Summary:

Successful businesses are those that pay attention to the competition and know the field in which they operate. These elements are key to an organization’s thinking and the relationship that is built between customers, members, volunteers and financial resources.

All organizations should be thinking about strategies, how they go to market, serve or promote their wares.

Within these strategic thoughts, there are four questions to ask to determine if an organization can win:

1. What does the organization want to become?

2. What is the vision and strategy?

3. What assumptions are to be made?

4. What are the available resources?

There are several factors that influence strategic decisions. Some of these factors include changes in the market, economy, service, products, culture, attitude, suppliers, customers, members, volunteers and technology. Paying attention to these internal and external factors will help the organization recognize opportunities and threats.

Article Quote:

“As a reminder, the most important strategies every organization should focus on is investment, management and implementation. An investment strategy is to decide where and why to invest. A management strategy is how to achieve the desired result. The implementation strategy is how to be effective with the resources given. Implementation links the investment and management strategies together in an action plan.”

Link: http://www.onlineathens.com/stories/030710/bus_571688051.shtml

When developing your strategy, don’t forget that the core priority is always what the customer wants and is willing to pay for or subscribe to.

Beyond that, gain a a thorough understanding of where the company has been and what direction it is moving. Perform due diligence when doing research by paying attention to trends, market changes, new products or processes and decide where your organzation fits into this environment.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

Buying an established and profitable business without a strategic plan and seeing it go south is not bad luck, it’s the result of not being prepared. This is exactly what happened to a gentleman after he bought an established business. Right after the purchase, two key employees left and several long-time customers went elsewhere as their loyalty was to the previous owner, not the new owner. Profits plunged and now the owner is working hard just to keep the doors open.

The new owner never stopped and asked “What would happen to the business if a key employee left  or if long-time customers left for lack of loyalty to new owners?” In fact, he didn’t have any plan and thought he could walk in and everything would run smoothly.

If you want luck, then make it part of your action plan. Commit your goals to writing. Work your action plan, plan your work. Then see all of the luck come your way – or if you want, believe that you have been lucky.

Article Quote:

“Simply speaking, the failure to plan is planned failure. Without an action plan to begin to guide a business or even an individual, the end result is usually walking down the wrong path along with a lot of spraying and praying going on.”

Link: http://strategicplanning.doodig.com/2010/02/15/strategic-planning-tip-bad-luck-is-the-result-of-not-planning/

An old quote states: “Good luck happens when preparedness meets opportunity.” Strategic planning consists of knowing your market, your organizational structure,  purpose and vision, company strengths and weaknesses, and knowing where you want to the company to be in the future. Action is taking that distant future goal, breaking it down into actionable tasks that can be measured, and incorporating those tasks into daily operations.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/