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- 1 Operating Budget vs. Activities Based Budget
- 2 What Are the Key Components to Competitive Success in Business?
- 3 Factors to Consider in Marketing
- 4 Corporate Development & Planning
Just-in-time strategic planning gives you the ability to come up with new and profitable ideas for your company while the marketplace is just right for them. The opposite means falling behind and instead of being known in your market as an early adopter your company may be known as a latecomer. There are several reasons to consider adopting just-in-time strategic planning in your organization.
Continuous vs. Just in Time
Continuous planning is typically set in stone. A plan may be drawn up on a yearly basis, or even less frequently, and the company sticks to it, no matter what changes may occur in the marketplace. This can lead to stagnancy in some industries. Just in time planning focuses more on keeping a finger on the pulse of the marketplace and adapting to take advantage of marketing trends while they are still viable and can benefit the company.
Potential Pitfalls
By failing to adopt a just-in-time strategic planning mechanism within a company, you can end up missing the boat and failing to meet or exceed sales goals. There is something to be said for the stability that continuous planning offers, but if provision is not made to allow for just-in-time strategic planning in association with continuous efforts, a company may not be able to take advantage of all of the opportunities available to it.
The Risks Involved
The main risk of just-in-time strategic planning is overestimating the popularity or effectiveness of a new market sector. Sinking too many company resources into efforts that fail to produce the desired result can lead to over-extension and lost money. It is necessary to balance marketing efforts and carefully consider the options afforded by just-in-time planning before sinking too many resources into this area. While there is risk in most industries, jumping too quickly or too far into a new marketing arena can have lasting and devastating consequences.
Business Planning Manual By Jorge Cuyugan Justin Jackson
Initiatives not Businesses
When carrying out just-in-time planning, it is important to focus on initiatives, rather than the business as a whole. A budget can be built for initiatives that come up, while the remainder of the budget is kept in place for continuous efforts. Set clear, simple goals in a new marketing venture. This makes it easier to see if these goals are achievable and the entire company is not put at risk.
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About the Author
Kate McFarlin is a licensed insurance agent with extensive experience in covering topics related to marketing, small business, personal finance and home improvement. She began her career as a Web designer and also specializes in audio/video mixing and design.
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