Operations Management
According to Mack Story, a motivational speaker for CEOs, operational strategies involve determining how things should proceed and following established guidelines to achieve the mission. Operational planning typically outlines the daily operations of a business, including ongoing and single-use plans. Single-use plans are for one-time events or activities, such as a marketing campaign, while ongoing plans address ongoing issues, specific laws and regulations, and step-by-step procedures to accomplish particular goals.
Planning Strategically
The primary focus of strategic planning is on why things need to happen. This involves big-picture, long-term thinking, starting with casting a vision and establishing a mission at the highest level. Strategic planning takes a high-level perspective of the entire company, providing a fundamental framework to guide long-term decisions. The time frame for strategic planning can vary from the next two years to the next ten years, and it should include a vision, purpose, and values statement.
Planning for emergencies
Contingency plans are developed when unexpected situations arise or changes need to be made. Business experts often refer to these plans as a distinct form of planning.
Contingency planning can be beneficial in situations where change is necessary. While managers should consider changes when undertaking any of the main planning activities, contingency planning is essential when changes cannot be foreseen. As the business environment becomes more complex, understanding and engaging in contingency planning becomes even more critical.
Feasibility Business Plans
A feasibility business plan focuses on two crucial aspects of a potential business venture: identifying the target market and determining the profitability of the product or service. Such plans typically include sections that elaborate on the demand for the product or service, the target audience, and the funding requirements. The plan culminates with recommendations for future actions.