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Successful businesses do not just come along out of nowhere. Obviously there is such a thing as being in the right place at the right time, but in general, there is someone with vision and drive at the wheel. Think about the companies that have around a very long time. What sets them apart from all the others that start with the same hope of success, last a few years, and then fade away like a tumbleweed on the Nevada desert? For a company to prosper, there must be flexible and insightful individuals at the helm in order to weather the storms of the market and changing financial climates.

The key difference is strategic planning. Managers and executives must have the capability to focus all aspects of their company on precise goals and challenges, be it the direction of research and development or taking advantage of rapidly moving technological advances.

Making a profit, looking for growth opportunities, and providing direction should always be at the forefront. In today’s crowded market, the successful executive has to be able to evaluate company strengths and weaknesses, fully fostering the areas where the company excels and cutting out weaknesses.

Knowing your niche in the market is important for placing the highest value to your customers on what your company has to offer. Having that insight facilitates innovative strategic planning. Intentionally focusing on your company’s place in the marketplace helps you to better analyze the competition, to efficiently develop new products and to get them to market in good time while pruning products that have had their day.

Any manager or executive would benefit from a course in strategic planning. No matter what company or industry you represent, big or little, putting innovative strategies to work in planning and executing your business will give you a competitive edge. This is not the economic climate to let things happen by chance. If you want to survive and grow, you have to have clear direction.