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Strategic Planning - It's Worth More Than You Might Think
By Debbie Wilson
Debbie.Wilson@onlinembaoptions.com
Online MBA Degree Columnist
A good strategic plan can provide the vision and goals your company needs to be successful. Despite this, it is interesting that many qualified managers do not have a strategic plan for their own business. Maybe you believe that the planning process is lengthy and onerous. Or, maybe you just don't know where to start or how to go about it. This is simply unfortunate, because preparing a strategic plan can be easy if you follow the right steps, and an online education can help get you there quickly and headache free.
Five Critical Strategic Planning Steps
The first step in preparing a strategic plan is to understand its purpose: to improve your company's future results by helping you make better decisions today. The second step in preparing a strategic plan is to conduct a situation analysis, which is merely a summary of your company as it stands today. This includes your market, competition, financial condition, and organization.
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After preparing the situation analysis, you'll want to compile a list known as SWOT (strengths, weaknesses, opportunities, and threats). This data, combined with that obtained in steps one and two will help you prepare your plan of action. This is the heart and soul of your strategic plan because it provides the "road map" you'll follow to strengthen your operation.
Finally, you will want to prepare an executive summary, which will act as a brief synopsis of your plan and key points and elements. It is best if you can limit this summary to one or two pages if possible.
How Can An Online Education Help?
Preparing a strategic plan can seem like a daunting task, however with the help of an online education, you can obtain the skills you need to make sound decisions for your company. With its flexibility, convenience, and cost-saving features, an online education can allow you to grow your business and income in the most effective way possible.
Remember, the future of your company should not be a mystery. It is a direct result of the actions you take today. And, a good strategic plan, coupled with an online education, can go a long way towards brightening your future.
About the Author
Debbie Wilson owns and operates a lakeside resort, managing all aspects of operations, including marketing and promotion. Her previous experience includes management and profitability consulting for a national healthcare company. In this capacity, she oversaw a five-state operation, utilizing her extensive knowledge of healthcare billing, A/R management, and human resources. Debbie holds a B.A. in Business Management with a minor in Physical Education.
Posted on: October 4, 2005
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