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When discussing about strategic planning, there are a few effective tools that can be used in order to have an overview of the business environment. In a previous article we have discussed about Porter’s five forces model and today we will discuss about the PESTEL analysis.
Having a strategy in today’s competitive market can dictate the success of a business. Many companies have a business model, which may differ from one company to another. Porter’s business model is used by strategy consultants in order to study the threats and advantages a company has in its respective industry.
Performance management is about planning, doing, checking and acting. In other words, it involves formulating a plan of activities, establishing a set of objectives, setting key performance indicators (KPIs) to measure performance, and appraising actual performance. Therefore, managers direct the discussion towards key concepts such as objectives, goals, KPIs, desired state of evolution and outcomes. The ultimate goal is to help organizations reach top performance at different organizational levels.
The reasons for initiating strategic planning can vary from one organization to another, but its positive outcomes are generally the same. Strategic planning supports the clarification of the desired state of evolution and provides the framework for future projects, for improving performance and aligning employees efforts to strategy. The end result is that all these elements will enable the organization to provide better value for money for its customers or citizens.
The rise of social media and social networking brought about many changes in the way business is done nowadays, and it has definitely helped entrepreneurs grow their business. Among these changes, a noteworthy emerging phenomenon is crowdfunding.
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