How To Improve Strategic Planning
Abstract
For the better part of a year, they collect financial and operational data, make forecasts, and prepare lengthy presentations with the CEO and other senior managers about the future direction of the business. But at the end of the process many people say they feel frustrated by the lack of impact on their own actions or the strategic direction of the company. For some people who work in large companies the annual planning process plays an important role. In addition to formulating at least some elements of a company’s strategy, the process results in a budget, which establishes the resource allocation map for the coming 12 to 18 months; sets financial and operating targets and the others. Research shows that formal strategic-planning processes play an important role in improving overall satisfaction with strategy development. What can managers do to improve the process? There are many ways to conduct strategic planning. The first liberating change managers can make to improve the quality of the planning process is to begin it by deliberately and thoughtfully identifying and discussing the strategic issues that will have the greatest impact on future business performance. But for the first step identifying the key issues will ensure that management does not waste time and energy on less important topics. For instance, the CEO of one large health care company asks the leaders of each business unit to imagine how a set of specific economic, social, and business trends will affect their businesses, as well as ways to capture the opportunities. Some business leaders have found ways to give strategic planning a more valuable role in the formulation as well as the execution of strategy.
Summary
What is Business Development ? Business Development is the creation of long-term value for an organization for costumers, markets, and relationships. Thinking about business development as a means to creating long-term value is the only true way to succeed in consistently growing an organization. Business Development activities extend across different departments. 1. Sales will focus on particular market or particular clients. 2. Marketing involves promotion and advertising aimed towards the successful sale of products to end-customers. 3. Strategic initiatives or partnership is a relationship between two commercial enterprises, usually formalized by one or more business contracts. 4. Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. 5. Product management is an organizational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. We must plan our career, set our career vision what our competencies in what kind of industries to help them in business development. We also must have our personal branding and expand networking.