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Strategic business planning

| Jul 27, 2016 | Business Formation & Planning |

In addition to legal and regulatory obstacles, business owners in North Carolina must be aware of competition, supply and demand, and the state of the overall economic climate. There are several established paths to creating a strategic business plan.

Those who are in charge of the company must set the overall strategy. The owner, president or board of directors should establish in three to five key points the desired picture of the company in the new venture’s first few years years. Next, a simple strategic plan should be designed with a focus on broad objectives and goals.

Once these broad-stroke goals have been established, they should be communicated to managers, staff and other stakeholders. The fourth step is to create an operational plan for the first year. It’s important to put the small steps and required actions into writing; the operational plan is designed to do that.

The fifth step is another communication step. Much of the drafting of the operational plan will depend on key employees, who might have very different knowledge and perspective than the ownership or board of directors. The operational plan should therefore be related to the management decision-makers.

Then the plan should be broken down by department or even to the level of the individual employee. Every employee in the company should be aware of his or her part in reaching the company’s objectives. Finally, every board and staff meeting should be seen as an opportunity to discuss and improve strategy. The plan should be adaptive. Entrepreneurs and business owners may want to discuss legal and other matters with an attorney, especially at certain key points as the business develops. An attorney may be able to assist with establishing a business, making necessary filings or anticipating potential legal hurdles down the line.

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