The benefits of creating a strategic plan

The benefits of creating a strategic plan

How important is it to create a strategic plan for your business?

Strategic management is the process of managing a business to achieve a defined set of goals.

In contrast to operational management, which focuses on the day-to-day operations of a business, strategic management focuses on long-term goals and planning for the future success of a business.

One of the most common methods used in strategic management is the SWOT analysis. This method is used to evaluate the Strengths, Weaknesses, Opportunities and Threats facing a business. It is a way of identifying the opportunities for growth and improvement and the areas where a business might need to change its strategy to meet future challenges. Another simple method used in strategic management is the PESTEL analysis, (Political, Economic, Social, Technological, Environmental and Legal). This analysis is used to assess these six external factors concerning your business situation.

How do you create a strategic plan?
The first step in strategic management is to clearly identify and state your business goals. This is the starting point for any strategic plan. You need to be clear about what you want to achieve over the long term to define and plan the short-term goals that will help you get to the strategic point.

Your short-term or interim goals should be challenging but reachable, and they should be specific enough that you can measure their progress.

A company can achieve its goals in different ways, depending on the situation. It is therefore important to ensure your strategic goals are being reflected within the deliverables of your Business Initiatives and Projects.

The use of clever reporting tools will provide valuable insight into the many variables that contribute to the successful delivery of the projects.

Benefits of creating a strategic plan

  1. Allows organisations to be proactive rather than reactive
  2. Provides a sense of direction
  3. Increases operational efficiency
  4. Helps to increase market share and profitability
  5. It can make a business more durable and adaptable
Goal Management and Goal Setting

Goal Management and Goal Setting

Demystifying the myth of Goal Management and Goal Setting

Firstly, what is Goal Management?
Goal management is a process that helps you to identify and achieve your goals. It is an important part of strategic planning and it can help you to make better decisions.

Goal management helps you to break down large goals into smaller, more manageable steps. You will be able to see how far you have progressed towards your goal and what steps need to be taken next. Goal management also helps with motivation as it allows you to see the progress that has been made so far. When goals are reached, they provide a sense of accomplishment and a benchmark for progress.

Goal management can be difficult for individuals who have issues with goal setting, especially when they have goals that have not been met. In addition, goal management can be difficult when there are no clear goal statements.

There are many different ways to set goals. One of the most popular methods is SMART Goal Setting.

SMART is an acronym for Specific, Measurable, Attainable, Realistic and Time-bound. These five components ensure that your goal is achievable and will provide motivation to work towards it.

When goals are set, they provide a clear direction for what needs to be done and when it needs to be done. When they are reached, they provide a sense of accomplishment and a benchmark for progress.

4 Common problems with Resource Management

4 Common problems with Resource Management

Is Resource Management/ Planning one of your companies pain points?

If so, read the below as we have identified four common problems and how to solve them.

Firstly, what is Resource Management / Planning?
It is the step in writing a business plan where you identify all the resources in a proposed project. It sounds simple enough. But coming up with a summary to manage your workload needs to be comprehensive to make sure all the resources that you need to complete the project are clearly identified. Resources can be anything from equipment to project sites to people.

Common Problems:

1. Manual data entry eats up your time
A project resource software that automates manual tasks, reduces the likelihood of mistakes and freeing up staff for other tasks. This could result in a more streamlined and productive workforce.

2. Stand-alone software systems slows you down
As the business grows, stand-alone systems paint an increasingly inaccurate picture of the company’s resources. This can be a drain on employee productivity and lead to a time-lag in producing accurate performance data.

3. Efficiency suffering due to poor communication
Ineffective communication between employees and departments can lead to resource planning problems that affect your business’s bottom line. This could result in the late delivery of projects and unproductive employees.

4. Projects are competing for resources
Most companies rarely have sufficient resources to staff all projects concurrently. The result is that projects effectively compete against each other, with resources assigned to a number of projects at the same time. This can cause bottlenecks, particularly where specialist skills are in high demand.