Strategic Planning in the Small Business

Unit

3

Content

Process

A. Overview

of the Class.

This

units is designed

to help participants

define

a clear sense of

purpose for their

firm.

Upon

completion

of this unit,

participants will ...

*   define their

firms distinctive

compe­

tency

"   write a vision

statement

"   define their

products and/or

services

"   define their

target markets

"   define the geographic

boundaries

they

will primarily serve

"   define their

firms strategic posture

B.  Environmental

opportunities

versus

relevant businesb

opportunities

As the business

owner analyzes

the rele­

vant external

environment,

a number of

possible

areas Gf opportunity

will likely

be

re'ealed.

Merely identifying

opportunities

does not

indicate that

the firm is either

willing or

able to

react to these opportunities.

Environmental opportunities

only

becor, ie

relevant

business opportunities

when the

Write these

two terms on the black

board.

internal analysis

reveals that the

business

possesses the

capacity (or

internal

strengths)

to avail itself of

these environ­

mental potentials.

Give

an example of this

concept.

It is critically

important for the

business

owner to only
act on opportunities
that

have
survived the
scrutiny of internal

analysis.

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