Future expansion and development depend on entrepreneurs making a fundamental transformation in their attitudes and ways of thinking. They need to focus on strategic planning to surge more business development of their business. It is the change from having direct engagement in all business operations to having a position and mindset that reflect more senior leadership responsibility. As a responsibility of an entrepreneur, it is necessary to delegate operational activities to his staff and managers in order to concentrate on strategic planning for the business growth.
The cultural change
The entrepreneur can implement the necessary culture change to boost performance by going through the different phases of the process of planning shown in the following Illustration. And pay attention to the direction in which the business is going.
Following this procedure doesn’t mean losing all interaction with the business’s operational side by the entrepreneur. Instead, it should be viewed as a drive to help regulate staff and management resources in order to enhance the business’s tactical and operational performance.
Three levels of strategic planning
Now that the necessity for a culture change has been established, where do the business development performances fit into the picture? How could entrepreneurs reinvent themselves as strategic thinkers? A successful entrepreneur of a small firm should be able to meet their own defined performance benchmarks consistently and on a regular basis. An entrepreneur needs to use systems of good practise at the operational, tactical, and strategic levels of the company while accomplishing their own performance benchmarks.
The diagram below depicts the division of strategic planning into those three levels.
Business development framework
The three level can serve as the foundation for a wide range of development activities, both official and informal, in addition to providing the framework for business development. The entrepreneur can use these three as a framework to regularly evaluate and monitor the operational, tactical, and strategic performance of his or her business.
You may like to read other articles here for better understanding business development concepts.
