Showing posts with label bank strategic planning. Show all posts
Showing posts with label bank strategic planning. Show all posts

Wednesday, 4 August 2010

Why Strategic Planning Is Best Over Tactics In Business - Explained!

If you're building a business you know that strategy replaces tactics in winning business environments. Not only it is critical to create goals based from strategic plans for 1,3,5 and 10 years or more - it's of neccesity in today's competitive fields as you might have some ideas. A perfect example of why strategic planning is so important for any start-up venture and to be more precise - for you, is because with an online strategy you've multiple options and with tactics you're limited.

Perhaps one of the best most recent examples can clearly be the business of baseball. Viewing it as an owners point of view instead of as a fan, let's remind ourselves of the last game from the Worlds Baseball Classic recently presented on TV, USA vs Puerto Rico. Boy was it fun or what? Staying with strategy and tactics in mind.

Now, if you're a baseball fan, you probably saw the shut down Puerto Rico did to the US in their very first games of the baseball world classics and you saw how Puerto Rico lost in the 9th inning last time. The second game, while many thought it was over for the US, what many will consider miracle, others thought it was just a wealth of experience. Now pausing at it for a moment!

Picture having your wholesale video games merchandise business store on eBay, your e-commerce products store on your very own website and winning by a long shot on Google, Yahoo and MSN for all of your business sites for top positional keyword results. But you still don't have your store ranking in the top 10 of Google for the keyword term "video games" and you definitely know, like me, that tactics and basic marketing 101 techniques won't cut it when it comes to landing a top 10 keyword. Especially if you know that such keyword aim and target will get you at least 50,000 monthly additional visitors for every month you stay in the top 10 results while others pay money to make money on pay-per-clicks.

So what do you do to get the store or soon-to-be online store that you want to built to get on top of one of the most valuable keywords for customers who are eager to shop your targeted products for such a short and in-demand keyword with millions of competitors? Strategy or Tactics? The easy answer is hidden on US vs Puerto Rico 9th inning. I wanted to explode when I saw the results at the end!

The game. Last inning, home team advantage for the US and Puerto Rico. Fans already having a blast eating caviar and filet mignon late at night. Your anxious, eating faster andwondering why the manager hasn't change pitcher. Pitching manager gets mental block and paralyzes himself do to possible beliefs in old-time tactics that the opponent already sees from a mile away - fear of inexperience moments.

Assure yourself of having a strategically designed map in writing. Not in your mind, since mental pictures usually dissipate in time. I've two written permanent maps in my dashboard right now for further improvement. You need to consider doing the same when it comes to starting a business or improving old sites that add financial value to your Virtual Real Estate portfolio. Then adjust as the market starts giving you signs or when certain patterns conclude that new adaptation is a must.

It really should be simple when you've done it successfully for years or when you've done it at least once. But, if you're just starting your very first business online and are tired of running the rat-race game and have decided that the bulk-load of your pension will be passive income instead of social security, think always strategically for an internet business. There is a whole lot more to learn when it comes to online business, e-commerce merchandise stores and the like. But this is a fine-good-looking reminder. Strategy, strategy, strategy!

Strategic Planning Steps For Optimum Business Management

Strategic Planning Steps Overview

The Strategic Planning Steps philosophy/business system is an organizational tool that is used by groups and corporations globally to refine their goals and maximize their resources. Drawing from the concepts of strategic military planning, the Strategic Planning process is one way in which businesses strive to attain a competitive edge. Strategic planning involves defining goals, creating an adaptable business plan and measuring core competencies of staff to increase productivity and results. The understanding and implementation of Strategic Planning Steps can significantly affect a company's ability to maximize revenue and growth. The steps have been used effectively in many fields of business, education and government to formulate productive business systems and resource management solutions.

Strategic Planning Steps Defined

While there are several different approaches to implementing Strategic Planning Steps , most models use the following definitions:

* Mission definition : The mission definition stage of Strategic Planning encourages an organization to develop a brief description of purpose to Inform potential stockholders, employees and customers what they can expect from the company. From the mission definition, a mission statement can be developed that serves as a company's calling card and core focus description.

* Vision/Trend Analysis : The next facet of Strategic Planning Steps directs a company to analyze current market trends and make committed decisions about where the business is heading. Defining long term goals and visualizing the future of the organization can help to focus current activities and important financial decisions.

* Strategic Objectives : Once long term goals have been set, the strategic objectives phase consists of formulating actual business plans to achieve the visualized goals. One acronym used frequently in this stage of Strategic Planning Steps is SMART. SMART stands for the type of objectives to be developed to fully realize the company's long term goals. These objectives include:

o S – Specific objectives

o M – Measurable objectives

o A – Achievable objectives

o R – Resource-based, realistic objectives

o T – Time-frame assessed objectives

* Critical Success Factors : Important milestones and achievements key to goal realization should be identified at the critical success factor stage of Strategic Planning. Singling out these factors provides an easy means for measuring the ongoing success of the business plan.

* Actions to be Implemented : After critical success factors have been identified, the next phase involves the development of action plans need to realize success. Specific tasks and organizations management strategies are designed to effectively implement the business plan. Task management is often defined by the core competencies required for each position in the company.

* Performance Analysis and Progress Measurement : The last of the most common steps is comprised of formulating methods by which to measure the organization's progress. Comprehensive performance analysis tools and measurement criteria are developed to effectively monitor the success of the current system. These tools can be used to report both internally and externally on the progress and growth of the company.