Environmental Analysis is described as the process which examines all the components, internal or external, that has an influence on the performance of the organization.
Strategic management is the management of an organization’s resources to achieve its goals and objectives.
Environmental Analysis is described as the process which examines all the components, internal or external, that has an influence on the performance of the organization.
Strategic management is the management of an organization’s resources to achieve its goals and objectives.
overview on when to use environmental analysis; Assessment of the Internal factors of PANELCO III (management audit, functional departmental areas; organizational core values and illustration of S-W
This presentation is on Environment Scanning In Strategic management
It includes -
Introduction
Need for Environment Scanning
Appraisal of external environment
Dynamics of internal environment
Porter’s Five forces model
BCG Matrix
Porter's Generic Strategies
Value Chain analysis
Types of Adaptive strategies
This ppt contains definition of environmental analysis and its limitaions.
If you are focusing on finding Limitations of environmental analysis then this is perfect for you all.
Short review of HBR's "How Strategy Shapes Structure" will introduce you to two main business strategies and help you choosing the right strategy for your business.
A Presentation on Strategies and Policies (Operation Research)FellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
STRATEGY FORMULATION: DATA SYNTHESIS, ENVIRONMENTAL SCANNING AND SWOT ANALYSISTANKO AHMED fwc
The keen faculty of strategy tends to extract and refine tidings by careful survey of situations and assessment before initial or next moves. This paper discusses strategy formulation and correlates its elements of data synthesis, environmental scanning and SWOT analysis. The assemblage of these constituents of strategy formulation presents challenges of solving a jigsaw puzzle for organizational leadership. Theories of strategy or theories of action, within the context of organizational theories generally contain basic assumptions. These theories propose what to look for, what steps to take and what to expect by organizational leadership. Literature on strategy formulation promotes the trio of environmental scanning, data synthesis and SWOT analysis as tool-kit items for strategy formulation. The paper describes and explains the workings of these three components and draw conclusions on their foundational value in the strategic management process. A simulation exercise is designed for senior executives to practice on the application of strategy formulation in real world situations.
overview on when to use environmental analysis; Assessment of the Internal factors of PANELCO III (management audit, functional departmental areas; organizational core values and illustration of S-W
This presentation is on Environment Scanning In Strategic management
It includes -
Introduction
Need for Environment Scanning
Appraisal of external environment
Dynamics of internal environment
Porter’s Five forces model
BCG Matrix
Porter's Generic Strategies
Value Chain analysis
Types of Adaptive strategies
This ppt contains definition of environmental analysis and its limitaions.
If you are focusing on finding Limitations of environmental analysis then this is perfect for you all.
Short review of HBR's "How Strategy Shapes Structure" will introduce you to two main business strategies and help you choosing the right strategy for your business.
A Presentation on Strategies and Policies (Operation Research)FellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
STRATEGY FORMULATION: DATA SYNTHESIS, ENVIRONMENTAL SCANNING AND SWOT ANALYSISTANKO AHMED fwc
The keen faculty of strategy tends to extract and refine tidings by careful survey of situations and assessment before initial or next moves. This paper discusses strategy formulation and correlates its elements of data synthesis, environmental scanning and SWOT analysis. The assemblage of these constituents of strategy formulation presents challenges of solving a jigsaw puzzle for organizational leadership. Theories of strategy or theories of action, within the context of organizational theories generally contain basic assumptions. These theories propose what to look for, what steps to take and what to expect by organizational leadership. Literature on strategy formulation promotes the trio of environmental scanning, data synthesis and SWOT analysis as tool-kit items for strategy formulation. The paper describes and explains the workings of these three components and draw conclusions on their foundational value in the strategic management process. A simulation exercise is designed for senior executives to practice on the application of strategy formulation in real world situations.
The Importance of Developing a Strong Business Strategy.docxMARKEF
Every business has natural weaknesses within all organizations for various reasons. What a business strategy does is try to remedy these weaknesses so that companies don’t trip up and suffer their impact too greatly. The strategy helps us define our business, gives it a set of values, and gives it purpose and provides a roadmap for our business, shows us our destination, and identifies useful stopping points along the way.
A business strategy refers to all the decisions taken, and actions undertaken by a business for achieving the larger vision. Precisely, it is the backbone of every business, and any shortcomings could mean that the business goals get lost midway.
Business PlanOWNERSYour Business NameAddress Line 1Add.docxhumphrieskalyn
Business Plan
OWNERS
Your Business Name
Address Line 1
Address Line 2
City, ST ZIP Code
Telephone
Fax
E‐Mail
Table of Contents
Executive Summary ............................................................................................ Section 0.
General Company Description ......................................................................... Section. 1.
Products and Services......................................................................................... Section. 2.
Operational Plan .................................................................................................. Section. 3.
Management and Organization ......................................................................... Section. 4.
Marketing Plan ..................................................................................................... Section. 5.
Personal Financial Statement ............................................................................ Section. 6.
Startup Expenses and Capitalization ................................................................ Section. 7.
Financial Plan ....................................................................................................... Section. 8.
Appendices ........................................................................................................... TBD
Refining the Plan .................................................................................................. TBD
Executive Summary
Write this section last.
We suggest that you make it two pages or fewer.
Include everything that you would cover in a five‐minute interview.
Explain the fundamentals of the proposed business: What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry?
Make it enthusiastic, professional, complete, and concise.
If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment.
PLEASE NOTE: Be sure to label each section AND subsection. 3.0, 3.1, 3.2, etc..
Example: 3.1 Mission Statement (see below). Follow this type of pattern throughout the entire document.
SECTION 1
General Company Description
3.0 Description: What business will you be in? What will you do?
3.1 Mission Statement: Many companies have a brief mission statement, usually in 30 words or fewer, explaining their reason for being and their guiding principles.
1. Vision Statement:
2. Positioning Statement
3. Brand Promise
4. Mantra
Company Goals and Objectives: Goals are destinations—where you want your business to be. Objectives are progress markers along the way to goal achievement. For example, a goal might be to have a healthy, successful company that is a leader in customer service and that has a loyal customer following. Objectives might be annual sales targets and some specific measures of ...
Question 1 Which of the following is NOT one of the three main.docxaudeleypearl
Question 1
Which of the following is NOT one of the three main elements of radical design?
Changes to existing process
Training
Measuring the results using the predetermined metrics
A vision of which specific performance metrics will best reflect the success of overall business strategy
Question 2
Differentiation can best be described as:
Results when an organization has the lowest cost.
The organization has identified itself as unique in the marketplace.
The difference between price and cost.
Value of the product and the actual cost to provide or produce.
Question 3
Which of the following is NOT a common risk of offshoring?
Long transition periods that decrease the cost of savings
Additional technology, telecommunications, travel, process changes, and management overhead required in order to relocate and supervise operations outside one’s own country
Increase labor costs
Geopolitical unrest (war and crime)
Question 4
Identify the 3 Organization Structures:
Formal, Informal, Open
Deductive, Inductive, Conductive
Hierarchical, Flat, Matrix
Open, Hierarchical, Formal
Question 5
Radically changing a business is not easy task. Research done to determine why companies failed to reach their goals reveal some of the more common reasons include:
Lack of training
Introducing unnecessary complexity into the new process design
Lack of a coherent communications program
all of these
Question 6
Which of the following is NOT a support activity in the value chain of a firm?
Human Resources
Purchasing
Service
Technology
Question 7
As the Manager of a new work group you are to explain the dynamics of System Hierarchy. Explain the 3 levels of the hierarchy along with the function and value of the different components. Finally, how do these components build upon each other and with each other.
H
essay-ans-_17933
Question 8
Enterprise systems address knowledge capture and use across many functions of an organization. Identify three different types of enterprise systems that solve common business strategy needs. Briefly describe the logistical flow of information through that system. Use the kind of description that you would use with a client while have lunch or dinner with them.
Question 9
Explain designing a framework for getting work done? Your answer should be approximately 2 or 3 paragraphs (300 words). Please clearly state the necessary components and explain how they work in developing an effective framework. Please cite a minimum of 2 resources including material external to the course.
Question 10
Select a company of your choice and explain their approach to the three primary strategies for achieving a competitive advantage according to Michael Porter. Your answer should be a minimum of 200 words and cite all resources.
Page 28 of 28
Page 27 of 27Business Plan for a Startup Business
The business plan consists of a narrative and several financial works ...
Introduction to EntrepreneurshipPage 21 of 27Business Plan for aTatianaMajor22
Introduction to Entrepreneurship
Page 21 of 27Business Plan for a Startup Business
Due Date * Plan & Presentation Week #15
The business plan consists of a narrative and several financial worksheets. The narrative template is the body of the business plan. It contains more than 150 questions divided into several sections. Work through the sections in any order that you want, except for the Executive Summary, which should be done last. Skip any questions that do not apply to your type of business. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of the business plan. Then you’ll want to edit them into a smooth-flowing narrative.
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.
This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances. Before you begin, review the section titled Refining the Plan, found at the end. It suggests emphasizing certain areas depending upon your type of business (manufacturing, retail, service, etc.). It also has tips for fine-tuning your plan to make an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style. You will be judged by the quality and appearance of your work as well as by your ideas.
It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly. Those who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.
Business PlanOWNERS
Your Business Name
Street Address
Address 2
City, ST ZIP Code
Telephone
Fax
E-Mail
Table of Contents
I.Table of Contents3
II.Executive Summary4
III.General Company Description5
IV.Products and Services6
V.Marketing Plan7
VI.Operational Plan15
VII.Management and Organization19
VIII.Personal Financial Statement20
IX.Startup Expenses and Capitalization21
X.Financial Plan22
XI.Appendices25
XII.Refining the Plan26
Executive Summary
Write this section last.
We suggest that you make it two pages or fewer.
Include everything that you would cover in a five-minute interview.
Explain the fundamentals of the proposed business: What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry?
Make it enthusiastic, professional, complete, and concise.
If app ...
The journey from random to strategic business development activities/strategies starts with the understanding of your peculiar Business Development Space and the possibilities therein. This presentation is the first in a series. It enables you evaluate your Business Development Space and what you can do with it.
Social business or social enterprise needs careful planning. This slide series was developed and presented for the Social Business Launch Pad seminars by William P. Kittredge, PhD. The Social Business Launch Pad is a joint education seminar series co-sponsored by the Yunus Center at AIT and the Thai Social Enterprise Office http://www.tseo.or.th/
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
LA HUG - Video Testimonials with Chynna Morgan - June 2024
18. Why A Strategic Plan
1. Why a Strategic Plan?
Why should you as an entrepreneur spend many hours of your scarce time developing a written
strategic plan? After all, you have a vision for your company and your plan is in your head.
One good reason is to ensure that someone else can pick up the ball and run with it if something
happens to you. But even with you in the picture, you should develop a written strategic business plan
for the following reasons:
1. The discipline of putting your plan in writing will force you to think through every aspect of
our business, thereby enabling you to identify and clarify obstacles and opportunities,
determine areas in which you need professional help, set goals, and refine strategies and
tactics.
2. Communicating your vision to your associates is essential for them to make meaningful
contributions to the business.
3. Few lenders or investors will give you money unless you have a comprehensive written
business plan.
Your business cannot remain static and survive; it must continue to grow or begin to atrophy and
eventually die. In today's ever-changing business environment, a long-range strategic plan is
essential to ensure continuing growth and survival.
Writing Your Strategic Plan
You should start by designing an outline to fit the needs of your company; then research and write the
plan section by section. You cannot delegate this project. As the CEO, you must be actively involved
in the process. Only you, the entrepreneur, have the knowledge and vision necessary to develop a
meaningful plan for your company. Yet you need objective input from others who are not as close to
the business as you.
Strategic Plan Outline
1.0 THE COMPANY
1.1 Company Mission
The first step in strategic planning is to develop a concise a mission statement for your company.
Your mission statement should not be limited to what your company is doing today, but should also
include a vision of where the company is going in the future. It must also be based on the utilization of
what Peter Drucker calls your company's quot;knowledge excellenciesquot;. Your mission statement should
reflect the following:
1. The vision of the CEO of your company
2. Your company's unique strengths and expertise
3. Your company's corporate culture
4. Your company's unique selling proposition
5. The type of product(s) and/or service(s) provided by your Company
1.2 History & Personnel
For the benefit of investors, bankers and newer associates, you should provide a concise overview of
the history of your company. Describe the founding purpose and all key milestones and
achievements, including dates. Provide growth trends and historical financial statements. Identify key
suppliers and any strategic partners. Also provide brief biographies of all managers and key
employees.
1.3 Situational Analysis
2. A written analysis will help you to clarify your company's situation and develop appropriate strategies.
A good method is a quot;SWOT” analysis to identify your company's Strengths, Weaknesses,
Opportunities and Threats. Strengths and weaknesses are internal factors. Opportunities and threats
are external factors. Obviously, we have more control over internal factors than external factors. Yet
we must be aware of the external factors in order to develop effective strategies. Strengths can
usually be translated into opportunities. Opportunities to eliminate or counter weaknesses also exist.
Weaknesses and threats can sometimes be turned into opportunities. Each item listed should be
explained in writing for the benefit of all interested parties. Your SWOT analysis should be tailored to
your unique situation.
1.4 SWOT Analysis
Identify all internal Strengths and Weaknesses and all external Opportunities and Threats.
1.5 Market Research
Effective planning requires detailed information about your prospective clients, the competition, the
industry, and the environment. Without good information, you are quot;shooting in the darkquot;. By knowing
your market, you will be able to create marketing programs that produce results. You need at least the
following information:
1. Demographic profiles and statistics on your existing and prospective clients
2. Your existing and prospective clients' needs and wants,
3. Identities of your competitors, knowledge of their strengths, weaknesses, and strategies,
4. Economic, political, regulatory and technology factors affecting the tax industry.
1.6 Marketing Goals
Once you've completed your SWOT analysis and researched the competition and your target clients,
your opportunities should be clear and you can then determine the goals you wish to pursue. Your
goals should be stated in measurable terms so you will be able to determine the degree to which they
are achieved. Goals should also be prioritized and categorized as short-term and long-term
objectives.
2.0 SERVICE-PRODUCT DEVELOPMENT
2.1 Trade Names
If you operate under a trade name (a name other than your own legal name), you should consider the
laws regarding trademarks and service marks. Many entrepreneurs have spent a great deal of time
and money creating awareness of a trade name only to learn too late that someone else has the prior
legal right to use that name. You can hire a service to conduct a search to be sure the name you are
considering is not already being used. A trademark service or a trademark and patent attorney can
assist with your application to your country’s patent office
2.2 Services & Products
What will you offer? If you will be offering products, how will your supply chain map out? Can you trust
you suppliers? Have you built good relationships with them?
2.3 Delivery Systems and Capacity
Well conceived and fully developed operating systems are essential to deliver competitive products
and services. Such systems include policy & procedure manuals, operating software, computer
networking systems and management information systems, all employing state-of-the-art technology.
Delivery capability should also be described in detail. Who will manage and administer the business
and what are their qualifications and credentials? How many people will be needed to perform the
day-to-day operating tasks; what qualifications will be required? And how will these people be
recruited? Facilities and equipment (including offices, work stations, work processing and
administration areas) must also be described. Finally, equipment (computers, furnishings, fixtures,
signs, etc.) should be discussed.
2.3 Pricing
Pricing is a very crucial decision which will greatly affect your business success. Ultimately, your
prospective customer will decide if your price is fair based on his perceived value of your products and
3. services relative to all available options. You should determine which competitors provide services
comparable to yours and find out what they charge. Your prices don't have to be cheaper than every
competitor, but you must be competitive and deliver greater value. Ideally, you will set your prices at
the level that will yield the highest possible gross profit. That is the price at which you will realize the
largest amount of money after paying wages and other variable costs. Because demand for your
services will go down as your price increases above a certain (unknown) level, a lower price might
generate a higher gross profit.
2.4 Suppliers of Critical Elements
You should also identify your anticipated supply vendors, software & system licensors, service
suppliers, government agencies, etc. who will be needed to support your business.
3.0 MARKETING PLAN
3.1 Marketing Strategies & Tactics
To develop a good strategic plan it is important for you to clearly distinguish between strategies and
tactics. A strategy is a broad method of attaining or helping to achieve a goal. For example, if one of
your goals is to attain a 50% share of your local market, a strategy of would be an advertising
campaign, and tactics would be to use network TV, direct mail, etc. Another strategy would be to
expand geographically, and tactics could include opening additional offices, and providing your
services through alternative distribution channels such as lease departments in retail stores.
3.2 Client Segmentation
View your clients and prospects not as a single group, but as several client segments and use
different marketing strategies and tactics for each. Segments can be narrowed further to specific client
niches, such as doctors, police officers, clergy, teachers, etc. Many smaller firms compete effectively
with national firms by meeting the specific needs of one or more client niches.
3.3 Positioning
To compete effectively with national giants in a mature industry, you must position your firm as being
unique and different. If you try to be a clone, you will either fail or realize mediocre success. You can
compete to some extent by having lower prices. That may work for low-income buyers since price-
sensitivity is higher and loyalty is lower at those levels. However, customers with more complex needs
are not going to choose you because of price alone. You must differentiate and add value in other
ways. Your plan should describe all of the factors that make your firm different and better than the
competition.
3.4 Bootstrap Marketing
Most small businesses lack adequate capital and human resources to support a professional
quot;textbookquot; marketing campaign. The only answer is to do more with less by employing creative
marketing strategies and tactics. This doesn't mean that you must compromise your image. In fact,
you can create the image of a major player on a shoestring budget through innovation and
resourcefulness.
Often, both mass-market and targeted advertising can be used complementarily and effectively.
Mass-marketing can be used to create awareness and name recognition among all potential
customers. Targeted advertising can be used to sell to specific market niches. To be effective, your
advertising message must be based on sound marketing principles and must reach your target
audience with adequate frequency to quot;sink inquot;. The advertising acronym quot;AIDAquot; stands for
Awareness, Interest, Desire and Action, which are the stages a prospective customer goes through in
making a purchase decision. Repetition is essential for advertising to work.
3.5 Test Marketing
Experimenting with new advertising and promotional methods is a good idea as long as you can test
the water before making a major financial commitment. The only way to find out if something is as
good as it seems is to test it on a limited basis. If the advertising generates more than it costs, you
should consider buying more of it. If not, either drop it, or try another variation of your test. A failure
doesn't always prove that the medium is faulty; it could mean that your message was flawed.
4.0 FINANCIAL PLAN
4.1 Financial Management
4. Capital requirements must be determined and anticipated sources of funds identified. The first step is
to define, in detail, the financial assumptions upon which your projected figures for revenue and
expenses are based. Based on these assumptions, pro forma financial statements (Profit & Loss
statements and balance sheets) should be prepared for three to five years, and a monthly cash flow
budget, including sources and uses of cash, should be prepared for at least one year.
Financial Controls should be defined, which should include the analysis of:
1. Variances from budgeted to actual results,
2. Financial statement (critical ratios), and
3. Financial reviews and audits.
4.2 Risk Factors & Contingencies
Potential causes of revenue shortfall or operating obstacles should be identified. Risk factors might
include such things as: negative legislation, economic recession, competition, technology, and
adverse publicity. Contingency plans to counter or reduce damages from each of these potential risk
factors should be described.
5.0 ACTION (OPERATIONS) PLAN
5.1 Short-term Plan
While you are developing your strategic plan, you must still run your business and generate revenue
and profits to survive. Therefore, you should simultaneously develop and implement a short-term
(6-18 month) action plan. You should prioritize the opportunities identified through your SWOT
analysis and decide, given available resources, which goals can realistically be accomplished during
the current and subsequent year. However, unless essential for survival, you should not pursue short-
term goals that are incompatible with your long-range strategies.
5.2 Implementation
The biggest mistake entrepreneurs make in strategic business planning is to fail to implement their
plans. If the plan is well conceived, it should be put into action. To insure that this happens, an action
plan must be developed. Time frames should be established to implement each element of the
strategic business plan. This quot;activity timetablequot; and the monthly cash flow budget constitute the
implementation tools that must be properly used to insure success. Remember the sage advice of the
old adage: quot;plan your work and work your planquot;.
6.0 ASSESSMENT & REVIEW
6.1 Tracking Systems
Systems should be developed to monitor the success of the plan and determine if modifications are
necessary. Such systems include methods of measuring and evaluating results and obtaining
feedback from clients and employees. Too often marketing campaigns are blindly repeated year-after-
year without any idea as to whether or not they have worked. Don't fall into that trap. Set up a
procedure to track the sources of all new clients and to learn the reasons prior clients don't return.
Your associates should be provided with incentives to be concerned about the growth of your
practice. You should also conduct surveys of your clients and prospective clients to determine
whether their needs and wants are being satisfied.
6.2 Analysis of Results
Evaluation of financial results might include a break-even analysis of each campaign. A market share
analysis (before and after) would serve to document marketing success. Client satisfaction surveys
will help in evaluating the quality of products and services. Input from associates, perhaps through an
advisory board, could provide valuable insight to help improve quality and efficiency.
Conclusion
Developing a strategic business plan is no small task. But it's a project that's well worth your effort. A
strategic plan, if it is properly done, can help to ensure your long-term survival and prosperity. As with
any major project, planning is not so onerous when broken down into smaller tasks that can be
5. completed one step at a time. The outline that accompanies this article may help facilitate that
process for you. And it is the process of developing your plan that will yield the greatest benefits for
you. The fastest way to finish something is to start.
While we will face great challenges in years ahead, we will also be presented with extraordinary
opportunities. We will all have access to new opportunities such as forming strategic alliances, niche
marketing and doing business on the Internet. To grow and prosper, you must know your market and
know your clients. Management guru, Peter Drucker, said:
quot;To lead you must anticipate the future and see what others cannot.quot;
Your strategic business plan can help you to reposition your business to prosper well into the 21st
Century.
This posting was edited into more of a template format by my utilising an excellent post found here:
Read more: quot;Strategic Business Planning: Developing Your Business Planquot; -
http://www.zeromillion.com/business/writing-business-plan.html#ixzz0FCc3CcOf&A