How to do the year end strategic thinking?
Strategic thinking is all about making decisions about where one needs to invest the resources available in the business and where not. The avenues are many such as staff efficiency, customer attention, marketing, infrastructure etc. We bring to you an account on how to go for the year end strategic thinking and strategic planning:
Limiting factor in the business A number of factors may be limiting the growth of the business, you need to factor out the biggest limiting factor. Once you get clear on what limits your business, you surely can pave way for the factors which would enhance the growth of your business.
Ways to limit the limiting factor Indeed, this is a challenge, but once you overcome this challenge, half of the battle can be won instantaneously. It will take a great amount of strategic thinking skills to devise ways to push back the limiting factor. Make a list of all the solutions.
Categories the solutions as a home run or less likelihood Some of the solutions if worked will give a good payoff, mark them as Home run. On the other hand, less likelihood solutions are those which are difficult to implement and the probability of them working is almost nil.
Determine the sweet spots on the list These are the solutions which brings a good pay off and their implementation will not cost much of the trouble to the business. You must invest in such critical areas as there is a surety of them giving the best results.
Clarify the aspirations from business A lot of business individuals are not aware about what they aspire from their business. The idea of vision of the business both in qualitative and quantitative terms should be crystal clear in the minds of one and all. If the business is targeting a new niche or it aspires to augment its market share in the coming year, the employees must be aware of this.
Target setting An important professional skill that works here is the goal setting and sub goal setting. For instance, if one plans to achieve a sales volume of $6 million in the next 5 coming years. The thinkers need to set the sub goal for sales volume for each of the 5 years with a lot of brainstorming.
Clear idea of job role There must be clarity on what is to be done by whom and when and according to what standard. You can never make people accountable for tasks in the absence of articulating roles and responsibilities.
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