Corporate plans focus on improving processes and revenue generation by optimizing operations in order to make a company more effective and productive. After a process of analyzing a company’s internal and external environment, the corporate plan sets out actions, goals and plans needed to meet operational objectives. Ideally, the corporate plan helps a company’s operations merge onto a single track, syncing company-wide goals, reducing redundancies and clarifying larger corporate objectives.
While the corporate plan clearly defines the steps to meet larger objectives, it first sets out the company’s vision, including: its mission statement, driving vision, resources, strategies and of course, the objectives themselves. In other words, the corporate plan first sets out the big hairy goals, and then delineates how to get there.
After goals are determined and strategy have been created and implemented, the final mile of corporate planning is monitoring and evaluating performance to ensure that corporate goals are on track.