Corporate planning is a process used by businesses to map out a course of action that will result in revenue growth and increased profits.
Corporate Planning Program - Elements to be included
1. A vision statement
Vision statement define the objectives that will guide your internal decision making. A strong vision statement can help you maintain your business focus and give a sense of purpose to your business.
2. A mission statement
While a vision is often aspirational, a mission statement should outline how you will achieve your business plan. It should be short—one or two sentences—and clearly state what market(s) you intend to serve, the products or services you want to provide and what makes you unique.
3. Your company's resources and scope
Take an inventory of all your activities, programs, divisions, employees, tangible and intangible assets, finances and anything else that is relevant to your vision and mission. This should give you a clear picture of where you are and where you want to go.
4. A listing of corporate objectives
State your corporate objectives along with how these objectives will be measured. In this way, your corporate plan will let employees and other stakeholders know where your company is heading and what needs to be done.
5. A listing of strategies to reach those objectives
List your strategies—such as developing new products or entering new markets—as well as the tactics you will use to get there.
Corporate Planning Program - Types of Plans
1. Strategic plan - sets out the overall direction for the business in broad scope;
2. Business plan – the actions that a business will take to compete;
3. Operational plan – Details how the overall objectives are to be achieved – Specifies what senior management expects from specific departments or functions.
Corporate Planning Program -Types of Planning
1. Top Down Corporate Planning.
• Decisions taken at the top.
• Lower level managers have little input.
• Plans are passed down the line for implementation.
• Planners are able to focus on strategic issues but can be divorced from the detail.
2. Bottom Up Planning.
• Involves all levels of managers and others.
• Ensures all are involved and all issues considered.
• Functional managers able to suggest and evaluate plans.
• A danger of having too narrow a perspective without seeing big pictures.
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