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Crafting a Business Plan and Building a Solid Strategic Plan - Coggle…
Crafting a Business Plan and Building a Solid Strategic Plan
Business Plan
is a written summary of operational and financial details, marketing opportunities and strategy, managers' skills and abilities
the best insurance against launching a business destined to fail or mismanaging a potentially successful company.
Benefits of creating a business plan
Guiding the company by charting its future course and defining its strategy for following it.
Attracting lenders and investors who will provide needed capital.
Key elements of a business plan
Title Page and Table of Contents
Executive Summary
Mission and Vision Statement
Description of a Firm’s Product or Service
Competitor Analysis
Marketing Strategy
Plan of Operation
The Loan or Investment Proposal
Importance of strategic management to small business.
Entrepreneurs must be able to adapt to changes in the marketplace such as shift the world economy from a base of financial to intellectual capital
guide the company as it works to accomplish its vision, mission, goals, and objectives and to keep it from straying off course.
Building a Competitive Advantage
Unique set of capabilities a company develops in key areas, such as superior quality, customer service and innovation that allow it to vault past competitors.
Example: Noodles & Company
The aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market that is superior to its competition.
Example: Whole Foods – Retailer of natural and organic food
Strategic Management Process
Develop a vision and translate it into a mission statement
Assess strengths and weaknesses
Scan for Opportunities and Threats
Identify key success factors
Analyze competition
Create goals & objectives
Formulate strategies
Translate plans into actions
Establish accurate controls
Balanced Scorecards
Customer: How do customers see us?
Internal Business: At what must we excel?
Innovation and Learning: Can we continue to improve and create value?
Financial: How do we look to shareholders?
Corporate Citizenship: Do we meet our responsibility to society as a whole, the environment, the community, and other external stakeholders?