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Business & Strategic Planning
The Business Plan is one of the most important management tools used by successful companies. Studies show that failure among new businesses based on a business plan is significantly lower than for businesses without a plan.
It has been said by some that business planning is a waste of time and that business plans end up in the bottom desk draw because they are too big, they don't deal with the important issues, and they are out of date by the time they are completed. It also has been said that nothing is accomplished without a plan. If you don't define where you are going, you'll never know where and whether you arrive.
A business plan is a description of your business over a period of time. It describes how successful your business has been and looks at prospects for growth and success in the future. Your business plan will describe all aspects of your enterprise and will be the most important document read by potential lenders, investors, joint venture partners. For management it is the key document in strategic planning, and developing tactics to achieve corporate objectives.
Producing a business plan is a complex process that demands hard work and the ability to assess your business as accurately and as objectively as possible. The process of creating a business plan forces you and your company to honestly examine where you are now, where you want to go, how to get there and what resources you will need to get there.
TUV Rheinland's professional consultants work with the management of Clients in providing independent direction and input to:
- Facilitate and cooridnate the business planning process
- Produce a Business Plan for each business unit and the company as a whole according to international standards
- Develop business strategies in the specific industry by using analytical and creative thinking tools
- Establish operational action plans to achieve the company objectives and targets
A Strategic Plan should not be confused with a business plan. The former is likely to be a very short document whereas the latter is likely to be much more substantial and detailed. If you don't know where your business is going, any road will get you there. Senior business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That's why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail.
A sound strategic plan should:
- Serve as a framework for decisions or for securing support/ approval
- Explain the business in order to inform, motivate & involve
- Assist benchmarking & performance monitoring
- Stimulate change and become building block for the future
A strategic plan should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, tightly focused, implementable and measurable.
As the precursor to developing a strategic plan, it is desirable to clearly identify the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination of key issues. This then leads to strategy development covering the following issues:
- Vision
- Mission
- Objectives
- Values
- Strategies
- Goals
- Programs
A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons requires a certain attitude of mind and pre-disposition. TUV Rheinland's experienced consultants work through this important planning process with Clients in developing meaningful and objective strategic plans.
For financial services also click on LIMRA.
Don't hesitate to call us if you need help and guidance with your planning processes.
