Effective strategic planning is the first step to success of any company. Strategic planning is the managerial process of creating and maintaining a fit between the organization’s objectives, resources and the evolving market opportunities (Stevens, 2006). There are different resources, such as materials, machines, human resources and even time. Therefore, it is important to underline that sometimes they can significantly limit opportunities of any organization.
First of all, most organizations rely on physical resources. Physical resources and technologies always define company’s success. For that reason never underestimate the opportunity to renovate technologies. For example, the company who is technically equipped will always be a leader on the market. Financial resources also play a major role in company’s ability to acquire these new technologies. That is why, financial stability is the core components for any prosperous organization.
However, there are also resources that do not require large capital to be involved. For instance, many countries rely on their natural resources, such as oil or water. For example, petroleum has created huge amounts of wealth for oil-producing countries such as Norway and Saudi Arabia (Lamb, 2010). In addition, marketing resources are also important for any company nowadays. The main reason it is that in order to attract customers it is necessary to advertise all products. Many firms who were successful in the industrial market have failed in the consumer market because of the lack of knowledge in dealing with those markets (Stevens, 2006).
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All in all, there are many diverse resources that define the company’s ability to pursue opportunities for its further development. In order to gain advantage of these resources managers should always be professional and willing to risk. Moreover, it is of high importance to preserve natural resources as well as to acquire financial resources, as they are the factors that will make the company lucrative. Taking everything into account, strategic planning should pay a lot of attention to the resources the company use.