to implement the feasible alternative? (develop a plan to implement chosen alternative)
8. What might prevent me from implementing the plan? (identify risks potential and opportunities; prepare contingency plans)
9. How do I monitor progress over time? (develop processes and benchmarks to monitor and control implementation)
10. How should I prepare to document, share, and revise my plan? (document information assembled and considered, assumptions made, and analysis completed; prepare to share appropriate information; and review/revise the thought process)
- The order in which the planning steps are addressed and re-addressed can vary; however, it is most critical that each step be completed, reviewed and revised on a regular basis.
- Developing the initial plan can be a multi-year process.
We suggest you begin your business planning with the following introduction.
Last Updated May 30, 2007
Email: David.Saxowsky@ndsu.edu
This material is intended for educational purposes only. It is not a substitute for competent professional advice. Seek appropriate advice for answers to your specific questions.
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