CAREER CONNECTION: FINAL STRATEGIC PLAN

Running head: STRATEGIC PLAN 1

STRATEGIC PLAN 8

Strategic plan

Kerry Bolander

February 26th, 2016

A plan according to Pahl, & Richter (2007) refers to drafted set of steps that an organization uses so as to achieve the set goals and objectives. An organization is supposed to come up with the plan before initiating in the various actions it would want to accomplish. The strategic plan refers to the procedure of understanding the current position of the organization, coming up with different strategies and choosing the best strategy so as to achieve success. The importance of strategic plan is that it leads to an improvement in the financial performance of an organization and helps the managers to effectively and efficiently implement the choices made so as to achieve success. It also improves communication in the organization and leads to increased teamwork which helps the organization increase its productivity.

An organization should, therefore, conduct swot analysis which refers to the analysis and assessment of the internal and external environment affecting the performance of the business (Fine, 2009). Internal environment involves the various strengths and weakness that a company owns while external environment refers to the different opportunities and threats affecting business.

SWOT TABLE

External factors	Strengths	weaknesses	opportunities	Threats
Legal	Sound rules and regulations	Unclear rules	Government intervention	Restrictions
Global	Different products	Insufficient capital	Large market	Competition
Economic	Adequate capital	Insufficient capital	Large market	Small market
Technological	Current technology	Outdated technology	Improved technology	Outdated technology
Innovation	Creativity	Lack of creativity	Increased innovations	Lack of innovations
Social	Skilled and experienced personnel	Low labor	Skilled personnel	Poor skills
Environmental	Conducive environment	Ineffective environment	Conducive environment	Ineffective environment
Competitive analysis	Competitive advantage	Lack of skills	Quality goods	Poor quality goods
Internal factors	Strengths	weaknesses	opportunities	Threats
Strategy	Effective strategies	Ineffective strategies	Marketing strategies	Poor strategies
Structures	Effective management	Ineffective management	Effective management	Ineffective rules
Resources	Adequate resources	Inadequate resources	Adequate resources	Limited resources
Goals	Achievable goals	Unrealistic goals	Achievable goals	Unrealistic goals
Strategic capabilities	Effective strategies	Ineffective strategies	Effective strategies	Ineffective strategies
Culture	Social values	Undefined culture	Defined culture	Multiple of cultures
Technologies	Current technology	Outdated technology	Current technology	Outdated technology
Innovations	Improved innovations	Poor innovations	Improved innovations	Poor innovations
Intellectual property	Adequate assets	Inadequate assets	Adequate assets	Inadequate assets
Leadership	Sound policies	Ineffective rules	Effective leadership	Ineffective leadership

It is important that the organization uses the above factors to achieve success. The organization should come up with enough capital that will help it run the business smoothly and efficiently. It should purchase adequate resources that will enable it to ensure continuous production which makes it possible to provide products to the customers at time they are required. The organization should be ready to use current technology so as to produce quality goods and services. Therefore, it will attract more customers who will lead to an increase in the sales made hence an increase in the profits. The organization should also search for the skilled and experienced personnel who will provide quality services. They will also help in making sound choices that will assist the business work towards achieving success and attaining the set goals and objectives.

The organization should come up with various sound rules and regulations that will govern the performance of the employees. The organization should also state a compelling vision statement. This will help the employees work in a particular direction that will help it realize all the set goals. The organization should select managers and leaders who are creative and innovative so as to enable them to make sound decisions and choices for the organization to follow. The managers should also be honest and trustworthy which improves employees’ loyalty towards them. The organization should invest in different countries and also open branches in the same country. This helps the organization diversify its risks increasing the levels of returns to be made. The organization is also able to reach a broad market through which it can access many customers who will purchase the products.

The organization should come up with effective marketing strategies that will help it attract more customers. It should use the media to advertise its products which help it reach a large number of people at the same time. The organization should also use the penetration strategy when introducing new products in the market. This refers to the situation where it sells its product at low prices in the beginning with an aim of increasing the prices after it has attracted a large number of people.

The organization should strive to ensure a conducive environment for the employees to work. This is because when employees are comfortable and safe in the workplaces, they can provide quality goods and services. The organization should create its culture which will give the employees a sense of belonging and help them work towards achieving success. Culture makes it possible to be differentiated from other businesses. The organization should also ensure effective communication that will help employees get information easily and in the right way. The organization should also ensure that the employees maintain teamwork. Teamwork helps employees relate together well and come together to achieve a specific goal. The organization should also be authorized by the local authorities to start operating by acquiring a license that will help it run smoothly without any difficulties and complications.

Changes are inevitable in the business world hence the business should accept any changes that arise. It should create training and development programs for its employees which will impact them with the information required for them to use new tools and equipment. It should research for new technology and innovations so as to ensure that it uses current technology. This will help it maintain a competitive advantage to its competitors in the market.

Supply chain according to Ferrell, & Hartline (2011) refers to the process of receiving raw materials from the suppliers, processing them to produce goods and transporting them to locations where customers can access them easily. The organization should, therefore, maintain good relations with its suppliers, ensure a continuous supply of materials, produce quality products and provide the goods to the customers regularly. This increases the loyalty and trust of the customers towards the organization.

However, some of the threats involved in business include a change in technology, competition, and government intervention. When an organization does not have enough capital to adapt to the change in technology, it’s inevitable to face competition from other businesses. Therefore, an organization should save a small portion of its profit that will cater for a change in technology by adapting to the new technology quickly. The organization should produce products whose price is not controlled by the government which helps it decide on the prices to sell its products.

Moreover, there are various opportunities in an organization which includes a change in technology, large market and customer loyalty (Böhm, 2009). The organization is required to research on the current technology which helps it maintain a competitive advantage. The organization should also locate its business in a place that has potential and willing buyers. It should research on what products are likely to be required by a particular market. It should open up branches in different locations so as to reach a large number of people. The organization should always ask for feedback from the customers so as to know how to improve the quality of its products. This increases customer’s loyalty.

However, the organization should use its strengths and opportunities to do away with its weaknesses and threats. It should come up with practical strategies that when used, it’s inevitable to achieve the set goals and objectives.

References

Böhm, A. (2009). The SWOT Analysis. München: GRIN Verlag.

Ferrell, O. & Hartline, M. (2011). Marketing strategy. Mason, OH: South-Western Cengage Learning.

Fine, L. (2009). The SWOT analysis: using your strength to overcome weaknesses, using opportunities to overcome threats. Place of publication not identified: Kick It.

Pahl, N. & Richter, A. (2007). SWOT analysis: idea, methodology and a practical approach. Munchen: GRIN Verlag.