management 6

  1. strategic planning
    long term planning tool used for viewing a business and the environment which it operates 

    5-10 years overview and helps formulate goals 

    action plan development
  2. strategic plans and budgets
    need to have resources of the budget to make reason why you have certain goals and validates importance 
  3. 7 steps to strategic plan
    organize a strategic planning team

    ID strategic direction (mission and vision)

    conduct a strategic analysis (SWOT)

    define major goals

    develop and action plan

    develop monitoring and evaluation system

    communicate the plan 
  4. Step 1- create the plan
    include external people or customers who may have other ideas
  5. step 2- ID strategic direction
    should be sprcific but not long

    purpose, scope and direction of business in 25 words or less

    mission and vision and values
  6. mission statement
    overall purpose of the business

    reason why it exists
  7. vision statement
    articulation of future goals or desired long term achievements 

    future direction
  8. Step 3: conduct a SWOT
    assess and analyze the internal and external factors of the organizations 

    businesses are constantly changing and need to adapt 
  9. SWOT external
    opportunities and threats

    economic, legal, socioculture, technological, competitive
  10. opportunities
    factors that may help the organization achieve its missions and goals
  11. threats
    obstacles to achieving your mission and goals

    usually have NO CONTROL over threats 
  12. SWOT internal 
    strengths and weaknesses, have to do with your own business

    what does the company do well, what could it do better
  13. strengths
    factors that will be beneficial or conductive to achieving the goals of the strategic plan 
  14. weaknesses
    characteristics that may detract from achievingt he goals 
  15. Step 4- Major long term goals
    SMARTER goals, want to reflect the mission and provide movement towards vision
  16. SMARTER goals
    • Specific
    • Measurable
    • Acceptable
    • Realistic
    • Time-based
    • Exending
    • Rewarding
  17. Step 5- Action planning
    made up of objectives or short term goals that show progress in getting closer to the strategic plan

    sets a time line to ultimately achieve goals 
  18. Step 6- monitoring and evaluating
    actual peformance vs planned performance

    SMARTER goals used here
  19. Step 7- communicating the plan
    need the employess to understand and buy in
  20. When should a strategic plan be done?
    when the organization is new

    when the organization is preparing for changes

    usually a 5-10 year view, so update action plan every year 
Card Set
management 6
strategic plan