Riqueza for Financial
Consulting prepares financial plans for institutions. The strategic plan is
that set by the institution in order to determine how to reach the goals, which
is the process by which members of the board can determine the future directions
and the perception of the distant future to maximize profits .
About Strategic Plans
Concept of Strategic
Plan
Strategic planning is
the ability to predict, take advantage of available opportunities; and be
careful of threats related to internal and external environment of the
institution. It is a unified and integrated plan linking the competitive
advantages of the institution and the challenges it faces. It also represents
the decisions taken by the strategy planners to achieve goals.
Elements of strategic planning
1. To develop the
overall framework of the strategy.
2- To study external
environmental factors as well as internal administrative and regulatory factors and
to determine their strengths and weaknesses.
3. To develop
alternative strategies to achieve goals under existing circumstances.
4. To set and achieve
calendar programs.
5. To evaluate the
performance; and to review and evaluate these plans under existing
Circumstances
Outcomes of
the Strategic
Planning Process:
1- Long-term strategic plan (5-10 years).
2. Medium-term plan (3 years).
3. Short-term plan (annual).
To define future
objectives which are goals and
results to be achieved during a certain period of time and should be:
1. Compatible with the
organization's mission.
2. Measurable.
3. Achievable.
4 – set before previous
goals.
5- Not conflicting,
i.e.: clear and understandable.
6- Acceptable and
flexible.
7. Reflect priorities
for business.
The main areas
that define the goals are:
1. Promotion of the
institution locally, regionally and internationally.
2 - Evolution of the
officials performance in the institution.
3 - Evolution of the
employees performance in the institution.
4. Development of the
organization's systems.
Stages of strategic planning:
Stage 1: Preparation of Planning
1. To select the
planning team, to determine responsibilities and to distribute roles over the
teamwork.
2. To set time table
required to complete the draft plan.
3. To start collecting,
arranging and categorizing the required data.
4 - To study the
surrounding work conditions.
5. To ensure the Board's
involvement and commitment to the planning process.
Stage 2: Studying organizational culture of the
institution.
Stage 3: Definition of the institution vision, mission
and future goals with the active participation and direct supervision of senior
management.
Stage 4: Identification and selection of work plan and strategy.
Stage 5: Assessment of institutional performance by
studying, analyzing and evaluating current performance; strengths and
weaknesses,Opportunities of improvement and development as well as expected
risks for each of the main areas of work.
Stage 6: Compilation of plans of action.
Stage 7: Preparation of alternative scenarios and plans to be applied in emergencies
Stage 8: Implementation of Plans.
Stage 9: Follow-up of the implementation and evaluation
of achievement progress.