Strategic Planning: Holy Grail For Successful Business | SupportBiz

Top Story

Strategic Planning: Holy Grail For Successful Business

 
A proper strategic planning can boost a business
A business strategy can be defined as an approach to reach corporate goals in order to be successful on a long-term basis. The strategy development process is closely related to management and proper study of the market. As Avinash K Dalal, National President, All India MSME Association, said: “Most of the businesses fail without a strategic planning. A business can not survive without a strategy. One should plan the strategy of the business after they do a proper study of the market.”
 
The process of strategic management includes basic and periodically repeating set of consecutive stages, through which the companies create, implement and control achievement of the long-term business objectives:
 
  • Strategic analyses 
  • Formulation of strategy
  • Strategy implementation
  • Feedback, ex-post evaluation and correction
 
Permanent implementation of this process together with recent updating of the strategy and reasonable planning period brings often the strategic predominance for the company.
 
According to a study by Skokan Karel, Pawliczek Adam, in the SME sector, the role of management is always derived from the size of the organization and the role of the owner. The management has unquestioned responsibility for the formulation and implementation of a strategy under the assumption that competitiveness is created by all management activities with a focus on resources, competencies and processes. The following stages of planning can be delineated by SMEs to ensure ease in the business process.
 
1. Simple financial plans
2.Planning based on forecasts
3.Externally oriented planning (the entrepreneur begins to think strategically)
4.Pro-active planning of the corporate future (instead of reactions to market-based changes)
5.Strategic planning as a systematic instrument of strategic management.
 
Survival of the business depends on different plans, strategic approaches. Travis Kalanick, CEO, Uber said: “You have to be curious. If you want to do it, then you’ve got to push till it hurts. Think your business is a game of chess where you plan six moves further from the move where you are at present”.

The thing that fails and boosts startup business is the “champion mindset”. Travis said:  “When you are in the field put everything that you have on the field every ounce of energy, every ounce of passion that you have. And when you get knocked down — because inevitably you will — get up and get back. And if you put everything in and keep getting up back, it’s very hard to fail.” He also said it is crucial to identify your failure “when business is creating physical and mental damage to yourself that's where one should move on”.
 
Overcoming hurdles is the key task of a startup. If they are able to overcome and evolve the existing strategy within course of time then the business will become successful. In a recent conversation with Supportbiz, Rohan Arora, CEO, Bueno, a Food tech startup, said that, “In the last 3 years we have seen many ups and downs in our journey and have been on the verge of closing down at least 5-6 times. We have evolved our business strategy each time to come out stronger and were determined to stick it out & deliver a sustainable business model which can build a great & lasting business.”
 
The most important success factor for a ‘small business owner’ is time. Consequently, it has a big influence on the result of any ‘activity-optimizing’ considerations of the entrepreneur, he says. 

Picture Courtesy: B Boontai (freeimages)