Simply doing quality work doesn't automatically result in earning strong profits. Most successful business owners would agree: creating, adhering to and updating a detailed business plan is essential for any company to survive — and ultimately, thrive.
"Strategic planning is critical because it forces you to look at the issues and opportunities facing your business, develop strategies that address them, and tie those choices into financial building blocks," says David Bernadino, chief client officer at Ammunition Agency
"In sports, for example, it's extremely difficult to win if you haven't first taken the time to develop a game plan," Bernadino continued. "The same is true if you want to 'win' in the home building industry."
Strategic business plans are certainly not one-size-fits-all, Bernadino said. Even similar companies in comparable markets can have very different goals and unique challenges.
There is a method to developing the right strategy, and it involves taking a systematic look at a business' primary challenges and opportunities, while also ensuring its key stakeholders are aligned and engaged throughout the process.
On Thursday, Bernadino will go into much greater detail on this subject when he presents "Planning for Results" at an education session during NAHB's Spring Leadership Meeting in Washington, D.C. Participants will learn best practices from top-tier organizations on developing a tailored business plan and how to quickly put them into practice.
Just prior to Bernadino's presentation, attendees can also learn about advancements in smart-home technologies and how these "connected" products are affecting the industry. The discussion, "A Connected Future," will be led by Grayling Love, product line manager at Eaton Corp
The two-part event is hosted by the NAHB Leading Suppliers Council
(LSC) and is open to all Spring Leadership attendees. This LSC Connections Meeting will take place in Salon 3 on the lobby level of the Marriott Wardman Park Hotel in Washington, D.C.
Love will present from 12:30-1:30 p.m., following by Bernadino from 1:30-2:30 p.m. For more information, contact Jackie Barnes