Business strategic planning, Ballarat
Setting a clear and documented strategic direction for a business is critical. It is also a major area of frustration and struggle for numerous Ballarat businesses.
Some businesses put off strategic planning thinking that their business is not big enough, or it is not justified in their circumstances. This holds a large number of businesses back from achieving their full potential. Whether that be business growth, alignment of owner’s vision and the business direction, efficiency gains – the list goes on – at Mulcahy & Co, our business planners can help you with every aspect of Ballarat strategic business planning.
The most important part of business strategic planning is to determine what purpose the business is to serve, and how you would ideally like the business to fit in with your life away from running it. Strategic planning is ideally documented when you’re starting or acquiring a new business, but if you are trying to build or improve your existing business, then reviewing or overhauling your strategic direction can be advisable.
The next critical step in strategic planning is to transfer the strategic direction from the paper it is written on to a living document entwined into the business. It is used as the basis for every business activity and provides the guiding principles.
Successful business strategic planning requires ongoing monitoring and adjustments to the plan as necessary. These plans are not set and forget and filed away at the back of a drawer. They need to be open documents to ensure staff members are aligned with the vision and direction of the business.
To take the first steps towards establishing these guiding principles of business strategic planning at your Ballarat business, contact Mulcahy & Co to speak to one of our team of specialist business planners.