Operational excellence entails creating strategic plans that ensure business success.
Strategic planning is essential for any company, big or small as it allows for pivoting for the betterment of the company. This involves a lot of reviewing and analyzing which includes but is not limited to SWOT Analysis. SWOT Analysis means recognizing the internal strengths and weaknesses and external threats and opportunities of the company.
During strategic planning, many business leaders tend to focus on the weaknesses of the company without realizing that the company also holds a competitive advantage. Business leaders should take time to pay attention to strengths as well as threats to be able to get the whole picture at hand.
Strategic planning allows for the “good health” of the company and one of the best practices to employ is taking time to look at the unexpected threats, opportunities, or challenges you might have faced during a certain period before your review. When planning, it is important to take note of what you might have missed and note the areas of improvement. Also, identify the areas you improved on as a company and what became strengths instead of liabilities. In doing so, you will be able to know the direction you need to move toward.
As we accomplish the assignments we have been given, our work becomes our worship and service to God. It is imperative that, when doing strategic planning, we ask the Holy Spirit to fill our vulnerabilities, guide us in our next steps, and create a vision.
Business leaders should commit to quarterly or annual SWOT analyses to allow for pivoting and change, so they can seize opportunities when they arise. They should bring the team in on strategic planning meetings, and they should follow up to ensure improvements have been made.