October 31, 2018
Have you ever wondered how your business would fare if you took that long overdue overseas family holiday? Have you imagined the possibilities of moving your business to the next level of competitiveness and increasing your market share? Have you looked at strategies to enhance your customer relationship management process? Do you know how you would respond if you lost your market share to a competitor? How do you protect and develop your knowledge base? … these are just a few of the questions that can be answered with strategic planning.
Strategic planning sets priorities, defines goals, assesses required resources, strengthens operational focus, ensures all stakeholders are working toward common goals, establishes agreed outcomes/results and provides a framework to assess and adjust the company’s direction in response to a changing environment.
Strategic planning ensures everyone involved in your business is aware of what your company does, who your products and services are directed to, why they are directed to that base and how you focus on continual improvement.
Strategic Planning Using a Risk Based Approach
One way to define your company’s strategic direction is by conducting a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis. A SWOT analysis helps to determine your objectives, set measurable targets to track if you are meeting your objectives and what resources are needed to meet your targets.
Following the principles of ISO 31000:2018 Risk management, your company can identify and effectively manage the risks associated with the business. The establishment and implementation of a continually improving risk management platform is a key step in ensuring:
- The quality of the products and services provided to customers;
- The health and safety of workers; and
- The Company is managed in an environmentally sustainable manner.
Documenting and Communicating Your Strategic Direction
A Strategic Management Plan is a document that defines and communicates your company goals and the actions required to achieve and exceed those goals, including policies, procedures and processes.
The key elements of a Strategic Management Plan are:
- Process Planning
- Mission Statement
- Value Propositions
With the benefits of a Strategic Management Plan behind your company, everyone will know where they are going and how they are going to get there!
If you would like further information on how a Strategic Management Plan will enhance your business please contact Masula Compliance by email at email@example.com or by telephone on (07) 3348 3666.