OUR THOUGHTS ON:

Schneider Downs Hosts Executive Roundtable on Strategic Planning

Business Advisors

By Richard McKenna

The challenges of strategic planning was the topic of the latest executive roundtable sponsored by Schneider Downs Business Advisors. Sixteen local business leaders met to discuss the various challenges faced while developing and implementing their strategic plan. The roundtable discussions covered a wide variety of topics and industries and provided insight into the various methodologies used to complete the strategic plan.

Several different industries were represented at the roundtable, and each participant shared ideas on strategies that worked and strategies that did not work. Everyone in the group agreed that strong leadership and a clear mission statement were essential to building an effective plan.

Based upon the discussions, the following items should be part of any strategic plan:

  • Market or economic analysis (product life cycles, competition etc.)
  • Internal analysis, your core competencies, R&D, product differentiators etc.
  • Tools: SWOT analysis, PEST analysis, Business Drivers analysis
  • A clear mission statement or vision statement 
  • Alignment with the supply chain strategy
  • Financial goals and metrics
  • Implementation teams with specific goals
  • Measureable key indicators and report to the team
  • Willingness to adjust the plan as needed

Although this list is not complete, it serves as a foundation for any organization to develop a strategic plan. The success of any organization depends in large part on how well it implements its strategic plan and how well the organization adapts to change.

If you would like additional information about the services provided by Schneider Downs, please contact Joel Rosenthal at 412-697-5387 or email him at jrosenthal@schneiderdowns.com.

Schneider Downs provides accountingtax, wealth management, technology and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH. 

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments