Question for you!
What comes to mind when thinking about a strategy?
If you succeeded at anything. The first question people would ask what strategy you applied for this success? Whether you succeed personally or professionally no matter what.
Because People believe in strategy. Thinks that, the well-built strategy makes you achieve both short term and long term goals.
Especially in the business world, Professionals have much responsibility in taking business decisions. because Business needs to run in the long term, generate profit, and set a phase for future growth.
Creating a strategic plan is a key component of planning for growth. It will help you to prepare a realistic vision for the future of your business and in doing so you can maximize your resources as well.
So, before planning a strategy ask yourself, but don’t compare with your competitors. because focusing your attention on your competitor’s strategy may prevent you from realizing your own potential strength.
The secret to sustained business growth is creating a powerful business plan to support it.
Of course, Many entrepreneurs follows this blueprint. but,
Are they following or meeting the planned activities or not?
Here is the basics hierarchy of planning a business strategy that every business needs to follow predominantly.
This is the beginning process for any formal business planning.
VISION
Usually, A vision statement declares directly the strategic goal, objective, or direction of the company.
Vision statements tell, What the goals want the business to become, in terms of market focus, growth, values, or contributions to society.
How business people form a vision for the business:
Understand the organization: To form a vision for the business. First, entrepreneurs need to understand the purpose of the vision statement, the nature of the business, which makes the business to success both inside and outside.
Need to achieve the business expectations and business framework.
By considering this elements need to make a business plan strongly.
Conduct vision audit : This is mandatory in all the business.
Once the vision has been made, Top position people need to audit the vision statement.
Are we going in the planned direction or not? Do the organization’s planned structure and all departments support the current direction or not?
Each and everything need to monitor periodically.
Develop future scenarios: Craft the vision on how the business future environment looks like.
First, need to categorize the obstacles that will affect the business.
Second, list out the expectations.
Third, Decide which of these expectations is most likely to occur.
And fourth, allot a space and probability to each expectations.
After need to work according to that planned blueprint under the supervision of strategy planner.
MISSION
The mission always focuses on the business which put into action.
It conveys the business purpose and primary objectives. But the importance of a mission statement varies based on the business.
It helps you stay focused on what really matters, and helps employees and customers get excited about what you do.
It cannot be achieved in one day it really takes a long time to make it with the business frameworks.
Example:
American Red Cross Prevents and alleviates human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors.
This statement uses very concrete words and imagery. In particular, all people can connect to human suffering in emergencies.
This purpose is so clear and motivating that they are able to get volunteers and donors to support their work.
Mission statements always tend to be short, clear and powerful.
GOALS
Goals are very much important for marketers when delivering a strategic marketing plan to keep in their minds the business goals of their concern.
It says, what a business hopes to accomplish in future period of times.
Because whatever you are doing, it is all the way to the success of the business.
For a strategic marketing plan, marketers should set SMART goals, which SMART is an abbreviation for specific, measurable, attainable, realistic, and time-bound.
But your goals cannot be perfect in the first place, you can modify your objectives after a certain amount of time or after each phase of your plan.
OBJECTIVES
Think back to your degree completion date, You’ve sent a resume for a job that you wanted. In some instances, you may have included an objective or summary that talked about what you could potentially bring to the company in your resume. Right?
A business objective is the same in many ways, except the value here is what you bring to your business.
So, when you get started on your business planning, you want to focus on what you can do to improve the lives of your potential customers.
It’s important to remember that your objective isn’t so much about your business but it should much about how you can help people or fit into their lives.
A goal is where you want to be and objectives are the steps taken to reach the goal.
Thus, As the leader of your business, it’s up to you to craft the kind of vision, mission, objectives and goals that will lead to success for your business. With the right forecasting and planning tactics, you can make sure the blue print that you have for your company will take it to the right places that will earn goodwill to your business.