Strategic Planning – The foundation of any business

The Importance of Organization and government regulations

The government has always regulated our businesses since the colonial times. As United States became the supreme power during the 19th century, the government passed numerous laws that favored the business. When we think about law and legal, we immediately think about an attorney. Do you really need an attorney to run your business? Know the legal issues that could affect your business. And what really drives the US economy? Not the war, but small and medium businesses, the firms which have l

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Go green with Eco-friendly business policies

Pioneering green business practices is the buzzing trend of today’s corporate world. Remove your old mentality of ‘change means installing expensive systems and all’. Going green requires minimalistic budget and minor changes. And furthermore, if you are not doing it – you’re perhaps missing out a great marketing strategy! Do you care for the world and the consequences of ‘global warming’? So let the world know how much you care for our planet by implementing green practices.

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Do You Really Follow the Business Ethics?

During the Annual Enterprise Board Meeting, few small and medium scale businessmen asked me “What Business Ethics should we follow?” This question caught me off guard and after replying to it, the look I received from them was Priceless! To answer their question I took a pause as I wanted to give them very practical answer and I started as – Business ethics are the one which keeps you out of federal prison. People have started giving time for themselves to define their personal moral

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Don’t Like Gossips? Well, It Can Make You Rich

Be it a man or women, everyone tends to overlook ‘gossips’, but at the back of the mind, everyone becomes impatient to hear the new-news. Do you know that ‘internet gossips’ are 20 times more effective than the television and the print media? You might agree with me that mouth publicity is like a ‘God’ for us - for all we entrepreneurs. Apart from being cost effective, it can be said that they have almost 100% convert ratio, I can dare to say that. Internet, the leading advertisin

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Strategic Planning – The foundation of any business

Do you know where exactly your enterprise is standing now? Do you wanna determine what steps you can possibly take to bring it on right track? If yes, then you should start and implement ‘strategic planning’.
Strategic planning is your company’s future course or an organizational formal consideration. Some of the initial questions of this planning should be –

•   What do we do at this stage?
•   Where are we standing and where we wanted to be?
•   How do we excel?
•   For whom are we working for and what improvements can we do?
•   How can we beat the competition?
•   What plans the enterprise has for the next 5 or 20 years?
•   How to avoid competition and still be profitable?

Strategic planning deals with the definition of the organization’s directions with its strategies, key decision making, use of resources, capital utilizations and the future course. Various business intelligence techniques can be used to analyze the weaknesses, strengths, threats and opportunities. Other vital parameters that should be considered are the economic, political, social, technological and various legal and regulatory issues.

I consider strategic planning as a tool for effectively plotting the direction of the company. No matter how much we plan, we cannot foretell where exactly the market is gonna be and what issues can become prominent in the coming years, but why should we leave it to fortune? Planning is always better than no planning, isn’t it?

What should be the goals and the objectives of strategic planning?

Strategic planning is being widely practiced officially as well as unofficially. At the end of the planning you should be clear enough with the enterprise development plans and the roadmaps of how to achieve them. Remember, the plans that you come up with, should be practically feasible and easily put into action plan by your management team. Over arching goals and high level initiatives do not get articulated easily, and it might de-motivate a fraction of your work force; hence be realistic but uphold high aspirations!