The process of ensuring a better performance for the organization is not always easy. Corporations are required to undertake a strategic process of planning and ironing out details of how the company will operate in the coming years. Strategic planning is a fundamental process of the management where the organization identifies the direction and strategy that will be used in making decisions as well as allocating resources to its select divisions so as to enforce the plan. The following will dictate the plan that will be implemented by the organization as part of the strategies to be employed into the next 3 to 5 years.
Mission and Vision Statements
The mission statement of our company: “To inspire and innovate through the designs of our products and changing business for the better”. This mission statement is a clear reflection of the intent of the company whereby changing business for the better identifies:
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Looking into the future and making decisions that will affect the company in the long-term.
Developing a clearly articulated purpose for the banking business that will be used in driving business and achieving success by ensuring positive impact on communities, customers, community and environment.
Connecting the purpose principles of our business with all investments that will be made from now henceforth.
Engaging in systematic changes in the world around us beginning with challenges facing the community and the issues of ethics in the finance industry.
The vision of our company: to conduct first-class business by becoming the most respected financial service organization across the country and the world. This vision is achievable through:
Upholding ethical practices through our numerous operations.
Innovate and learn to improve the services offered to our customers.
Establishing a brand of high quality standards built of the foundation of integrity.
Importance of Mission and Vision in Strategic Planning
The mission and vision statements are important factors to employ in the development of a strategic plan for a financial services firm. Since the dawn of economic societies, financial services have been required in the community as a basis of providing individuals and corporations with the ability to progress financially. The mission statement identifies significant practices that the organization will participate in as a measure of directing the goals and objectives of the company in the operation the company will undertake (Dibrell, Craig, & Neubaum, 2014). In this case, the financial services offered by the company will be aligned towards making business better for corporations while incorporating innovative techniques. The vision is intended to give the operations of the company a target that is achievable. The financial industry has come under a lot of threat due to fraudulent practices, hence the need to incorporate integrity in all practices to become the best firm in the business.
SMART Goals and Objectives
The strategic plan of the organization will employ SMART goals and objectives that are in clear agreement with the mission and vision statements of the company. In this respect, they include, Specific, Measurable, Attainable, Relevant and Time-bound goals and objectives. Each goal and objective incorporates the ‘Specific’ criterion by answering “what, why, who, where, and which” questions (Dibrell, Craig, & Neubaum, 2014). Through this practice the firm will clearly identify the plan for undertaking particular business. When including the “Attainable” and “Relevant” criteria, the members of staff will analyze the various aspects of the goals set and point out whether they can be achieved and if they are relevant to the mission and vision of the company. Finally, the “Time-Bound” criterion calls attention to the significant period the organization wishes to achieve a particular goal and vision. There are short-and long-term goals that each should be realized within the specified timelines. The SMART goals and objectives plan is an important aspect of the organization. It enables the company to lay out specific objectives of tasks which will also help in analyzing the various resources necessary for its achievement. The main aim in this case is to go into detail of each goal and objective that will help achieve the vision of the company.
SWOT Analysis
The SWOTT analysis is another integral component of the organization. These instrumental methods of business analysis will look towards defining the firm as per its current performance and its environmental factors that affect it. In this case, it includes Strengths, Weaknesses, Opportunities, Threats and Trends as criteria for analysis.
Strengths: These may include high market share
Weaknesses: These may include limited offerings for the customers
Opportunities: High level of market niche could serve as an opportunity for growing business.
Threats: These may include high level of competition in the industry
Trends: These may include technology innovation for use in finance industry
The above practice is an important aspect of ensuring the identification of appropriate practices that best serve the company towards its mission and vision. The SWOTT analysis is an important component of directing the company towards significant change (Dibrell, Craig, & Neubaum, 2014). It is important that the company identifies significant practices in its portfolio that is profitable to the business and that does not serve the intended purpose of the company. For instance, heavy investment of developing physical branches of the banking firm is depicted as an unnecessary practice in the modern economic industry (Dibrell, Craig, & Neubaum, 2014). Many of the consumers are engaging in mobile banking or alternative services that incorporate use of technology. The main aim of the organization is to identify various ways in which the organization can modify these services to best serve the consumers at the comfort of their homes. The strengths and weaknesses of the company provide honest indications of where the company should make changes in its daily operations (Hitt, Ireland, & Hoskisson, 2015). Through these considerations, the firm will continue to grow, and maintain high level of competitiveness in the industry.
Perceptual Map
In the process of developing a strategic plan for the organization’s future business practices, it is essential that the team creates a perceptual map. This technique is a visual design that attempts to show the average understanding of the target consumer towards the numerous competing products and services offered by the organization (Hitt, Ireland, & Hoskisson, 2015). The perceptual map incorporates the various characteristics of the product and seeks to evaluate the perception of the target market towards the various products. Usually, the organization will incorporate knowledge of a marketer rather than that of the market research. In this way, if customers have a negative perception on the company products and services, this visual plan will help in developing new products that significantly help in transformation and attracting more consumers.
The perceptual map is an important tool for use in highlighting the position of the company in reference to the perception of the consumers. The firm will identify how consumers perceive of the rates for credit banking and other services. The practice of integrity in the company is also an important process where the organization identifies how such behavior influences their position in the company (Hitt, Ireland, & Hoskisson, 2015). This method of strategic planning will incorporate the use of multiple aspects of the present practices and the current trends in the industry towards realizing the changes that the company should make to make improvements.
References
Dibrell, C., Craig, J. B., & Neubaum, D. O. (2014). Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance. Journal of Business Research , 67(9), 2000-2007.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2015). Strategic management cases: competitiveness and globalization (11 th Ed.) . Boston, MA: Cengage Learning.
