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Strategic planning for the Growing business .

Strategic Planning-- Building Blocks

  • Mission Statement

  • Business Goals

  • Objectives to Achieve Goals

  • Market and Banking Industry Analysis

  • Information Needs

  • Internal Business Analysis
     

Defining Clear Business Goals will help

  1. Justify or legitimize the organization's activities.

  2. Focus attention and set constraints for member behavior.

  3. Identify the nature of the organization and elicit commitment.

  4. Reduce uncertainty by clarifying what the organization is pursuing.

  5. Help an organization to learn and adapt by showing discrepancies between goals and actual progress (providing feedback).

  6. Serve as a standard of assessment for organization members.

  7. Provide a rationale for organization design.

Strategic Planning Methodology’s Guidelines to help avoid pitfalls in setting business objectives:

  • Adapt your objectives directly to organizational goals and strategic plans. Do not assume that they support higher-level management objectives.
     

  • Quantify and target the results whenever possible. Do not formulate objectives where attainment cannot be measured or at least verified.
     

  • Test your objectives for challenge and achievability. Do not build in cushions to hedge against accountability for results.
     

  • Adjust the objectives to the available resources and the realities of organizational life. Do not keep your head either in the clouds or in the sand.
     

  • Establish performance reports and milestones that measure progress toward the objective. Do not rely on instinct or crude benchmarks to appraise performance.
     

  • Put your objectives in writing and express them in clear, concise and unambiguous statements. Do not allow them to remain in vague terms.
     

  • Limit the number of statements of objectives to the key result areas (for your business). Do not obscure priorities by stating too many objectives.
     

  • Review your statements with others to assure consistency and mutual support. Do not fall into the trap of setting your objectives in a vacuum.
     

  • Modify your statements to meet changing conditions and priorities.
     

  • Do not continue to pursue objectives that have become obsolete.