Different analysis strategies to determine best practices for developing your business plan

 

 

Throughout this course, you have been using different analysis strategies to determine best practices for developing your business plan. It’s time to develop a strategic plan that will help you determine where your business is now, where you want to take it, and how you will get there. Your strategic plan will help you implement and manage the strategic direction of your company. Additionally, you will communicate the direction of your company to stakeholders.

Develop a strategic plan for the company you have used throughout this course and share it with stakeholders.

Create a 10- to 15-slide presentation for key stakeholders to solicit their approval of your strategic plan. Address the following in your presentation:

An introduction with mission and vision statements
Core values, ethics, and social responsibility principles
Analysis of the company’s:
Internal environment (e.g. strengths and weaknesses related to resources, trademarks, patents, copyrights, or current processes)
External environment (e.g. opportunities and threats related to market trends, economic trends, demographics, or regulations)
An evaluation of the internal and external environment’s impact on achieving the company strategy
Create a strategic objective for the company.
Create short- and long-term goals for achieving the company’s strategic plan.
Determine methods for collecting data and measuring the success of the strategic plan.

Sample Solution

Different analysis strategies to determine best practices for developing your business plan

For all organizations, a more rigorous annual planning process is critical for driving future success, profitability, value, and impact. Strategy should be viewed as a dynamic force that constantly seek opportunities, identifies initiatives that will capitalize on them and completes those initiatives swiftly and efficiently. Strategic planning is an ongoing process by which an organization sets its forward course by bringing all of its stakeholders together to examine current realities and define its vision for the future. Steps in the strategic planning and management process include: defining mission and vision – begin by articulating the organization`s vision for the future; conduct a comprehensive assessment; forecast; set the organizational direction of the business; creating strategic objectives; alignment; strategy mapping; strategic initiatives; performance measures and analysis; and performance evaluation.

Inspiration Motivation is again a result of good authority. Inspiration is exceptionally private, and it is the pioneers liability to grasp what persuades every person and carry out strategies to get greatest execution from a gathering. The significance of the pioneers job in spurring people is featured in Herzberg’s Two Factor hypothesis. The hypothesis features factors that should be set up to stay away from disappointment, cleanliness endlessly factors that advance fulfillment, inspiration factors, displayed in Figure 4 (Pettinger, 2007). Herzberg’s hypothesis assists with unraveling what rouses people, however doesn’t prompt on the most proficient method to execute this to deliver greatest efficiency from an individual, this is accomplished by involving the hypothesis related to other persuasive speculations, for example, objective setting hypothesis. Figure 4: Hygiene and Motivating Factors (Pettinger,, 2006) Goal setting isn’t simply a significant piece of inspiration, they are fundamental for both cooperation and effective administration, they give sign on what should be accomplished, how much exertion they should dedicated to accomplish it and they go about as the essential cause of occupation inspiration for people, in this manner setting them precisely is fundamental (Pettinger 2007). Explicit and clear objectives are the best inspirations, and will prompt ideal execution, subsequently it becomes fundamental for a pioneer to grasp what rouses every person inside a gathering (Pettinger, 2007). Inspiration is exceptionally private, and can vary greatly across a gathering, so the pioneer should adjust how they propel to suit every person, this features the requirement for an association to carry out strategies that permit chiefs to be adaptable by they way they reward people. Issues emerge when objectives are not set well, on the off chance that the objectives are uncertain, unattainable or too simple the singular will lose inspiration (Pettinger, 2007). Whenever objectives have been set it becomes fundamental for pioneers to consistently evaluate how people are advancing towards them, in the event that well, objectives ought to be made seriously testing, in the event that they are battling, the objectives ought to be made more straightforward. Objectives additionally take into account pioneer to evaluate how the group are performing, and the way that their administration style is working with the gathering, in the event that objectives are not being met the pioneer should adjust how the group associate together or their initiative style to accomplish them.

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