Importance of Strategic Planning for Pacific Businesses
Strategic planning gives your business the direction it needs to move forward and grow with confidence. A written document, it contains details about your business’ goals, visions, mission statement and values which will guide the decisions and actions of both management and employees. At Business Link Pacific, we strongly recommend every Pacific Island business has a comprehensive strategic plan document in place. Therefore, we make it our role to match businesses seeking strategic planning advice with professional business advisors with expertise in this area.
What Does Strategic Planning Involve?
To develop a strategic plan for your business, there are three key components that you must identify first as the building blocks of the plan:
- Where your business is right now – what currently drives your profitability, who are your competitors and what are the key internal operations?
- Where do you want your business to go – pull together information on your business’ mission, vision statement, values and goals. State what you want your business to be focusing upon in the future.
- How will your business get there – you have identified where you want your business to be in the future, so now you need to say how it will get there. What changes will need to be made to how your business is operated, structured and funded?
When writing up your strategic plan, the above answers you have compiled will form the bulk of the document. However, you should also include:
- Details of both the internal and external drivers within your business
- A clear and concise vision statement
- Specific and measurable goals which need to be met to achieve your vision
- Information on the resources required to implement and achieve your objectives
Working with a Business Link Pacific business advisor can make this entire process easier; contact us today to work with your local Pacific advisor.
What Are the Benefits of Having a Strategic Plan?
By having a strategic plan in place, your business gains several advantages, including:
- Knowing which path your business will take moving forwards
- Increased knowledge and understanding of your business’ strengths, weaknesses and place within the market
- Increased operational efficiency due to clear understandings of where resources and budgets will be targeted
- Increased productivity from employees, as they develop a sense of accountability in their role within your business
- Providing clearly defined goals for everyone to work towards achieving
For assistance in connecting with a local Pacific business advisor, we can help. Visit our Find an Advisor page to connect with one of our experts who can assist you with your strategic planning requirements.