Planning – Baxendale Walker Formulating and applying a strategy for business development must always start by deepening one’s knowledge of the ways in which the present strategies operate and how the company is doing when compared to other companies in the same industry. Look at the following three points, which can help you to start the process of strategic planning. Firstly, how are the existing business operations doing presently? It is important to think about what elements are driving the profitability of the organisation, whether or not the internal structure must be adjusted and how successful the business is in comparison to competitors in the market. At this stage, one must be as objective, honest and realistic as you possibly can, to be able to gain a correct perspective of the company’s current state. Secondly, the path of the business should be Baxendale Walker carefully considered. If the company remains as it is, where will it be in five to ten years time? At that point, the objectives, values and core mission of the company must be assessed and re-evaluated if required. Perhaps the focus of the business needs to be adjusted, or a new USP must be created in order to gain a competitive advantage over competitors in the same industry. Lastly, take the time to mull over the strategies which must be created in order to achieve these objectives. Current processes and methods may Baxendale Walker need to be tweaked or replaced entirely. The financing and structure of the company could also require reassessment, in order to meet the new and enhanced vision for the business. Although the second point, regarding the central vision of the company is probably the most important, it can only happen within the context of the other two points. The ‘big dream’ for a company must always be balanced with a realistic perspective of the current position of the business.
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