Businesses employ the process of corporate planning to map out the best course of action, for better revenues and increased profits. Larger corporations have entire departments, comprising of host of staff members devoted to meticulous and rigorous groundwork to identify the best course of option for the organization to pursue in larger interest of all stakeholders.
When it comes to smaller organizations, they try and become really proficient in performing the planning function, by learning and assimilating the basic concepts, it must be noted that they never shy from investing in the necessary effort, required to create a comprehensive and effective plan.
The Intermediate Steps
The intermediate steps required to arrive at the end result happen to be the process, infused by the desired value, which is arrived at by negotiating multiplicity of difficulties, one encounters in the way. In order to make the whole exercise of planning all the more accurate and valuable, inputs of the team members is a must.
The process entails gathering the requisite data about the projected and anticipated growth of the industry, and the desired information about arch competitors, ranging from strengths, weakness as well as the strategies they deploy happens to be an integral part of corporate planning jobs in India.
Identify the Best Opportunities
One must be able be able to identify the best opportunities that the organization can pursue. This can be accomplished by identifying as well as analyzing the customer needs and requirements, and then go on to determine ways and means to create products and services that can effectively meet these needs.
The next step is to set reasonable targets, including revenue targets, productivity goals, like the gross margin percentage, that needs to be hit in line with the desired goals. Strategies and action plans need to be devised and designed next as these comprise the specific steps need to be undertaken in order to smoothly reach organizational goals.
Annual Business Plan
It is best to prepare an annual business plan, comprising of the narrative and elaborate discussion of the myriad opportunities that a company intends to pursue and the various strategies it intends to implement.
Distinct Strategic Plan
Forecasting financial results, as well as projecting revenues, including the expenses to be incurred along the process and the intended profits, all of them form an integral part of the avowed corporate plan. At times some companies prefer opting for a separate and altogether distinct strategic plan.
Decimate the Competition
Formulation of an unique strategic plan is undertakenwith the express purpose of primarily focusing on such activities that would be used to decimate the competition, as well as the logic behind these strategies.
Long Range Capital Plans
At other times long range capital plans are prepared, chiefly to describe large projects, which the company may intend to undertake at a later time, somewhere in the future, like building a new manufacturing facility.
It really helps if one is skilled as well as dedicated towards ardent business planning. The process can surely be made more meaningful for corporate planning jobs in India, when the entire exercise is inclusive, hinges on gathering competitive intelligence, and fine tuning the financial forecast with changing business conditions.