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Singapore is a home to a bunch of international companies. Starting and running a business with lots of competition requires strategic management planning. Strategic planning plays a vital role in the success of the business since it primarily focuses on what is more important while taking various factors into consideration; these include feasibility, flexibility, situation, costs, as well as the ideas of other managers.
How to Do Strategic Business Management Planning
- Every plan starts with a vision wherein this vision becomes the major goal of the company in the next couple of years or so. It will then become the basis for your strategic plan in accordance with your business’ mission, purpose, values, and philosophy.
- Include your managers in brainstorming ways to achieve your goal or vision. As much as possible, do not think about the cost or feasibility of your plans first; plainly think about strategic ideas.
- From the ideas your team has generated, list down the advantages and disadvantages of using such strategy. This is the time to think about the feasibility of the ideas. There are ideas that may sound good but are not feasible for the company. Also, strategic plans must be flexible enough since business situations can become very unpredictable. It is important to note that one should weigh the risks and benefits first before deciding on which path to take; careful planning is needed.
- Choose at least two plans that are feasible and are actually best for the current situation of the business. Rank the chosen plans according to priority. SWOT (Strength, Weakness, Opportunity, and Threat) Analysis should be done in order for you to know which plan to take in a given situation.
- Think about possible problems you might encounter so you can create contingency plans as these problems arise in the future.
- Implement your strategic plan, not only to the managers but also to other employees as well. Carefully state the basis of the plan to prevent confusion among your followers. Also, tell them the guidelines on how to implement your plan.
- Create an evaluation tool that will measure the effectiveness and efficiency of your plan. These evaluation tools can be performed monthly, quarterly, or annually, depending on the agreement of managers. This tool will serve as a guide for you to know where you are exactly in your plan and if changes are needed as well. Strategic plans may be changed as the need arises.