Product code: FMAFE85
Format: MP4
Length: 52 minutes
Date of Original Broadcast: November 12, 2021
Regardless of the size of your manufacturing operation, strategic planning is an important aspect of any business.
Strategic planning is simply the process of documenting and establishing a direction for your business for the future. Strategic planning asks the important questions: who are you? Where do you want to be at the end of the year? Five years? Twenty years? Without having a clear direction, you will not be able to make the decisions necessary to achieve your goals. By assessing where you are and where you are going, you will be able to establish clear direction and write a long-term plan for your business. This plan will help you to properly allocate resources. For instance, you will know whether you should hire more welders, purchase a faster fiber laser, replace your 20-year-old press brake, purchase new ERP software, or purchase automation.