Defining corporate strategy is a continuing process which all enterprises need to revisit and realign. Where organisations fail to evolve to consumer demand, they quickly get left behind. This article outlines integral steps to corporate planning, identifying key issues that are crucial to commercial success.
The Four Steps to Effective Corporate Planning
Planning ahead is vital to the success of any company. Corporate strategies can be incredibly subjective, but there are four key steps all organisations can take to plan more effectively, irrespective of industry.
- Be Dynamic
A strategic plan should encapsulate the company’s corporate vision, identifying the key steps required to accomplish this goal. When corporate strategies become cluttered with disjointed, unconnected priorities and ideas, this can obscure what is really important in taking the company forward.
It is vital to ensure the company is pursuing a carefully plotted set of actions to take it closer to achieving its main objectives.
It is important for business planners to remain fluid and dynamic. Companies become successful by setting a plan, trying, failing, and quickly correcting their course. This is particularly the case with start-ups, which need to show versatility to capture their market share at the outset.
The world of business operates at lightning speed, often requiring snap decisions. For companies to remain relevant, strategic planning must be constantly re-evaluated and evolved over time.
- Make Effective Use of Available Data
The advent of data analytics tools has revolutionised the way we do business today. With vast data sets available for analysis and mining, business strategists are presented with unparalleled opportunities. Nevertheless, with these opportunities come significant challenges.
Analysing data effectively requires all relevant, important data to be sifted through, ignoring all of the noise. It is this key information which is integral to effective decision making and measured results.
Everyone must be on the same page in terms of what they need to do. An effective strategic plan delineates all key data points, providing tangible indicators of success.
For more information on how big data can be leveraged to accelerate business strategies, view the attached infographic.
Poor communication results in poor execution. Strategic plans need to be presented, explained and shared clearly at every level. From the CEO to the shop floor, everyone needs to know how their role is affected. A corporate strategy is only effective when the entire workforce understands the plan, and how their actions contribute to the cause.
- Focus on the Customer Experience
Strategy must not be dictated by theory or political agendas. Effective business strategies are guided by evolving customer needs. Companies which solve customer problems, address pain points, and create optimal customer experiences will win out over poorly performing competitors every time. Strategic plans must be customer centric and market driven to enhance the corporate brand, ultimately increasing revenue.
To learn more about the importance of effective corporate planning, view the attached PDF.
About FDH Financial Holdings Founder Dr Thomson Mpinganjira
As the founder of FDH Financial Holdings, Dr Thomson Mpinganjira will know only too well the importance of effective corporate planning. Dr Thomson Mpinganjira is the only private individual to own a Malawian commercial bank. FDH Bank, the institution established by Dr Mpinganjira, today ranks amongst Malawi’s top 12 financial service providers.
As well as being the sole owner of FDH Bank and founding FDH Financial Holdings, Dr Thomson Mpinganjira also established First Discount House, FDH Money Bureau, and FDH Stockbrokers.
An alumnus of the University of Malawi, Dr Mpinganjira is a chartered accountant by training who started his career at Deloitte. To learn more about the accomplishments of this prominent Malawian businessman, view the attached video.