Effective strategic planning, implementation and monitoring are key to organizational success

All executives must periodically take a step back and look at the full picture of their business. They should do that at least once a year. However, the fast pace of business or a lack of strategic planning experience can cause the process to fall by the wayside.  

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To address these needs in the language services market, which is made up of translation, localization, and interpreting companies, independent research firm Common Sense Advisory has published a report and a series of briefs that serve as a roadmap as they develop their 2014 plans. The report, “Strategic Planning for LSPs,” lays out a methodology that will allow for executives at language service providers to reach their objectives. Common Sense Advisory, which has studied the $34.7 billion language services market for more than 11 years, states that LSPs of all sizes will find the report useful. In particular, medium and large organizations will find it beneficial as they refine their analysis and planning or formalize their processes. The firm concludes that effective strategic planning, proper execution, and continual monitoring are key to an organization’s success, all components which are outlined in the report.   “However,” comments Tahar Bouhafs, CEO of Common Sense Advisory, “in our experience working closely with LSPs, we have found that many of them do not follow a formal planning process. We have purposely rolled out this series of strategic planning reports in October so that members of our research have the tools they need to succeed in 2014 and beyond.” Adds Hélène Pielmeier, Director of Industry Providers Service at Common Sense Advisory and report analyst, “True strategic planning is a disciplined process. It is a multi-step approach that defines the direction and strategy for the organization.” Specifically, the report includes:
  • The basics of strategic planning, from benefits to the processes to follow
  • Situation assessment guidelines, including how to develop a solid mission statement, perform a self-assessment from the over 60 metrics listed, and conduct a complete SWOT analysis
  • Strategic direction, including vision statements, defining objectives, identifying differentiators to exploit, vertical markets to pursue, and matching buyer profiles
  • Plan design to develop a strategy to translate the high-level plan into action items and budgets, including how to boost growth
  • Implementation and monitoring information to set your plan in motion and make in-flight adjustments
  • Concrete examples specific to the language services industry that make this a how-to-guide with actionable steps
The full report is available as part of the firm’s research membership. <link http: www.commonsenseadvisory.com>www.commonsenseadvisory.com
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