>Strategic Planning Steps For Optimum Business Management Posted by nick_niesen on October 28th Peyton Manning Limited Jersey , 2010
Strategic Planning Steps Overview
The Strategic Planning Steps philosophybusiness system is an organizational tool that is used by groups and corporations globally to refine their goals and maximize their resources. Drawing from the concepts of strategic military planning, the Strategic Planning process is one way in which businesses strive to attain a competitive edge. Strategic planning involves defining goals, creating an adaptable business plan and measuring core competencies of staff to increase productivity and results. The understanding and implementation of Strategic Planning Steps can significantly affect a company's ability to maximize revenue and growth. The steps have been used effectively in many fields of business Khari Willis Elite Jersey , education and government to formulate productive business systems and resource management solutions.
Strategic Planning Steps Defined
While there are several different approaches to implementing Strategic Planning Steps , most models use the following definitions:
* Mission definition : The mission definition stage of Strategic Planning encourages an organization to develop a brief description of purpose to Inform potential stockholders, employees and customers what they can expect from the company. From the mission definition Bobby Okereke Elite Jersey , a mission statement can be developed that serves as a company's calling card and core focus description.
* VisionTrend Analysis : The next facet of Strategic Planning Steps directs a company to analyze current market trends and make committed decisions about where the business is heading. Defining long term goals and visualizing the future of the organization can help to focus current activities and important financial decisions.
* Strategic Objectives : Once long term goals have been set, the strategic objectives phase consists of formulating actual business plans to achieve the visualized goals. One acronym used frequently in this stage of Strategic Planning Steps is SMART. SMART stands for the type of objectives to be developed to fully realize the company's long term goals. These objectives include:
o S ? Specific objectives
o M ? Measurable objectives
o A ? Achievable objectives
o R ? Resource-based, realistic objectives
o T ? Time-frame assessed objectives
* Critical Success Factors : Important milestones and achievements key to goal realization should be identified at the critical success factor stage of Strategic Planning. Singling out these factors provides an easy means for measuring the ongoing success of the business plan.
* Actions to be Implemented : After critical success factors have been identified Parris Campbell Elite Jersey , the next phase involves the development of action plans need to realize success. Specific tasks and organizations management strategies are designed to effectively implement the business plan. Task management is often defined by the core competencies required for each position in the company.
* Performance Analysis and Progress Measurement : The last of the most common steps is comprised of formulating methods by which to measure the organization's progress. Comprehensive performance analysis tools and measurement criteria are developed to effectively monitor the success of the current system. These tools can be used to report both internally and externally on the progress and growth of the company.
Why Incorporate Business Articles | April 6, 2006 Business is a risky nature. It is also said the higher the risk, the greater the benefit. Discretion is the better part of the valor Ben Banogu Elite Jersey , as the potential downfall might lead to complete financial failure...
Business is a risky nature. It is also said the higher the risk, the greater the benefit. Discretion is the better part of the valor, as the potential downfall might lead to complete financial failure and recovering could be a mammoth task. It is important to know how much money you should risk Rock Ya-Sin Elite Jersey , and incorporating a business venture reduces the risk and the personal liability.
There are many advantages to incorporating a business. They are personal liability, tax advantages, anonymity Malik Hooker Elite Jersey , perpetuity, easier access to capital and transfer of ownership. A Corporation is made up of a group of persons called shareholders. Each has limited investment in the venture. The benefits they accrue is in the form of salaries if they are employees, as well as dividends and capital appreciation if the shares are listed. If the business incurs any loss Darius Leonard Elite Jersey , the shareholders are liable only for their investments. Their personal assets are protected.
Corporations enjoy many tax advantages when compared to proprietorship and partnership. Many expenses like rents, insurance plans and retirement plans can be claimed for deductions. In proprietorship and partnership, debt is the only way to raise capital. This comes at a higher interest due to unlimited liability. But corporations can raise capital by selling shares and can borrow money from institutions because of the credibility. As ownership is held in the form of shares Andrew Luck Elite Jersey , it is easy to transfer ownership by selling the shares. Corporations exist on their own by their legal entity status. This makes the corporation live longer and provides the founders anonymity as they are separate from the corporation.
It is important to note that incorporating a business allows for public scrutiny, and the founders have a responsibility to society to file returns properly and follow laws set by the state. It is important to understand that incorporated business is not their alter ego, but a separate legal entity.
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