Strategic plan free essay sample

Free Online Strategic Planner for creating a 3-page strategic plan based on the structure used in this white paper. Use it to organize your thoughts, structure your ideas and compile a short but comprehensive strategic plan for any size and type of organization. Recommendation: Review the paper on this page before using the planner. Click here to see feedback from past users of this planning tool (opens in a new window) and click here to see a sample plan (use back button on browser to return to this page). 1. Introduction to Strategic Planning If you dont know where your business is going, any road will get you there. What is a Strategic Plan? Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. Thats why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. We will write a custom essay sample on Strategic plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A sound plan should: * Serve as a framework for decisions or for securing support/approval. Provide a basis for more detailed planning. * Explain the business to others in order to inform, motivate involve. * Assist benchmarking performance monitoring. * Stimulate change and become building block for next plan. For inspiration (and a few smiles), have a look at some of the quotations and examples of bad advice included in other pages! A strategic plan should not be confused with a business plan. The former is likely to be a (very) short document whereas a business plan is usually a much more substantial and detailed document. A strategic plan can provide the foundation and frame work for a business plan. For more information about business plans, refer to How to Write a Business Plan, Insights into Business Planning and Free-Plan: Business Plan Guide Template. A strategic plan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how travel are all strategic issues) with the final preparations (tasks, deadlines, funding, weather, packing, transport and so on are all operational matters). A satisfactory strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally see Devising Business Strategies for further insights. Get Strategic Planning Help: Free Online Strategic Planner for creating a 3-page strategic plan. See Also: Expert tools for Assessing Business Ideas (US$ 229.95) and Evaluating Marketing Strategies (US$ 795. 00). See a sample strategic plan use the back button on your browser to return to this page. Need More Help with your Strategic Planning ? Have a look at: * Plan Write Expert Business Planner: Combined business plan tool and expert system to help evaluate and develop your plan. * Quick Insight Business Idea Assessor: Ex pert system to help evaluate and improve a new business idea. * Business Insight Strategy Evaluator: Sophisticated expert system for evaluating, developing and comparing business and marketing strategies. Useful Links More Info Develop strategic plan Devise business strategies Write strategic plan See planning surveys Buy planning book View sample plan See Also Get business ideas Write business plan Get planning insights Prepare financial projections Seek planning advice Plan to plan Business plan guide Software Tools Financial Planners Expert Business Planner Strategy Planner Idea Assessor Marketing Planners Free Planners Buy Software Financial Projections Cashflow Forecasts Business Plans Marketing Plans Strategic Plans Basic Approach to Strategic Planning A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition. Some essential points which should to be observed during the review and planning process include the following: * Relate to the medium term i. e. 2/4 years * Be undertaken by owners/directors * Focus on matters of strategic importance * Be separated from day-to-day work * Be realistic, detached and critical * Distinguish between cause and effect Be reviewed periodically * Be written down. As the precursor to developing a strategic plan, it is desirable to clearly identify the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following issues discussed in more detail below: * Vision * Mission * Values Objectives * Strategies * Goals * Programs Top Business Plan WareTop of Page 2. Key Steps towards a Strategic Plan The preparation of a strategic plan is a multi-step process covering vision, mission, objectives, values, strategies, goals and programs. These are discussed below. The Vision The first step is to develop a realistic Vision for the business. This should be presented as a pen picture of the business in three or more years time in terms of its likely physical appearance, size, activities, structure, scale offerings etc. Answer the question: if someone from Mars visited the business, what would they see (or sense)? Consider its future products, markets, customers, processes, location, staffing etc. Here is a great example of a vision: I will come to America, which is the country for me. Once there, I will become the greatest bodybuilder in history. I will go into movies as an actor, producer and eventually director. By the time I am 30 I will have starred in first movie and I will be a millionaire I will collect houses, art and automobiles. I will marry a glamorous and intelligent wife. By 32, I will have been invited to the White House. Attributed to Arnold Schwarzenegger who was elected Governor of the State of California in 2003. The Mission The nature of a business is often expressed in terms of its Mission which indicates in a factual way the purpose and activities of the business in terms of operations, (unique) characteristics, functions, customers, offerings, sectors/segments, scale/scope/penetration, methodologies, technologies, resources etc. Just answer the questions as to what the business really is and does in qualitative terms. If planning for a startup, base the mission statement on the business as it would be once operational be realistic and practical rather than aspirational. For example, to design, develop, manufacture and market specific product lines for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas. A statement along these lines indicates what the business is about and is infinitely clearer than saying, for instance, were in electronics or worse still, we are in business to make money (assuming that the business is not a mint ! ). Also, some people confuse mission statements with value statements (see below) the former should be very hard-nosed while the latter can deal with softer issues surrounding the business. The following table contrasts hard and soft mission statements. Hard Soft What business is/does Primary products/services Key processes technologies Main customer groups Primary markets/segments Principal channels/outlets Reason for existence Competitive advantages Unique/distinctive features Important philosophical/social issues Image, quality, style, standards Stakeholder concerns Compare the following statements: Hard Statement Soft Statement X Corp. designs, develops, assembles and markets systems for data base management. These systems integrate its proprietary operating system software with hardware supplied by major manufacturers, and are sold to small, medium and large-sized companies for a range of business applications. Its systems are distinguished by a sophisticated operating system, which permits use without trained data-processing personnel. Our mission is to enhance our customers business by providing the very highest quality products and services possible. Our customer support strategy is based upon total, no-compromise customer satisfaction and we continually strive to offer a complete package of up-to-date value added solutions to meet our customers needs. We value above all our long term customer relations. Intels original plan, written on the back of a menu (view copy), is an excellent example of a hard statement: The company will engage in research, development, and manufacture and sales of integrated electronic structures to fulfill the needs of electronic systems manufacturers. This will include thin films, thick films, semiconductor devices, and A variety of processes will be established, both at a laboratory and production level as well as the development and manufacture of special processing and test equipment required to carry out these processes. Products may include dioded transistors . Principal customers for these products are expected to be the manufacturers of advanced electronic systems .. It is anticipated that many of these customers will be located outside California. If youd prefer a soft statement, use the Dilbert Mission Statement Generator. When drafting a mission statement, critically examine every noun, adjective and verb to ensure that they are focused, realistic and justified. The Values The next element is to address the Values governing the operation of the business and its conduct or relationships with society at large, customers, suppliers, employees, local community and other stakeholders. The Objectives The third key element is to explicitly state the businesss Objectives in terms of the results it needs/wants to achieve in the medium/long term. Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders funds), objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the underlying reasons for running the business. These objectives could cover growth, profitability, technology, offerings and markets. The Strategies Next are the Strategies the rules and guidelines by which the mission, objectives etc. may be achieved. They can cover the business as a whole including such matters as diversification, organic growth, or acquisition plans, or they can relate to primary matters in key functional areas, for example: o The companys internal cash flow will fund all future growth. o New products will progressively replace existing ones over the next 3 years. All assembly work will be contracted out to lower the companys break-even point. Use SWOTs to help identify possible strategies by building on strengths, resolving weaknesses, exploiting opportunities and avoiding threats. For further discussion on strategies, refer to the paper on Devising Business Strategies as well as these items below: Use Hindsight when Strategic Planning, Effect not Equal to Cause when Planning Strategy and SWOTs Keys to Business Strategies. The Goals Strategic Plan free essay sample The purpose of this synopsis is to analyze the forces and trends that Green Mountain Coffee Rosters faces relevant to its competitive position. The synopsis will explore external forces such as economic, social, legal and regulatory. The paper will also weigh internal forces such as resources, goals, and intellectual property, as it relates to Green Mountain Coffee Rosters. I will describe how the company adapts to changes; identify the major issues and opportunities that this company faces with in this synopsis. External Forces and Trends Legal and Regulatory- These forces impact Green Mountain Coffee Rosters daily. In my opinion the one legal or regulatory force GMCR encounters is the Clayton Act. This stands out to me because of all the brands that are under the GMCR banner (Lister, 2012). The Clayton act prohibits board of directors being in position to make decisions for competing companies working under the same corporate banner. The coffee retail market is governed by U. We will write a custom essay sample on Strategic Plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page S. ntitrust laws as any other industry. The Federal Trade Commission Act bars dishonest methods of competition, such as misleading information or deceptive business practices (Lister, 2012). The act is aim is to keep each coffee retailer, regardless of whether it sells coffee, honest with the information it provides to consumers about its products, and The Food and Drug Administration monitors all coffee products sold in the U. S. and inspects them to ensure no potentially harmful ingredients are present. Economic- Economic factors concern the nature and direction of the economy in which a firm operates, Pearce Robinson (2009). A potential economic trend is the Hispanics demographic. The ethnic group drinks coffee more than other racial and ethnic groups. They begin drinking coffee earlier than other groups and in their older years are more likely to be exclusive coffee drinkers; and 74 percent of Hispanic-Americans drink coffee daily, twelve percentage points ahead of other Americans. As they become acculturated they mimic the attitudes and behaviors of non-Hispanic coffee drinkers. Competitive Analysis- Since 1981 GMRC has built formidable organization from its humble beginnings as a small cafe in Waitsfield, Vermont. Its positioning strategy thus far has been brilliant, differentiating its brand from other brands in the market. Green Mountain Coffee Rosters used a method of delivering value, strategic relationships and customer segments to wrestle away market from Nestle and other hot beverage manufactures. The organization recently machine introduced to the market a mid-high end brewer that provides many more options than regular Keurig machines. Consumer can control the strength of their drink, the temperature at which it is brewed, the amount brewed, and brew many other drinks including cafe beverages (Green Mountain Coffee Roasters INC. , 2012). This is an opportunity for GMCR to tap into more affluent markets and promote its specialty coffee as a complement to the Keurig Vue. Culture – The culture at GMCR is mindful to the effectiveness of the business. The ideas promote a positive perception in the company from customers, employees, suppliers, and stakeholders. The GMCR focus on establishing cultural environment to ensure everyone effectively knows how to implement the mission, vision, and values set for the organization. Key areas are: GMCR purpose states â€Å"We create the ultimate coffee experience in every life we touch from tree to cup – transforming the way the world understands business† (Green Mountain Coffee Roasters, 2012). Another notable cultural belief of GMCR is personal excellence quoted this way â€Å"For today and tomorrow. Our competitive strength comes from the continuous improvement of all that we do† (Green Mountain Coffee Roasters INC. , 2012). We actively seek out and apply best practices†. Other principles to support its cultural environment are continuous learning, appreciating differences, shared ownership, and world benefit. Strategic Capabilities – Green Mountain Coffee Rosters imported coffee from 24 countries. This indicates that it has inbound logistics capabilities, such as material control systems, inventory control systems, raw material handling, and warehousing (Green Mountain Coffee Roasters, 2012). Located in 7 states GMCR operates from three business units: the specialty coffee business unit, which includes Green Mountain Coffee, Barista Prima, Tully’s Coffee, Timothy’s World Coffee, and Coffee People coffee brands; the Keurig Business Unit, where the Keurig single cup brewing system was created; and the Canadian Business Unit, which is responsible for all GMCR sales in Canada and includes the Van Houtte business and Timothy’s brand (Green Mountain Coffee Roasters, 2012). This is also a demonstration of its strategic capabilities. Conclusion Before I analyzed the competitive position of Green Mountain Coffee Roasters, I asked could this company do anything wrong? Now at the end of my analysis I ponder the same question. I’m not an expert yet at conducting SWOT analysis, but in my humble opinion one does not conduct a SWOT on a successful firm. I analyzed GMCR objectively and un-bias and still think the company has exceptional competitive positioning strategy. Strategic plan free essay sample The objective of this weeks assignment are to create a SWOT analysis for the Combat Sports Association to determine the internal strengths and weaknesses of the organization and the external opportunities and threats to organization. The assignment will also identify the legal and regulatory trends that need to be taken into consideration and how the CSA will adapt to changes in the industry. Major issues will be identified and classified to determine the importance of each issue in the analysis. SWOT ANALYSIS: Strength: Weakness Strategy- Provide quality service by staying true to the CSA vision, mission, and core values Structure- The structure for CSA is simplistic that it can be managed by the owner and an Administrative Executive and service rendered by contractors Resources- limited resources are needed for start up (capitol, facilities, computers, personnel Leadership- CSA leadership has a proven track record within the combat sports community Technology- CSA has very little knowledge of current technology application such as web design. We will write a custom essay sample on Strategic plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Intellectual Property- All applicable regulatory requirements for SCA need to be written. Economic: Combat sports are currently the fastest growing sports in the U. S Technology: The growth in technology allows faster communication via social media, smart phones to allow for real time communication Innovation: By staying up to date on the changes/issues in the sports CSA will can stay of the leading edge of training officials and provide customers will the best service available Competitive Analysis: There is tremendous growth in the sports. There are more promoters than established sanctioning bodies. Resulting in a stronger market share for a reputable sanctioning body Legal/regulatory: Combat Sports legal/regulatory requirements vary from state to State Social: Changes in social values of promoters (ethics/morals) and competitors ( banned substances) require constant supervision Environmental: Exposure to blood borne pathogens by officials, competitors, and fans must be mitigated by ensuring testing and proper disposal of bio hazard materials Opportunity: Threat: The Combat Sports Association SWOT analysis provides key areas of focus for development of a strategic plan for operating a new sanctioning body for combat sports in Nevada. The external factors that will be looked at are legal and regulatory requirements in the combat sports industry and how CSA will apply these requirements to ensure customer compliance. CSA will look at the economical perspective in regards to the growth of combat sports in Nevada and the competitive analysis SCA will use to be a low-cost provider in a competitive market. These issues are classified as the external issues of CSA . The internal factor that will indentify the strengths and weaknesses of CSA will be Leadership, structure, resources, and intellectual property. The leadership provided to CSA customers and sub-contractors is a differentiating value chain activity that sets CSA apart from competitors. CSA is structured as a flat organization to provide a simplistic communication with customers and contractor and eliminate costs to maximize profit. Few physical resources and overhead are needed to develop CSA in the combat sports industry. The most significant hurdle to overcome fro CSA is the development of intellectual property that will set CSA apart from the competition. These issues are classified as the internal issues of CSA. The two largest hurdles for CSA are the legal and regulatory factors (external) and the intellectual property (internal). Legal and regulatory factors were identified as a threat based on governmental laws of the state of Nevada. The Nevada State Athletic Commission (NSAC) is the office of primary responsibility (OPR) that sets the regulatory guidance of combat sports in Nevada. This is accomplished through N. R. S 467 and N. A. C. 467 making compliance mandatory for all sanctioning bodies within Nevadas jurisdiction. CSA must comply with these standards and stay attuned to any changes, adapt to any changes of the law. One example is the policy changes for Therapeutic Use Exemption (TUE) for Testosterone Replacement Therapy (TRT) for combat sports athletes. The intellectual property for the SCA must be written to comply with the regulatory requirements of the NSAC. SCA classified intellectual property as an internal issue and weakness. CSA intellectual property is the policies and procedures that the organization will operate from and the standards operating procedures that its customers/promoters/athletes will abide by. The intellectual property has for CSA has yet to be written. Until the CSAs regulatory guidance is written CSA will be unable to operate within the state of Nevada. The economic factor was classified as an external issue and indentified as strength for CSA. Combat Sports in the U. S. , particularly Mixed Martial Arts (MMA) is the fastest growing sport. With the interest in the sports growing more gyms that cater to the mixed martial artist are opening. Those athletes that wish to compete seek out organizations they wish to compete for. This results in more events being put on by promoters. There is more business minded people investing in becoming promoters. As this growth continues it means more opportunity and work for sanctioning bodies. The CSA can take advantage of this growth in the MMA by conducting a competitive analysis to determine its place in the market. The competitive analysis was classified as strength for CSA because it beat the competition in all but one category. This gives CSA a strong competitive position in the sanctioning body market. Competitive Analysis CSA Rival 1 Rival 2 Quality performance 10 8 7 Reputation/Image 10 7 6 Service Capabilities 10 8 7 Competence Capabilities 9 9 7 Financial Resources 8 9 8 Geographical Infrastructure 9 8 8 Un-weighted Strength Assessment 56 49 43 The leadership of CSA is classified as an internal factor and identified as strength. One of the key factors is the experience the leadership has in the combat sports industry and over 21 years of providing quality control for regulatory standards. CSAs leadership has a proven track record within the industry for adherence to regulatory compliance and leading promoters to compliance rather than forcing them. The leadership is recognized as a subject matter expert within the state for matters concerning combat sports and is often recommended by NSAC to consult with new promoters prior to state licensing. The CSA leadership is a resident of the state of Nevada; where-as rival companies are out of state residents. This allows CSA leadership to frequently meet with NSAC on key issues and provide on-site supervision for customers/promoters event. All the experience and expertise has allowed the CSA leadership to develop a vision, mission, and core values that will allow SCA to achieve unprecedented success in a growing industry. The Structure of SCA flat this allows for direct communication to all functional areas of the CSA. This also is effective in cutting costs. By maintaining a flat structure CSA management speaks directly with customers and subcontractors on all matter to facilitate continuous improve to relationships and processes. For example; if a customers CFO needs a specific information on CSA officials travel itinerary they can call CSA management or the officials directly or if the customers administrative executive needs statistical data from previous event they can call CSA management directly. One of the benefits of a flat structure is that CSA provides customers with a hands-on approach to dealing with the customers needs. This creates a friendly and trusting environment. Another benefit to a flat structure is that it alleviates the high costs of multiple management and employees costs. With a flat structure that outsources key positions to subcontractors CSA can focus directly on maximizing profits. Customers/promoter will pay the subcontractors directly and only pay CSA the event representative fee and the standard sanctioning fee for services rendered. The resources factors was classified as an internal strength because there are very little resources and overhead needed to start up a sanctioning body. Essentially the initial resources needed are a computer, home office, and standard office supply. Very little capitol is needed to start this business. Some additional costs will be a business license, incorporation fees, legal fees to ensure contracts with customers are properly written to reduce CSA liabilities. CSA has established relationships with the best subcontractor/officials (Referees, judges, timekeepers, scorekeepers, inspectors, and physicians) in the combat sports industry. These relationships will help CSA move forward to become the premiere sanctioning body in Nevada. By using qualified and training officials CSA will create a culture of safe and fair competition for its customers that will attract the best competitors. This will result in a larger fan base for the promoters thus generating higher ticket sales and increased revenue. The comprehensive SWOT analysis conducted by CSA has achieved compound result that provides CSA with multiple areas of focus. It identified the internal strength and weaknesses of the organization. The opportunity and threat identified external factor that need to be focused on. The competitive analysis provided a current snapshot of how CSA currently ranks within the industry. The SWOT analysis also shows CSA where it can make improvements. The overall assessment for CSA is that it can gain a considerable market share of the combat sports industry within Nevada considering the growth of combat sports.