Michael Saltzstein – Boost Business Expansion with Detailed Strategic Planning
Every business wishes to expand and grow its current operations. However, only a handful of companies are able to accomplish their desired goals for business expansion. The questions here are: Why do some businesses fail when it comes to achieving growth and expansion in a given year? What is the secret to a successful business expanding consistently despite all odds?
Michael Saltzstein- an esteemed business expert speaks
Michael Saltzstein is a highly successful and well-respected business expert from Alpine, California, in the USA. He is an experienced, visionary leader of global risk services, multi-line claims, strategic planning, financial structures, and enterprise initiatives. He says that when a business needs to expand in the market with new products, services, or acquisition, another company should have a solid strategic plan. Without the proper plan in place, it is practically impossible for any business to march forward and accomplish the goals it desires.
What are the steps for strategic planning?
He says that the following are the steps for good strategic planning for every business-
- Create a good team- In order to kick-start with strategic planning, you must have a good team of company experts in the area where you want to expand. For instance, if you wish to expand your product line, you need managers from the manufacturing, production, distribution, and other relevant departments to help you devise a feasible idea of how to incorporate ideas into the plan. You should also set out a timeline for the plan so that you have a goal of accomplishing it in time.
- Outline and list the steps- Once you have the ideas in place, the next step is to create a list of the things to be done. They must be detailed and have clarity. When the things to be done are defined and clear, it becomes easy for the business to strategize them. At the same time, the team should also discuss the issues associated with them. In this way, they can devise solutions and overcome any present or potential challenges easier.
- Evaluate the market trends and conditions- Before the business puts the plan into action, it is prudent to analyze the current market trends and conditions. The implementation of the plan should be done at the proper time when the conditions are right. In some cases, the business might need to add some service or take the help of third-party services to accomplish goals. Re-positioning of staff and operations might be needed for the accomplishment of specific goals. Last but not least, the business should be ready and prepared for some complex changes arising from the incorporation of new plans.
As put by Michael Saltzstein strategic planning for expansion must be done so that it does not affect the company’s status quo with its stakeholders, customers, and employees. Once you have made the planned final, you will see shifts in your workflow, the company culture, and organization. The biggest advantage of such change is that despite getting a glimpse of your company; you will start to see areas that need improvement. In this way, you can focus on those areas and boost your business operations drastically!