Strategic Planning: Factors to Consider for Business Success

This report provides an overview of business strategy, focusing on strategic planning and its impact on operational decisions. It covers key elements such as business missions, goals, and core competencies, emphasizing the importance of aligning these factors for organizational success. The report also discusses evaluation techniques for strategic plans, highlighting the need for continuous monitoring and adaptation. Furthermore, it considers the factors necessary for developing a successful business idea, particularly in the context of seeking investment. The importance of market research, ethical considerations, and effective communication are also addressed. The report concludes by emphasizing the integration of SWOT analysis and marketing principles for achieving feasible business goals.

Business Strategy

 Strategic planning or business plan affects
the process through which operational
decisions of a company is made.
 Formal statement including business goals
 Information regarding a company’s
background is included.
 A business plan contains the external and
internal factors related to a business.
Introduction

 It is a written document
 Helps to fix goals and improve operations of
the business.
 All the staffs as well as stakeholders need to
focus towards a common goal.
 Includes mechanisms of control in order to
implement the strategies.

 Business missions act as a guide for the
company.
 Managers, shareholders or employees all
follow the business mission.
 Missions include short and long term
objectives like shareholders
share, revenue targets, need
of the customers.
Business missions influence
strategic planning

Business goals and
objectives
 Behaviours of the people affects the
business plan.
 Goal of the company is to maximise profits
and increase sales (Zikmund et al. 2013).
 Process of measuring success and failure of
plans are outlined in a plan.
 Effective way of using the available
resources.

 Plan includes the use of physical as well as
financial resources.
 Market competition, economic conditions
such as boom or recessions and price level
affects the way to making a business plan.
 External factors affects the planning
process and its execution.
 Comparative analysis as well as forecasts
of sales and revenue expectations affects
the strategic planning.
 A proper scheduled related to the market
operations is followed.

 Process of diverse learning within the organisation as
well as integration of multiple skills helps in product
development.
 Benefits to the customers are included in core
competencies.
 It includes united opinions of the whole organisation
(Osterwalder and Pigneur, 2010).
 It is difficult for the companies to procure or copy in
the existing competition.
 The skills of the company needs to be compared with
the other firms.
 Encouragement of interaction and communication.
Core competences and strategic
planning

 Proper monitoring and evaluating of the
process is needed.
 The progress of a strategic plan is
monitored slowly however it follows a
schedule.
 It is checked timey whether the strategic
plan generates income.
 Manufacturing as well as distribution
schedule are included.
 After monitoring evaluating the results from
the plan is important.
Evaluating

 New plans and its level of effectiveness
needs to be checked and make changes if
needed.
 Improving communication level and passing
the new ideas to all levels of management
with honesty is important.

 In the case study provided the researcher needs
to provide the business idea to Dragons’ Den,
BBC TV show.
 To develop business plan sufficient amount of
funds is essential.
 The strategic plan would be presented in front
of the Dragon’s five member panel and pitched.
 If the investors are attracted with the idea then
they would finance or invest in the projects.
 Investments through shareholders helps to
increase brand name.
Business ideas to Dragon

 Plan needs to prepared by group of efficient
individuals.
 Swot analysis required.
 List of visions of stakeholders and managers,
 Mission to increase customer satisfaction.
 Common purpose
 Proper leadership of the plans (Chaudhuri et al.
2011)
 Evaluation of organisational structure
 Analysing the organisation culture and if it supports
strategic planning
 Human resources influences strategic planning.
Factors to be considered

 Needs to be properly written.
 Involves time for long run growth.
 Values , rituals and rites within the company.
 Transparent communication network.
 Level of bureaucracy
 Supply-chain management process
 Link between human resource and strategic
plans.
 Proper availability of funds and their
procurement.
 Collaboration is enhanced while conflicts
within team may be avoided.

 Appropriate techniques are essential.
 Proper research of the industry.
 Direct competition in the market.
 A solid business plan required
 Business ethics and all business laws needs
to be fulfilled.
 Analysing the initial operational costs.
 Creating plan that include both short term
and long term goals.
Effectiveness of
techniques

 Ways to implement the plan.
 Presenting the plan in front of investors
group Dragon and BBC.
 Biding the plan to attract investments.
 Deadlines and budgets for employees.
 Analysing SWOT at several meetings
 Market reports related to industry and steps
by business firm (Igartua et al. 2010).
 Giving value to potential customers.
 Analysing the movements the competitors
make in markets

 Discovering advertising methods.
 Advertisers promotes and helps in attracting
customers.
 Online promotion and obtaining online feedbacks
in preparing business plan for future (Armstrong
and Taylor, 2014).
 Attract customers through social networks.
 Marketing of product is important
 Adaptation to changes with external factors
 Plan reflects investment in R&D that would help
to develop the existing plan including new ideas.
 Adjusting and proper monitoring with
effectiveness increases the firm’s performance.

 Business plans include executive summary,
analysis of the market and suitability of the
product.
 Financial projections for at least three years.
 Rationale from the founders regarding the
success of the business plan.
 Conceptual strategic planning includes the
feasible goals of the company.
 Combining Swot analysis with the five
marketing P’s are essential.
Conclusion

 Chaudhuri, S., Dayal, U. and Narasayya, V., 2011. An overview
of business intelligence technology. Communications of the
ACM, 54(8), pp.88-98.
 Osterwalder, A. and Pigneur, Y., 2010. Business model
generation: a handbook for visionaries, game changers, and
challengers. John Wiley & Sons.
 Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M.,
2013. Business research methods. Cengage Learning.
 Igartua, J.I., Garrigós, J.A. and Hervas-Oliver, J.L., 2010. How
innovation management techniques support an open
innovation strategy. Research-Technology Management, 53(3),
pp.41-52.
 Armstrong, M. and Taylor, S., 2014. Armstrong's handbook of
human resource management practice. Kogan Page Publishers.
Referencing List