Strategic Planning

January is a time when we start things-we start a weight loss plan, we kick off an exercise regime, we change our cars, etc. We also take time to take stock of the year past and to plan for the year ahead. This is even more important when it comes to business. Every business should have an annual plan as well as a long-term strategic plan.

As the ancient Chinese proverb says "vision without action is a dream, action without vision is a nightmare". Bearing this in mind, there are certain measures you can take to ensure that your planning is focused, action-oriented and worthwhile.

Firstly, the location of your planning meeting can impact on the quality of your planning, ideally you should try to have your meeting away from the distractions and disruptions of your workplace. Representatives from all areas of your business should be included in this meeting as everyone's input is important.

Prior to the meeting you should assess and analyse the marketplace, identifying any trends, industry developments, competitor activity and economic forecasts that will impact on your business. You should summarise these factors and their implications and share the information with your planning team to ensure your planning is responsive to market conditions.

Use SWOT (Strengths, Weaknesses, Opportunities, Threats) to clarify your position. Then you can start to set objectives for the year. Once you've set your business objectives, you are ready to start your action plan. Your action plan is a summary of key tasks/actions that need to be completed in order to achieve your overall objectives. The action plan should be timed and assigned to thsoe responsible.

Finally, you should set your evaluation criteria and plan for regular review of your progress. This step is hugely important.

My last word on this is to be sure to keep an open mind when planning. Allow for innovation and new ways of doing things, this means being open to new ideas from everyone - don't dismiss anything as impractical until you've tried it and measured the results. You might be surprised how much acceleration innovation can add to your planning-you might just get where you want to go sooner.