Strategic planning assignment help on: Planning of business

Introduction

Planning is regarded as the formal statement for a business which contains the set of business goals, reasons which validate their achievement and the strategy to achieve those goals. The plan contains background information for the business as well as the teams which are involved in achieving the business goals. These plans can also set targets for the perception and branding by the customer, community and the tax payers. Defined as the initial stage of any business or any project, Planning is up there in the list of process that needs to be carried out. Planning is followed by Organizing, Directing, Selecting and the other process that takes place while implementation of a plan (tutor2u 2012).

Although planning just means framing a layout for a particular process to be initiated it is very important to keep a constant track on the planning process while being implemented. Moreover it is always better to plan with the right alternatives in case a smaller planned objective is not achieved. A comprehensive planning is what a business needs to survive the competition and emerge to be a winner. For an effective business plan to mature the first and the foremost thing which is required is an honest as well as a realistic analysis of the current standing for the business. Often referred to as the situational analysis this by far is the need of a specific business to set up the planning process. Based on the results of this the plan is developed with the use of certain planning tools as well as methods which puts together the entire analysis together.

Things to carry out to develop a good plan

There are a few researches as well as analysis which need to be carried out before the actual plan is developed. Some of them which are largely followed by the businesses across the globe have been listed below:

• PEST or PESTEL analysis: This helps in identifying and analysing the trend of the business environment. It takes into account all the eternal factors which directly affect the main course of the business.
• Competitor Analysis: This is one of the vital things to understand before any plan gets developed is carrying out the competitor analysis. This would help in understanding, and predicting the behaviour of the competitors and the way they have been affecting the business.
• Carrying out the audit for the internal resources: This gives a thorough overview of the resources the company has whereby facilitating in making use of it in the most efficient manners.
• SWOT Analysis: Another popular research that needs to be undertaken before framing a plan is the SWOT Analysis which would help the company build upon its strengths, resolve its weaknesses, exploit the opportunities and counter the threats it might face (tutor2u 2012).

Carrying out the above tests and analysis would reveal a holistic picture of the place the firm stands, the competitors it has, the opportunities that are there, etc. Based on this the company needs to initiate and devise its planning process while involving the entire management and employees to work towards a common goal. It is also important that the company makes them aware of all these results so that they understand what is expected out of them and what the target of the company is for both its long term and short term objectives. This makes a smoother planning process assisting in a much smoother implementation when the plans get implemented.

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