Strategic Planning in the Small Business

Unit

1

HO  1-3 (continued)

*   What

is the size of

the market,

and what are

the major

trends

impacting the market?

(External)

"   Who

are the primary

competitors

in the market,

and what

are their

competitive

advantages?

(External)

* What are

the firms gross

and operating

margins?

(Internal)

Clearly, the

most important

element of

your detailed

SWOT analysis

should

focus on the

external market!

4. Strategic
   Direction

This section

of the plan should

spell out

the general direction

of the

firm

over the

length of

the planning

horizon and

provide a

detailed

description

of how the firm

will achieve

its overall

strategic goals.

It

should include

the following:

• Mission
  statement
  and philosophy

" Primary goals

*   Key result

areas for meeting

each goal

*   Measurable

and quantifiable

objectives

which

address each

KRA

• Strategies for
  meeting each
  objective

" Action plans

for implementing

each strategy

Action

plan forms

should be included

in the

appendix.

5. Implementation

This

section of

the plan

should spell out

specific issues

related

to

implementation

of the plan.

Issues which

should be included

in this

section include

the following:

" Organizational

structure

• Major
  policies and
  procedures
  required to successfully
  implement

your

plan

* 

Critical

human and

financial resource

allocation

decisions

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