One of the key differences between these two types of companies is the presence of a formal Strategic Plan that is guided by a clear vision of where the company is going — and how it can continuously make improvements along the way. While every company is unique, we’ve identified six key factors that can impact the success of any strategic plan.
Strategic planning isn’t just a buzzword—it’s where the future you hope for and what you value as most important are met with a plan to make it a reality.
Having a formal strategic plan in place can help you avoid this common pitfall, and help keep you on track to achieve your future goals – whether they be short, mid or long term.
The construction industry is cyclical, and cycles tend to follow a predictable pattern. First, boom times lead to expansion. Next, expansion reaches a peak. This inevitably is followed by a contraction, which in turn is followed by a bottoming out.
When day-to-day business is booming, it’s easy to let other areas of business take a back seat. A sound strategic plan will help you keep a focus on key action items that will help you function more efficiently and profitably today — and move your company closer to its long-term vision.
While rapid growth can create a welcome spike in revenues, it can also have undesired effects. These include a host of unforeseen problems that impact risk, exposure, profitability, employee turnover, cash flow and long-term business objectives.
When it comes to sustaining or growing a business today, the status quo isn’t good enough anymore. We are in exponential times where the change around us is no longer incremental and we must anticipate the opportunities and challenges facing us in the future.
Exponential times have raised the bar for us to sustain business growth today. We are experiencing fast-moving change in so many facets of our businesses. Incremental thinking will only put us further behind so an effective strategic plan must be a priority.
Good preparation is crucial to good strategic planning – but you can’t finish without a robust strategic implementation program
While 2020 and 2021 brought about unprecedented high sales for many quick-serve/fast casual concepts, 2022 has brought unprecedented lows. With bills to pay, loan covenants to meet and employees to retain, the pressure is mounting and where do you start? Acknowledging times are tough is the first step.
INSIDE Public Accounting has ranked HORNE the fastest-growing firm in the U.S. for 2021 based on organic growth.
Engineering News-Record ranked HORNE as one of the top 50 professional services firms in the country in two areas of program management.
While the COVID-19 situation has been a disruptor to many industries, restaurants have the ability to weather this pandemic by adopting a few best practices.
“That won’t ever happen.” That is what I told my father-in-law, Ralph, every time he wanted to discuss what I should do if he were to pass away before his father did.
Statistics indicate baby boomers account for more than 50% of the construction industry. That means half of owners, along with their skills and knowledge, are headed towards retirement. Even more alarming is only half of those owners have a succession plan. If your company faces a disruption or change in ownership it reduces its chance of survival to only a small percentage. Even owners who don’t have an immediate retirement on the horizon need to have a plan.
Tara Chrisco is the director of people & organization development at HORNE. She is responsible for team member talent and potential over the entire worker life cycle – including talent acquisition, onboarding, learning, coaching and organization development. She also works with organizations that want to accelerate the growth of their workforce and business results.
Bruce Walt is a partner at HORNE where he leads business development for business strategy, data and technology, learning and development, marketing, and process transformation solutions.