Strategic Planning For Businesses
Limerick Chamber of Commerce recently hosted a seminar on strategic planning for businesses.
Run in association with Jim Bradley of Catalysis Consulting and Vincent Reynolds of Rapport Consulting, the seminar was open to the public as well as members of Limerick Chamber.
Research has found that 85 percent of management teams spend less than one hour per month discussing strategy.
Yet strategic planning can be the single greatest contributor to sustained success for your business.
From time to time, it is imperative for business managers to take time out to consciously plan the strategy for their business. Failure to do so can result in a business being blindsided when it comes to developments and threats in its markets.
Similarly, important trends or opportunities may come and go unnoticed.
The semirtar introduced a simple framework for strategic planning based on some of the following basic questions:
What business are we in?
What is our vision for the future and how will we realise it?
Who are our competition and how will we compete to win?
What are the top 4 to 5 things we need to do in order to achieve our business strategy?
Now that we have a strategic plan, how will we "operationalise" it by converting it into manageable chunks that become the personal responsibility of managers and staff across the company?