Strategic Planning in the Small Business

Unit 2

Content

Process

C. How

to develop a strategic

plan?

(CoLt.)

Step

2: Take Stock - Do

a Situation Put

up TP 2-1: Take Stock

of Where You

Analysis

Are

At the

first meeting of the planning

team

briefly

review the history

of the firm and

the current situation.

Ask one person to

take good notes.

This information will be

helpful when

it's time to draft the plan.

Second,

review the firms

existing mission

statement. If your

firm does not have a

written mission

statement, this should

be

considered

as an administrative

weakness.

Third, systematically

examine the

internal Put up

TP 1-19b: Strategic Planning

Pro­

(S) strengths

nd (W) weaknesses

of your cess

• Step 2

firm by functional

area, i.e., administra­

tion, marketing,

finance, personnel, manu-

Put up TP

1-19c: Strategic Planning

Pro­

facturing/operations

and by strategic

busi- cess -Step

3

ness

unit (SBU) of the firm.

Put up TP

2.2: Internal Analysis

Grid

Discuss

the need for preparing

a summary

Put up TP 1-19d: Strategic

Planning Pro­

report.

cess -Step 4

Fourth, systematically

examine the exter-

Put up TP

1-19e: Strategic Planning

Pro­

nal (0)

opportunities and (')

threats fac- cess

• Step 5

ing your firm. Here

you should examine

your

competition, the

needs in your mar-

Put up TP 2-3: Key

Environmental Vari­

ket area, trends

in the industry,

the ables

impact of the economy,

changing demo­

graphic factors, technological
develop-
Put up TP 2-4:
Scanning the External

ments,

etc.

Environment

Imaginary S WOT Analysis

• Provide the

participants

with HO 2-1 which

presents

an example

of SWOT ANALYSIS

based

on Imaginary

Corporation

140