Corporate strategy and business planning

Sure, strong sales and customer retention drive profit success. However, the increased sales and improved customer retention is a product of the business planning that occurs behind the scenes.

Corporate strategy and business planning

The lessons it offers to the aspiring entrepreneur are more important and practical than any business game I know. Chess is a complicated mental game modelled after war; the struggle to achieve victory is intense.

In developed countries, chess is given more support in recognition of the vast benefits people get from playing the game. I do believe that government investment in promoting chess is money well spent. Even without the business benefits, chess is a fascinating game that is loved by millions around the world.

In business, there are also competitors planning to take away your market. Many of the strategies and tactics used in chess are applicable to business situations. Below are just ten of the benefits a person acquires when playing this game: You learn to look ahead. Only those who can foresee several moves ahead can play a good game of chess.

Taking the effort to make a good forecast is critical to the success of any business. It teaches you the value of sacrifice.

corporate strategy and business planning

In chess, there are situations where you can sacrifice a piece to gain an advantage later on. This is similar to making investment decisions in business, where you spend on things like additional capacity with the belief that you can make a larger return later on.

It develops your memory. To be able to look ahead, you must learn how to memorize a large number of potential moves. Since memory is an essential element of thinking, it should be of help to enhance business decision making.

You learn the value of preparation. During the peak of my chess preparations, I was studying chess for fourteen hours a day for over two months to fight in a national tournament; but this was rewarded by many victories.

corporate strategy and business planning

You learn to be honorable. If you have completed the move, you can no longer take it back.

Corporate tax - Wikipedia

While in informal games this rule is often relaxed, it is strictly enforced in tournaments. Quarrels sometimes break out when somebody takes back a move that official watchers may not have noticed.

Although you may get away with it if there are no witnesses, you will quickly gain a notorious reputation that will eventually destroy your credibility.

This is also the case in business when you cheat your customers with false or exaggerated claims; word eventually gets around and your reputation will be hard to salvage. You learn the value of patience.

In chess, you need time to place your pieces in the proper position before you can attack effectively; a premature attack will backfire. This is very similar in business where you must patiently restrain yourself from making rash moves until everything is set.

You conduct market research and feasibility studies first before risking your capital. When making a move in chess, you must also anticipate the probable responses from your opponent because they are planning to defeat you. This idea of a thinking foe must be incorporated into the making of business plans.

In the real world, competitors would react to your moves so you must be prepared for the counter attack. You learn to think outside the box. Although chess has strict rules, the expert player knows how to use his creativity to come up with surprise moves to defeat the enemy.

An entrepreneur must come up with an innovative marketing campaign if he is to prevail against giant competitors.

You learn to play by the rules. Business, too, has its own rules that if violated may lead to severe penalties or even imprisonment. You acquire the discipline to focus your thinking for hours. Since chess demands hours of total concentration, it is a superb training to focus your mind.Lewis Business & Estate Planning, APC is a professional law firm dedicated to estate planning, tax planning, business planning, trust administration, and probate.

Corporate Strategy (Business Library) [H I Ansoff] on *FREE* shipping on qualifying offers. rare. business plans and marketing strategy free business planning and marketing tips, samples, examples and tools - how to write a business plan, techniques for writing a marketing strategy, strategic business plans and sales plans.

Strategic Planning (Business Toolkit)

Basic Approach to Strategic Planning. A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition. This is another excellent collection of essays from Harvard Business Review and the topic is Corporate Strategy.

8 essays in a little less than pages address various corporate strategies that can be useful if you are in a similar situation. Understand what strategy actually is and learn about more than 75 core strategy tools used by business leaders.

What is corporate strategic planning? definition and meaning -