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How Strategic Planning Can Make Your Business More Successful

When
you first started your business venture, you probably had a clear vision for what
you wanted to accomplish. It was just you, perhaps a partner or small team,
working towards a common goal. Everyone knew their role, and it wasn’t overly
challenging to stay on track.

And
then something happened: Your company became successful! Customers flocked in,
new employees were hired, and profits flowed. Now, everyone is busy—incredibly
busy—and suddenly, it hits you. That clear vision you once had isn’t so
succinct anymore. It’s becoming obscured by the increasing complexity of your
business.

At this
point, you might realize it’s time to make strategic planning one of your top
business priorities.

Why do small business owners need a
strategic plan?

Some
small business owners feel that strategic planning is only for large companies.
The truth is every business, no matter what size or industry, increases its
chance for success over the long-haul with a strategic plan. This plan is your
roadmap for how the business will grow and evolve over the next three to five
years.

Strategic
planning is your opportunity to set goals for the company’s future and develop
the initiatives that will help you achieve those objectives. Without this map
to guide you down the road to success, you may find you’ll lose your vision
along the way.

What are the benefits of strategic
planning?

Despite
the plus-side of strategic planning, some business owners still fear the effort
will take too much time and distract from day-to-day operations. While it’s
true that proper planning requires dedicated time, most leaders find the
exercise well worth the extra effort. The chances of improvements attributed to planning have been estimated to be
nearly 80%!

Let’s
take a look at some of the significant benefits of strategic planning:

  1. Planning sets the course. If you don’t know where you’re
    headed, how will you know when you’ve reached success? Strategic planning
    starts with setting realistic goals for the business. Moreover, the planning
    process determines how these objectives will be tracked and measured and who in
    the company will be accountable for them.
  • Planning creates focus. When a business is in whirlwind
    mode, it’s difficult to know where to focus. At any given time, a company can
    potentially have dozens of initiatives it might undertake when, in practice,
    only a handful will move the needle. Strategic planning helps narrow the focus
    to those few most likely to achieve your business objectives.
  • Planning increases operational efficiency.  Every business has limited resources; even
    the larger corporations have to make decisions about how they will allocate
    their financial, time, and employee resources. The strategic plan aligns those
    resources to the activities most critical to operational success. Managers are
    more effectively able to allocate budgets and workforce to most efficiently
    accomplish set objectives.
  • Planning brings everyone on board. As the leader of your company, you
    may be well versed in your mission, vision, goals, and objectives. But, do your
    employees know the plan? If they don’t, you may find outstanding workers
    spending too much time on activities that have little to no impact on your
    goals. Bringing key personnel into the strategic planning process not only
    ensures better execution against the plan but also conveys a collaborative,
    empowering approach.
  • Planning puts it in writing. As part of the planning process,
    it’s essential that you document all decisions. This document is how you will
    communicate to the entire organization the company’s goals, action plans, and
    other critical elements of the plan. Once you have gone to all the work to
    reach a consensus on the business priorities, your written plan will ensure
    that all responsibilities are understood and strategies implemented.

How to implement a strategic plan

Now
that you have a strategic plan, it’s time to implement it. If any of your
strategic initiatives include these goals….

●      Reducing inventories

●      Shortening lead times

●      Improving asset utilization or cash flow

●      Increasing capacity

●      Streamlining operations

●      Optimizing brain power

 …it’s a smart idea to consider outsourcing
your logistic implementations to Ohio Valley Goodwill’s Industrial Services
Division! All of our packaging, kitting, assembly, and fulfillment outsourcing
services are performed by a diverse workforce of skilled employees who care
deeply about the quality of their work. This means we can complete jobs on a
massive scale while utilizing the problem-solving power of an intelligent
workforce.

When you outsource with Goodwill, we
work with you to develop customized solutions that result in benefits such as
lowered overhead costs, reduced lead times, improved efficiency, and simplified
operations.

By partnering with our Industrial
Services Division, you’ll not only benefit from the improved implementation of
your strategic initiatives, you’ll also know you’re making a life-changing
difference for individuals with disabilities in Greater Cincinnati. Ohio Valley
Goodwill is a highly respected non-profit organization, and our Industrial
Services Division has been putting people to work so that they can earn a good
living and make a positive impact in our community.

Outsource with Goodwill as part of
your successful strategic plan! To learn more and receive a free tour of our
facilities, please contact us today.

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