Top 3 Strategic Business Planning Considerations for 2018

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Business strategic planning is not a one-off practice that companies can engage in when they first start a new company. It is an ongoing and evolving process that adapts to changing conditions. As such, a company's strategic plans for 2018 should be somewhat different than 2017 plans. They will be drastically different in some cases.

This year promises to be a year of plenty of change in the UK. Between our own geopolitical situation and the rising tide of nationalism throughout the world, it will take a well-developed and equally well-executed strategic plan to finish the year on target. To that end, what I believe to be the top three strategic business planning considerations for 2018 are explained below.

1. Corporate Cash Investments

Cash flow is always a concern in strategic planning. This year could be challenging to some businesses given both US tax reform and our ongoing Brexit negotiations. In short, there may be less cash to invest in 2018. That means careful decisions need to be made regarding where cash is invested.

Public companies have to be especially diligent so as to not make decisions that negatively impact returns. If returns fall significantly, investors will pull out. That will leave companies with less cash to work with. Decisions have to be made with both investors and overall company health in mind.

2. Business Vulnerabilities

Every company, regardless of its size and the sector it is involved in, has certain vulnerabilities. A top three goal for 2018 strategic business planning is to further identify said vulnerabilities in order to shore them up. No, it is not possible to eliminate all vulnerabilities associated with business. But it is possible to limit both risk and potential impact.

Executive management would do well to devote what is left of the first quarter of 2018 to analysing vulnerabilities. Then they should move directly into strategic planning to mitigate the risks of whatever vulnerabilities they find. The point is to limit the company's exposure as we work our way through what could be an up-and-down year.

3. Internet Strategies

Last on the list of the top three business strategic planning considerations are the internet strategies companies engage in. The fact of the matter is that the internet is changing rapidly. Between the global focus on fake news, the fast-changing environment of social media and the ability of companies to use the internet to disadvantage competitors, developing sound internet strategies for 2018 is imperative.

Continuing on as though the internet is an unchanging entity is a fool’s errand. Indeed, internet strategies should be part of every strategic planning session a company engages in. The world runs on the internet; companies have to stay ahead of it in order to move forward.

If your company could use a boost in its strategic business planning for 2018, please reach out to me. I can help you make sense of what's coming this year. You can succeed regardless of any obstacle in the way.

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Author: Peter Smith

Hello I am Peter and I have been helping business owners of small and medium businesses since 2005. If you are a business owner or CEO that would like things to be better in your business then ...