10 components for success in business – part 2 and 3
2. Strategic Plan and Business Plan
A strategic plan a mandatory document for the growth and development of the business. As the name suggests, it contains business strategy which encompasses, the vision, values, strategic goals and objectives and all the necessary resources required to achieve the stated goals. A strategic plan can be one year, 5 or even 10 year plan. Take leaders away on a brainstorming strategic session rather than one person sitting down to formulate a strategy without consultation. Just because you are the founder does not mean you can do it all yourself. Get external assistance to help you dream better. Your strategic plan has direct effect on future business performance. A business plan is similar to a strategic plan and it contains most of the financial documents but most importantly projections of anticipated performance in the future. Banks look at your business plan in order to give you loans for capital expenditure or normal operating income.
3. Management Information System & ICT
It is important to note that the Information Age we are operating in calls for organizations to strengthen their access to Information and Communication Technology and usage of business intelligence tools for decision making. Online transactions have become the order of the day. Your clients are not just in their office. They live on the internet. ICT is no longer just a cost center but a revenue driver. You will gain more revenue as you maximize your presence online and your efficient electronic communication. There are different Management Information Systems available commercially to meet your industry specific situation. Sometimes you may need to engage a software developer to create your system from scratch in situations where there is no solution readily available on the shelf (tried and tested).
… continued in the next post.
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