The Benefits of Strategic Planning

Strategic planning is critical to a firm's success in today's competitive environment. Strategic planning helps to identify both the threats and the opportunities facing your firm now and in the longer term, and to chart viable courses of action.

The benefit of strategic planning is that a firm is obliged to analyze all aspects of its business--sales, marketing, operations, and financial--and draw conclusions based on facts. It is only then that a company can formulate strategies to cope with or alter the conclusions uncovered.

Below are just a few benefits of creating a good plan:

  • Clarify the long-term vision of the firm

  • Revisit and determine the Mission Statement for the firm

  • Set clearer goals and priorities for each person and each department within your organization

  • Re-evaluate and discontinue activities that are no longer consistent with the mission

  • Identify the driving force of the firm

  • Determine the scope of markets, activities, products and services for the future

  • Determine the firms areas of specialization and expertise

  • Decide how and why your firm is superior to your competitors

  • Determine exactly "who?" is the customer/client and who should be your customers/clients in the future

  • Decide what the client really considers valueable

  • Set priorities on the expenditure and use of resources, especially people and money

  • Segment the markets and identify the most important customer/client groups

  • Identify goals, strategies, and objectives for the firm, as well as your departments and upper level managers

  • Determine what it is your firm does, or can do, extremely well

  • Concentrate single mindedly on exploiting and developing your best people and services

  • Focus on satisfying your key customer/client segments

  • Anticipate the future and create possible scenarios to guide long term planning

  • Identify core competencies you will need to dominate the markets of tomorrow.

You may like these other stories...

Everyone loses clients. You've seen the statistics. Clients and heirs often change accountants, attorneys, and advisors after a death or divorce. That's understandable. What about ongoing relationships when the...
Event Date: July 23, 2014, 2 pm ETWe can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the...
For the first time since 2006, more than 50 percent of CFOs believe the US economy will show signs of improvement over a six-month span rather than remain the same or worsen, according to a new study from Chicago-based...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.