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The Crucial Stages of Strategic Planning -- Identifying Challenges to Ensure Growth
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Posted On :
Oct-06-2011
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Article Word Count :
559
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They often file the plans in their drawers to gather dust, after successfully obtaining a loan.
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Strategic planning is crucial for the success of your business. Some business owners however use their long term business plans just to obtain the necessary financing. After successfully obtaining a loan, they often file the plans in their drawers to gather dust.
If you are just starting a company, it is highly recommended that you craft a strong business strategy. Having a solid plan for the long term will certainly help your business. However, there are instances when start-ups encounter immediate issues that can not be remedied by a strategic plan. To put strategic planning in the proper context, here is a stage by stage approach to business planning.
Early Stages of Business Planning
A long term strategy may not be too useful to resolve immediate problems and issues. At the early stage, your start-up company will need a strong financial plan. You need to focus on your cash flow.
Your business may suffer an early setback if you will not refine your cash flow strategy. You will not be able to implement your plans if you do not have the needed cash. To make your job easier, it is best if you can get the help of a professional accountant who will assist you in the cash flow planning process.
Designing a Good Sales Strategy
Once you have resolved cash flow issues, you are now ready to face more difficult challenges. One of the most difficult challenges that you may encounter is sales performance. You need to develop a good strategy for selling your products and services to make enough money to continue the business. Without sales, your company will surely fail.
At this stage, there is a need for you to develop a good team that will implement your sales strategy. Your team will be responsible for building a solid customer base. Strategic planning for developing sales is needed to guide the actions of your team. This means you have to go beyond the monthly or quarterly sales projections. It is crucial at this stage to craft a definitive long term strategy for improving sales performance.
Creating a Strategic Marketing Plan
You can not maintain good sales performance without creating a solid marketing plan. You need to encourage your existing customers to remain loyal to your products and services. Additionally, you have to attract new clients to ensure the growth of your business. All these challenges can be solved by a strategic marketing plan.
Strategic planning at this stage should focus on your customers. You have to solidify your company’s market position through effective advertising. When creating a marketing plan, your efforts should always revolve around your pricing strategy, target market, product development, and effective promotions. These are the four pillars that will ensure the continued growth of your business.
So if you are just starting a business, make sure to put strategic planning in the proper context. Each stage of your business requires a good strategy. By identifying unique challenges, it would be easier for you to develop a strong overall business strategy.
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Article Source :
http://www.articleseen.com/Article_The Crucial Stages of Strategic Planning -- Identifying Challenges to Ensure Growth_89152.aspx
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Author Resource :
For more info about Strategic Planning,you can check some of the local media agencies(in Danish the term is mediabureau ).You can read more if you click here .
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Keywords :
Strategic Planning, Strategic Marketing Plan, Marketing Plan,
Category :
Business
:
Marketing
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