Strategic planning enables businesses to establish clear objectives and formulate a plan to achieve them. Whilst the majority of business owners or managers are able to identify broad business goals this does not always equate to an effective business strategy. Companies who undertake strategic planning generally have a better understand of where the business currently stands and what changes it can implement in order to reach its goals.
Strategic planning differs from business planning as it is not focused on specific issues such as the introduction of a new product or the launch of a new service but focuses more on the business as a whole. The strategic planning process is far broader than traditional business planning and identifies the organisation’s ethos, value and goals. By assessing the industry as a whole, experts can help company management teams to recognise the organisation’s current position within its sector and establish realistic and attainable objectives. Specialists then assist clients in determining how best to reach their goals and help implement the necessary changes. By taking a precise and pragmatic view, strategic planning professionals can help companies turn business ambitions into attainable and measurable objectives.
By engaging a team of strategic planning specialists who have an insight into the company’s industry ensures that the company has access to expert advice which is directly relevant to their company. For example, awareness of sector specific regulations and knowledge of upcoming or potential changes to industry regulations can enable strategic planning experts to build business strategies for the future despite changes to the industry. In order to achieve maximum success it is, therefore, essential to identify professionals who have experience within your sector and are adept at identifying the issues faced by the industry.
By fully understanding the business and its visions, strategic planning consultants can determine which methods and models to use throughout the process and implement the appropriate measurement techniques once changes to business have been implemented. Effective monitoring enables organisations to ensure they are performing effectively and reaching the goals set out during the strategic planning process. In some instances businesses may need to modify or update original plans in order to respond to changing business demands. Continued support and advice from strategic planning consultants can be invaluable in such instances. For example, changes within the industry such as the introduction of new technology or new methods of customer communication may lead to changes to company objectives which would require additional strategic planning.
By undertaking strategic planning and commissioning a team of strategic planning consultants, businesses are consistently aware of their performance in relation to their objectives and have a clear outline for the future of the business. Thorough risk analysis conducted as part of the strategic planning process enables organisations to avoid unnecessary risk and reduces the chance of unexpected issues derailing the business. Whilst companies may be able to identify a variety of broad goals, strategic planning enables them to establish clear and definable objectives in addition to a detailed and practical plan of how to achieve them.
HW Fisher & Company is a commercially astute organisation – ranked as a mid-tier top 25 UK chartered accountancy firm, with a personal, partner-led service aimed at entrepreneurial small, medium enterprises (SMEs), large corporates and high-net worth individuals. HW Fisher specialises in Strategic Planning Processes and Services. For more information please visit http://www.hwfisher.co.uk/strategic-planning