The 3 Critical Phases of Long-Term PlanningMay 24, 2021
Long term planning period
One of the most compelling issues brought to light by the coronavirus pandemic is the true resilience of both small businesses, and large corporations. Companies which are either inefficient, or saddled with debt, are going through an existential crisis thanks to economic uncertainty triggered by COVID-19. The jeopardy posed by the pandemic illustrates why businesses should invest time into preparing resourceful long-term plans. Shortsighted governance leaves organizations exposed to economic risks. On the other hand, long-term planning positions companies to survive, in spite of unexpected emergencies.
Take Your Time at the Drawing-Board
Business Writer K.A. Francis suggests that “Having a long term plan for your business shows that you are in it for the long haul. Knowing where you want to be in three, five or even ten years can help you choose the short-term plans of an organization... Most of a business' short-term plans lead toward long-term plans, so when making immediate business plans, keeping a longer-term objective in mind isn't a bad idea.” Long-term planning keeps things in perspective, and establishes a roadmap to guide decision-making overall. Here are three phases to follow if you want to design a solid long-term plan:
1) Articulate a Mission
Coming up with a mission statement is considered a best-practice in business, because mission statements are effective mechanisms of motivation. Mission statements summarize the objectives of a company into a simple relatable declaration. Training employees to embrace a mission statement positions them to behave in a way which is consistent with company values. Mission statements also encourage people to think about the distant future and make choices with an infinite time-horizon.
2) Design Your Operational Strategies
Once you have a mission statement, it’s time to quantify the specific ways in which you intend to accomplish your mission. This is where operational strategies come in. What industries should your company do business in? Should your company be a jack of all trades, or a master of one? What sort of branding should you practice in order to develop beneficial relationships with your clients? These are the kinds of questions which need to be answered when developing operational strategies.
3) Implement Short-Term Projects
Operational strategies help to highlight all of the milestones necessary to achieve your mission. However, it’s impossible to reach those milestones without implementing projects. Projects are specific tasks and transactions which contribute directly to the growth of a business. Always design short term projects with the aim of advancing operational strategies. Projects need to be organized and consistent in order to be effective.
Doing business without a long-term plan leaves an organization vulnerable to the winds of fate. This is why the biggest and most successful corporations in business are notorious for conducting research and development. It pays to be forward-looking. It pays to use a mission statement for more than just cosmetic marketing. Establish a long-term plan for your business, and it will stand a better chance of making it through adversity. If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success. For business development coaching by Richard Martinez, call at 626-202-2291 or follow us on Facebook and Instagram.
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