Importance of Strategic Planning Companies
There is nothing more devastating than pitching your dream business idea to someone after several sleepless nights, only to get rejected in front of the panel of investors. Sure, you must have put in a lot of effort to draft your business plan that was convincing enough to win over investment worth thousands of dollars. However, investors look for more than just a convincing narrative.
Taking a professional’s help may seem degrading to you at first since you have spent a major part of your life working in the industry, however it can save you a lot of time and make sure that you do not have to face the panel of investors again without the information they are actually looking for. Strategic planning companies offer you professional assistance in formulating a business plan that covers all aspects of business, especially your ultimate business strategy that is a foundation for the operations of your business.
Why is strategizing so important?
It must not come as something new to you since every office you have worked in or any business you have owned must be working with a strategy in play. If you have been associated with a not-for-profit organization (NFP), your strategy must be to maximize the benefits using the minimum resources efficiently. On the other hand, if you were involved with a for-profit business, the strategy might be to source organic ingredients and offer quality and chemical free taste to consumers and maximize profits from this niche that is pro-organic.
Coming to the literal meaning, strategic planning is actually an activity of business that helps business owners set priorities, focus on resources and energy, strengthen operations, and also ensure that the various stakeholders are working towards a common goal. This will also involve establishing agreement for intended results/outcomes, and also adjust the organization’s activities with the changing environment. In essence, strategic planning shapes an organization’s future, and articulates the actions that will contribute to progress. In addition, it will also allow then to understand why they are unsuccessful, if they are, and how they need to alter their corporate strategy.
What do strategic planning companies offer?
Strategic planning companies offer a framework and different methodologies that will help you present your business idea more confidently. While a framework can differ from organization to organization, they must follow a similar pattern, and must have some common attributes that can be compared. Most frameworks go through the following basic phases:
- Assessment & Analysis
It helps develop an understanding of the current, internal and external environments.
- Strategy Formulation
This is the phase where high level strategies are developed, and a basic strategic plan is documented.
- Strategy Execution
In this phase, a high level plan is further detailed into operational plans and action items.
- Management/Evaluation or Sustainment Phase
This phase involves the ongoing evaluation and refinement of performance, communications, culture, strategic management and data reporting issues.
In addition, strategic planning companies offer a detailed breakup of the financial requirements of a new business that involves financial projections and expected financial performance over a 3-5 year period. If the business is already an established entity, it will need to refine its strategic objectives when growing or expanding into new markets. Strategic planning answers all the questions an entrepreneurs may need to answer in front of potential investors, which include:
- What are the goals and objectives of your company?
- What kind of environment will the business be operating in?
- What is the business’ main activity?
- What alternate strategies can be pursued in the business?
- Who are the key personnel that will be looking after the business?
- What opportunities does the business have in terms of growth and expansion?
- Can the business make entry though research, or acquisition is a better path?
- What is the best combination of new and existing businesses to achieve the corporate goals?
- What programs can or should the different divisions of the business undertake?
- What should each business division’s operational budget be?
Do strategic planning companies offer continued assistance after the business is setup?
Strategy planners have a 4-phase strategy management process that they go through to get you from point A to point B, regardless of whether if you are planning to start your own business or are already in the market, looking for opportunities. The entire process requires a professional and experienced planning team, a schedule and necessary documents to gather the information they need to start on the strategic management process.
- Phase #1 – Determine Position
This involves identifying strategic issues, market opportunities and threats through industry and market data, assess customer insights, determine the strengths and weaknesses through employee input and finally, synthesize the data into summary SWO items.
- Phase #2 – Develop Strategy
This phase involves determining the organization’s core purpose (mission), values, vision, competitive advantages, the organization wide strategies that will help succeed, the long term objectives and forecasts.
- Phase #3 – Build the Plan
This stage includes all of the information gathered from phases one and two, like SWOT, organizational goals, key performance indicators (KPIs), departmental and team member goals as well as one year operational budget.
- Phase #4 – Manage Performance
This is the last phase which calls for the roll out of the communication strategy organization wide, establish a plan for progress reviews, leverage tools, adapt quarterly to modifications and update annually for a rewarding new year.
Have you made up your mind?
Strategic planning is an important part of business, and if you do not have the time or skills required to plan about your next move, strategic planning companies can take care of the details and offer you a smooth transition into your entrepreneurial life.
You can also visit www.businessplanwriters.co.uk for more information or book a consultation with them. They are one of the oldest and most experienced strategic planning companies who can help you draft a solid business plan that will work in your favor and win over investors.