How To Develop A Strategic Plan for a Business To many people, strategic planning is something meant only for big businesses, but it is equally applicable to small businesses.
How To Develop A Strategic Plan for a Business To many people, strategic planning is something meant only for big businesses, but it is equally applicable to small businesses. Strategic planning is matching the strengths of your business to available opportunities. To do this effectively, you need to collect, screen and analyze information about the business environment.
You also need to have a clear understanding of your business - its strength's and weaknesses - and develop a clear mission, goals and objectives. Acquiring this understanding often involves more work than expected. You must realistically assess the business you are convinced you know well.
Familiarity can breed contempt for thorough analysis; you cannot properly evaluate your firm's strengths or shortcomings. The Business Environment Strategic planning focuses largely on managing interaction with environmental forces, which include competitors, government, suppliers, customers, various interest groups and other factors that affect your business and its prospects.
Your ability as a small business owner-manager to deal with these groups will vary widely depending on the group and on the timing. Also, you may be able to get more of what you want from a supplier than from a competitor although size, distance, the percentage of the supplier's business you represent and your record of dependability as a customer can affect this relationship.
How you manage these and other relationships is one of the decisions you will make during the strategic planning process. Because of major changes in the business environment, your familiarity with strategic planning and your ability to implement it is critical.
At one time, business owner-managers assessed the environment on a continuum that ran between very stable and very unstable.
Businesses, such as the producers of automobiles, furniture and other consumer goods, operated in a relatively stable and predictable world.
This also was true of many service firms, such as banks and savings and loans. Typically, the environment included competition that was limited to a stable group of competitors, loyal customers and a relatively slow transfer of information.
Many small businesses could thrive in this environment.
Other small investors entered fields such as xerography, computers and computer component production, software design and chemical research. Some of these grew rapidly, becoming names with which we all are familiar: But many more failed. Today, experts agree that more businesses face an unstable business environment.
Improvements in information processing and telecommunications have made major changes in most industries. Along with this, improvements in transportation and the growth of foreign economies specifically in Europe and Asia have created a global marketplace and redefined certain industries.Develop recommendations for how the organization should staff its operations, focusing on strategic decisions pertaining to staffing levels and quality.
These decisions are discussed in the textbook. Strategic planning: The process by which leaders of an organization determine what it intends to be in the future and how it will get there. To put it another way, they develop a vision for the organization's future and determine the necessary priorities, procedures, and operations.
Invest in tools to make staff more productive: If your organization has the right staff, but the staff does not have the right tools for the job, this may be a critical objective. Improve employee retention: This objective is common in learning and growth and may focus on .
Develop recommendations for how the organization should staff its operations, focusing on strategic decisions pertaining to staffing levels and Develop recommendations for how the organization should staff its operations, focusing on strategic decisions pertaining to staffing levels and quality.
Then you will then develop recommendations for how the organization should staff its operations, focusing on strategic decisions pertaining to staffing levels and quality. Section Objectives The goal of this section is to help you learn more about the basic environmental concerns the Tanglewood Department Store chain is facing.
STRATEGIC HUMAN RESOURCES MANAGEMENT Myron D. Fottler, PhD After completing this chapter, you should be able to together to develop a new strategic plan for the organization. The new plan identifieda HRM because they hire the wrong people or do not motivate or develop their staff.