Companies use strategic planning techniques to review internal and external factors before changing business operations. Long-range planning, environmental scanning, and mixed business tools are common. Companies should review their needs, conduct an environmental check, and interview key stakeholders to choose the best techniques.
Strategic planning techniques are usually models that a company uses to review internal and external factors before changing business operations. Long-range planning, environmental scanning, and mixed business tools are common in strategic planning. To choose the best strategic planning techniques, a company should review its current business needs, conduct an environmental check, and interview key business stakeholders. These three facets of information allow a business to change or improve operations to meet consumer needs. Companies can conduct this review as often as necessary.
Companies do not live in static environments and are rarely stable in terms of operations and product lines. To leverage information for competitive advantage, companies must use strategic planning techniques to determine what changes will occur in the future. For example, a company will need to assess its current use of technology to decide whether the new technology can help improve the company’s operations. While many assessment tools focus on financial factors, a strategic planning tool or technique must go beyond this aspect. Companies should select models that cover a variety of factors that will affect the company.
An environmental check represents a review of a company’s internal and external factors that affect a company. For example, internal factors can represent materials used for products or labor required to manufacture goods or services. External factors can be availability of raw materials, market competition, government regulation and many other factors that affect the business. Strategic planning techniques should include all the factors needed in an environmental review. Failure to include some factors may indicate gaps in the information analysis process that make the technique ineffective.
Stakeholders represent any individual or group of people directly affected by a company’s operations. Key stakeholders can include anyone who plays an important role in the company’s operations or financial status. A company’s management team may need to interview key stakeholders as part of strategic planning techniques. These individuals can provide information on how a company can improve itself and also information on how the company can become a better competitor in the commercial marketplace.
Many types of strategic planning techniques are available. In some cases, a company may need to select multiple techniques or alternate between two or more to maximize results. Either way, a business should use the one that best matches the needs and wants of the business.
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