MiMfg May/Jun 2022 - Page 30

30 MiMfg Magazine May / June 2022
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Why Your Company Needs a Strategic Plan

By Vincent Mastrovito • Prometis Partners
No serious traveler would begin a trip without having a detailed map to help reach their destination . The map provides directions and alternative routes in case of challenges . Consulting the map will save the traveler both time and money . In business , the road map is called a strategic plan .
What Is a Strategic Plan ?
A strategic plan is a document a business creates that identifies the company ’ s goals , the strategies they intend to use to reach those goals , and the ways in which they will measure their progress so they can fine-tune their plan over time . This process has four distinct parts or phases :
Vision — For most companies , the strategic planning process begins with creating mission and vision statements . The mission statement specifically states what the company values and what its objectives are , it ’ s leadership ’ s responsibility to communicate it to every member of the organization . The company ’ s vision flows from its mission , putting it into practice .
Strategy — Creating a strategic plan is a similar process in that the company will specify concrete , measurable actions that will make their vision possible . Goal-based planning is useful here . These goals can be financial or non-financial . Both require taking specific actions , such as hitting sales targets , bringing in new clients or expanding marketing efforts .
Strategic Plan — The end result of strategy is the creation of a strategic plan . This is a formal document that includes specific details , such as milestones the company intends to achieve , timelines for implementation , progress monitoring and expected financial results .
Execution — The final part of the process is the execution . You know where you ’ re going , you know how to get there . Now you have to hit the road .
Follow up is a crucial part of the execution process . It involves checking to see if progress is being made on those set goals and , if not , why ?
Strategic planning is not a one-and-done process ; it needs to be ongoing to be effective . The clearer the set goals , the easier it will be to determine if they are met . If they aren ’ t , then those goals and actions will be subject to review to determine if they were too ambitious or if the execution itself fell short .
Why Does Your Company Need a Strategic Plan ?
Planning is what you do when you are serious about setting and meeting your goals . Good planning also encourages better communication within your company . When your leadership and your workforce are on the same page about the company ’ s goals , it instills a sense of responsibility and improves productivity .
It may seem time consuming to create a strategic plan but , in the long run , it saves time . It focuses attention on the things you determine matter most and gives you actionable items to implement . Without good planning , most businesses will fail or they spend far too much time spinning their wheels .

If you have questions about strategic planning or need other business advice , please contact Prometis Partners . 6

Vincent B . Mastrovito , CEPA , is a certified exit planning advisor as well as the founder and president of Prometis Partners . He may be reached at 616- 622-3070 or vincent @ prometispartners . com .
Prometis Partners is an MMA Premium Associate Member and has been an MMA member company since September 2018 . Visit online : prometispartners . com .