As a business owner, the time required to stay on top of your company’s historical and current financial information and operational issues often takes precedence over long-term strategic planning. Strategic planning is an important element of running a business. You need to know how your company’s financial and operational metrics compare to the industry and what action steps could be taken to improve key areas and enhance value. You want to consider whether you want to grow the company organically or through acquisition, and what financial or other resources are needed to pursue your goal. During the strategic planning process, a number of critical questions are raised, for example:
- Are key members of management close to retirement?
- Does the company have a succession plan in place in the event that there is turnover in the leadership of the company?
- When was the last time your company documented a business plan defining your business and outlining goals through expected financial components and operational objectives?
ORBA’s knowledge of the manufacturing industry and depth of resources allow us to assist you in evaluating strategies, brainstorming ideas and articulating a business plan with appropriate financial projections. At ORBA, our goal is to develop long-term, hands-on relationships with our clients that include the development, implementation and periodic updating of strategic plans.