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Strategic Planning Cycle

If you want to ensure that success of your business, you will have to know some basics of the strategic planning cycle. Planning is a very important aspect of the business and you need to ensure that you thoroughly plan down to the last detail.

Follow the cycle regardless of the type of business that you’re managing.

Strategic Planning Cycle Info

A business will need to be prepared for the possible problems it can encounter. Strategic planning is very important and this is already a well known fact since managing a business is all about proper planning. No business can succeed if the owner doesn’t have a comprehensive plan of action. You need to be familiar with the strategic planning cycle since it addresses different management responsibilities, continuity, risk assessment, and compliance.

The planning cycle will include a lot of things like the business plan, risk assessment, risk management, financial objectives, management responsibility, continuity planning, document control, record control, IT threat, security plan, disaster recovery, and compliance. Everything will begin with the business plan. A lot of businesses fail because the owner did not prepare a business plan. You see, the roadmap to success is the business plan. With this in your hands, you will know what to do. You can even use it for securing the needed capital. The plan can guide you when finding the ideal location of the business, leasing the business space, procuring the needed furniture/fixtures/equipment for the business, securing the license, and in finding a supplier or hiring knowledgeable staffs.

Strategic Planning Cycle Tips

Since the business involves different kinds of risks, you need to identify these potential risks and how to can minimize or control them. As long as you know the different aspects of the business, you can easily calculate the risks and how you can minimize them. The financial objectives of the business should also be considered. The business plan already contains the financial projections, ideally for the next five years. You have to ensure that these projections and financial objectives are achieved to ensure success. Proper business management is another consideration. You will have to come up with ways to better manage the business and the plan should ensure continuity of business operations.

Everything should be recorded – the expenses, income, and other important information related to the business. If you are currently using IT software for the automated features of the business, you should make sure that you have a bulletproof plan so that you’re prepared even if the something goes wrong. The strategic planning cycle is indeed a cycle that you must follow regardless of the type of business you’re running. Always follow the procedures being used by your business so that you can’t go wrong. One wrong decision can lead to the downfall of your business; if you want to succeed, make sure that you follow the strategic planning cycle.

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1 Comment

  • Ashraf Paul said on December 13, 2010
    I want to start a school in Kashmir.Could you,please help me by giving me the proper guidelines so that I will be doing this business successfully. Thanks & Regards, Ashraf Paul

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