This document provides guidance on developing a business plan through analyzing past performance, current situation, and future goals. It outlines conducting a SWOT analysis and PLEST analysis to evaluate strengths, weaknesses, opportunities, threats, political, legislative, economic, social, competitive, and technological factors. Based on these analyses, the plan recommends determining objectives that are specific, measurable, achievable, realistic, and timed. Key strategies with accompanying tactics and timeframes should then be created to achieve the objectives. Following the outlined strategies, tactics, and schedules will result in an action plan that ensures the objectives are met if properly executed.
4. Analysis of Past Performance
• Was revenue up or down on last year?
– Why? Why not?
• Did you run any promotions last year?
– Did they work? Why? Why not?
• Did you do anything differently last year?
– What was it? Did it work? Why? Why not?
• Did you introduce new products or services?
– Did they sell? Why? Why not?
….these are just some of the questions you
should be able to answer….
5. Current Situation
This refers to the business environment in which
you are currently operating.
SWOT Analysis PLESCT Analysis
6. SWOT Analysis
STRENGTHS
What are the things
you do well and what
are your strong
points?
WEAKNESSES
What areas can you
improve on, where are
your weak point?
OPPORTUNITIES
What is going on
around you that you
can take advantage
of?
THREATS
What things can
stop you from
reaching your goals?
7. PLESCT Analysis
• Political – what is the current political climate like and how will it
affect your business?
• Legislative – are there any new or changed regulations that you
have to comply with?
• Economic – what is the current economic climate and how will it
affect your business?
• Social – what are the current social trends and how will they affect
your business?
• Competitors – what are your competitors doing and how will this
affect your business?
• Technology – how will current technological trends aid / or inhibit
your plans?
8. OBJECTIVE
Based on your analysis of your
PAST PERFORMANCE
and your
SWOT and PLEST Analysis
you should be able to draw conclusions and
determine your objective for the next 12
months
9. OBJECTIVE:
Increase revenue by 15% on last year
Objectives should be
SMART:
•Specific
•Measurable
•Achievable
•Realistic
•Timed
11. OBJECTIVE:
Increase Revenue by 15% over last year
• Key Strategy 1: Introduce online
shopping facility by end of financial
year
• Key Strategy 2: Reduce expenses by
8%
• Key Strategy 3: Increase customer
database by 20%
13. Key Strategy 1:
Introduce online shopping facility by end of financial year
• Tactic 1: Research online website developers
– Must offer end to end service
– Set up service agreement
• Tactic 2: Select product range to be sold online
– Determine quantity to be held in stock
– Determine shipping methods
• Tactic 3: Setup electronic payment system
…. and so on….
14. Timing
Each strategy and tactic must have a time frame
and schedule to ensure that each step is
accomplished on time an to the required
standard
15. Timeframes & Schedules
Tactic Action required By whom Timing
1. Research
online website
developers
Develop brief for online
shopping website content
and image
Josh 05 June
Choose 3 best website
developers found and set
up meetings
Wendy 15 June
Meet with developers to
discuss options, pricing and
contract
Josh and Wendy 20 June
Choose best option and
set up contracts and
schedules for development
Josh and Wendy 25 June
16. Action Plan
Your key strategies, tactics and time frames
should result in an action plan that, if
followed, will ensure that your objective is
achieved