Strategic planning for an uncertain year ahead
Businesses are going to have to navigate through an uncertain year in 2023
One thing is certain this year, and that’s uncertainty. Inflation continues to drive up costs, interest rates are at their highest level in years, and there are forthcoming increases in corporation tax and the national living wage.
To navigate through all of this uncertainty, businesses need to focus on developing effective plans which can be adapted if market circumstances change. The most robust businesses have three types of plans:
- Strategic plans – these are the overarching objectives for the business and look ahead to where you want to be in 2-5 years.
- Tactical plans – these support strategic plans and are the roadmap for achieving each of the strategic objectives. They outline the specific responsibilities and deliverables of each team across the business in order to make the strategic plan successful.
- Operational plans – these focus on the processes, procedures and tasks that must be accomplished in order to achieve the firm’s objectives. Operational plans include finance, procurement, production, logistics, human resources, premises, communication and sales.
Given the uncertainty that all businesses are facing, it’s important to plan for unforeseen circumstances. As such, you must train your team members to embrace change and be ready to adapt. So why plan at all if everything is subject to change? Putting strategic, tactical and operational plans in place not only sets a pathway for continual improvement and growth, it also creates a forward thinking and proactive mindset
If you would like further information or have any questions, please contact James Flood on 023 8046 1244