The challenge planning process

The problem that so many businesses face with strategic planning is not so much getting a plan down on paper, it's making sure that it's the right plan and it gets implemented. With the best will in the world, reality intervenes and new challenges and opportunities arise. All too often the strategic plan sits on a shelf gathering dust and is soon out of date.

Our Challenge Planning process ensures the right plan is developed and it stays off the shelf. The plan is put into action by anticipating the challenges ahead and equipping growing companies with the skills, the tactics and the confidence they need to stay on track. Challenge Planning doesn't end when the strategic plan is written, in fact, that's just the start. At PricewaterhouseCoopers we believe the key to really helping growing companies is to be there with them for the long haul.

Challenge planning begins with a process of investigation designed to clarify thinking, pinpoint opportunities, and find your weak points before they find you.

Before we can help you find the answers we help you to identify the questions, for example:

  • where do you want to be in five years time?
  • what are the options available to you to achieve your vision?
  • what are the most appropriate action plans to ensure that your vision is realised?
  • what would be the most appropriate relationships with potential partners?
  • how are you going to manage and fund growth?
  • what is the most appropriate trading/ownership structure for you and what will be the governance and administration requirements?
  • what risks will you face, and how can these be effectively managed?
All companies face challenges, but the key to success is how to anticipate, identify and manage them. PricewaterhouseCoopers Challenge Planning process is our way of helping you do this.

Formal planning is critical to maximising a business’ performance and potential. The benefits include:
  • helps owners/managers to focus on the business as a whole, rather than getting bogged down in day-to-day issues
  • sets achievable and measurable objectives
  • provides a “road map” to follow
  • provides accountability for performance
  • provides a framework for determining priorities and allocating resources
  • helps owners/managers protect current business and identify opportunities at the same time
  • provides a platform for presenting the business to other parties (eg funding parties or potential investors)
  • helps owners/managers to be pro-active in relation to the company's future.
Challenge Planning is a three stage process :

Stage 1 : Pre-Planning - “Where are we now?”
Together, we review past and current performance and the present business position. Here we focus on identifying areas of competitive advantage, the business’ profitability and potential, and on tracking the interdependencies between the various parts of the business. Our Enable capability assessment tool could be used to flush out any performance improvement issues.

Stage 2 : Strategic Planning – “Where do we want to go?”
Strategic planning focuses on what your company should do rather than how . All the energy, drive and determination in the world will never compensate for an inappropriate strategy. Without effective strategies businesses are likely to fail. We determine the following:
  • owner / personal objectives
  • company objectives
  • company vision and philosophy
  • mission or statement of purpose
  • definition of key issues and critical success factors, and their priority
  • identification of core strategies for capitalising on competitive advantage.
    This is the most important stage in the business planning process and is developed primarily through workshops with you and any staff you may want to include.

Stage 3 : Operational / Tactical Planning – “How do we get there?”
We expand on the key strategies determined above and create detailed action plans. Action plans assign responsibility for various tasks, specify what the outcomes should be and set appropriate time frames and priorities. Budget projections and financial models can also be developed.

This stage of planning is critical to maximising a company's performance and potential. At PricewaterhouseCoopers, we don’t believe that the planning process ends once the strategic plan has made it to print – in fact, that’s just the beginning. The real key to maximising your company’s potential is turning your strategies into action – and we will be as involved as much as you want, to help keep you on track.