PAYSUTBMAKR.COM presents the guide for strategic planning part II. Help Video for making paystubs
Starting your strategic plan
Planning a project is a kind of project itself, you need need to manage this planning job correctly, or your plan will not be a useful guide for the real project that is your business and future dream. Planning strategy for a business is a multitask job; you will need a few experts in different fields and the right sources to be assigned by topics and sufficient quantities. You must make yourself the supervision of this planning job.
Build your team
Look and find the people that have done this kind of planning before, they should have the skill to make the analysis that will be the base of your business growing.
Creative thinkers and practical minds for the operational part is a good selection for your team. Never try to do the strategy planning by yourself, you need the opinions of a team of experts in their field and particularly in planning. Recruit to the planning job and listen to the key members, Accountants department heads board members, shareholders, some important and confident customers and clients, and your advisers and consultants.
Lincoln strategy for the Civil War
You are the shepherd, and your team is the herd guide them well.
Strategic planning can be done in different styles; you must be an active shepherd, do not let you sheep lost in unclear passes, guide them by a clear program for producing your plan. Make everyone know what are your expectations.
One way to adjust your strategy team concepts on how to do the job may be having a few meetings about delegating those responsibilities to the different members.
Take some time to make a brainstorming meeting participating on your team and some more employees and clients.
Gandhi Nonviolence strategy for India Independence
A good planning paper
One thing is to have the right plan after considering all the information and options that you may have. The other important issue is the way it will be presented to the company people; you must make it easy to understand by the people that will have to execute it and make the business a real growing operation.
Your document should have:
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Your team has to reach a consensus that the final document should be reflecting clearly.
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Owners and investors should have an agreement about the conclusions of the Plan.
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Stockholders and employees that did not participate in making the Strategy plan should accept the plan.
Stalin strategy for the WW2
USE A SOLID STRATEGIC ANALYSIS
Your strategic planning goal is to make your business grow and have a better position in the marketplace.
You need to achieve a perfect analysis of your company and the market you are competing with other businesses. There are a few models that you can use for creating strategic plans, the best-known is SWOT Strengths, Weaknesses, Opportunities, and Threats SWOT is a versatile model, it is good for big and small companies. Other models that are widely used are; Difference between SWOT, PEST, STEEP and STEEPLE Analysis
SWOT
The SWOT is used to identify the objective of the business and the internal and external factors that can influence the pomposity and negativity on the goal of your business.
Four Elements are used :
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Strength – the conditions and factors that can help in achieving the objective
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Weaknesses – the conditions and factors that can be obstacles to achieving the objective
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Opportunities – Factors that are external and are favorable for making the Goal
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Threats – Factors that are external and are obstacles to achieving the Goal
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STEEPLE
The STEEPLE is another model that you can use for the assessment of your strategic positioning. STEEPLE breakdown to:
Social – Changes in lifestyle as demographic change occurred. Examples, Latin emigrants, and blacks in the USA.
Technological – The appearance of new technologies related to your business. See Kodak case.
Economic – The cost of money and consumers demand changes.
environmental – New regulations and customers environment consciousness can change demand.
political – Taxation on income or customs change on import. Trade agreements and support from the government.
legal – Labor law changes or other regulations changes.
Ethical – Ethical standards and practices
STEEPLE take an advanced look at external environment macro factors, SWOT is frequently used together with STEEPLE as it can identify opportunities and threats.
The strategy of Chuchill for the battle on Britain
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Five Forces
When you are looking for better understanding of what drives your competition in the marketplace, Using Five Forces model can help you to identify and understand how your action in a given market can influence your business project or idea. See below the five forces:
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The bargaining power of your customers – High bargaining power of buyers means high pressure on your product or service price. It may be called a “Buyers market” too. Naturally low demand or too much offer in the market or an industry with only a few buyers for the product you are analyzing.
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Your suppliers bargaining power – If your suppliers are able or not to raise price is a major factor to take in account. A high bargaining power can kill your project and stop your growth.
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New competition – If you do not have a relative advantage with your technology like the Venetians glass production secret, you must wait for the competition to challenge you on the marketplace at lower prices. Analyze your chance to win a price war! Venetian glass–
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The risk of losing customers to substitute products or service – In our technology world it happens every day. The list has Fax machine disappearing market by the email, the simple cellphones to the smartphones, the Cameras change to digital technology and the lost market of the film cameras and the film itself.
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The competition level in the marketplace – Some industries are very easy to become competitive and hard battlefields, see the soft drinks companies Coca-Cola and Pepsi Cola fighting over market shares. When it is hard to switch between the supplier’s client will stay with you much easier.
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