group 7' Flashcards
ALL 7 BEST PRACTICES WHEN DRAFTING A STRATEGIC BUSINESS PLAN
- Know your why
- Compile a Cross-Functional Team
- Create “Living” Timelines
- Perform Competitive Research Analyses
- Assess Your Technological Infrastructure for Enterprise Harmony
- Develop an Accessible Strategy Management Framework
- Adjust Budget Allocations to Match the Upcoming Strategy Implementation
8 KEY COMPONENTS OF BUSINESS PLANS
- . Executive Summary
- Business Description
- Market Analysis
- Marketing and Sales Strategy
- Operations Plan
- Management and Organization
- Financial Plan
- Appendix
5 keys to successful strategy execution
- COMMIT TO A STRATEGIC PLAN
- ALIGN JOBS TO STRATEGY
- COMMUNICATE WITH EMPLOYEES
- MEASURE AND MONITOR PERFORMANCE
- BALANCE INNOVATION AND CONTROL
Strategic business planning hinges on defining clear objectives, identifying competitive advantages, and establishing measurable success outcomes to drive actionable and valuable outcomes.
DRAFTING STRATEGIC BUSINESS PLAN
KNOW YOUR WHY
Strategic business plans require insights from all major departments to ensure successful enterprise-wide implementation, involving representatives from executive leadership, key departments, and IT, alongside designated business process owners and strategy directors.
DRAFTING STRATEGIC BUSINESS PLAN
Compile a Cross-Functional Team
Combat strategic fatigue by implementing realistic and agile scheduling for your strategic plan, prioritizing frequent and focused meetings with detailed agendas to enable timely responses to emerging business strategy changes revealed by benchmarked data.
DRAFTING STRATEGIC BUSINESS PLAN
Create “Living” Timelines
__________________ provides an honest and quantitative assessment of a business’s strengths, weaknesses, and overall operational health compared to competitors, often enhanced by external consultants for accuracy and depth.
DRAFTING STRATEGIC BUSINESS PLAN
Perform Competitive Research Analyses
Effective communication and collaboration between departments, facilitated by strategic management software and enterprise resource planning systems, are crucial for successful execution of strategic plans and avoiding siloed operations that hinder progress.
DRAFTING STRATEGIC BUSINESS PLAN
Assess Your Technological Infrastructure for Enterprise Harmony
Utilize a cohesive strategy management framework to assign, track, and communicate individual activities and initiatives across departments, ensuring alignment with business strategy and facilitating coordinated execution through graphical representations and team training.
DRAFTING STRATEGIC BUSINESS PLAN
Develop an Accessible Strategy Management Framework
Align strategic planning with budgeting cycles to ensure resources are allocated effectively towards top priorities, minimizing non-value-adding expenses and adjusting allocations routinely to enhance purposeful contributions.
DRAFTING STRATEGIC BUSINESS PLAN
Adjust Budget Allocations to Match the Upcoming Strategy Implementation
Picture this as the dazzling opening act of your business plan, where you showcase your vision, mission, and why your venture is destined for greatness. It’s a compelling glimpse into the heart and soul of your business.
COMPONENTS OF BUSINESS PLANS
- Executive Summary
Here, we dive deep into the DNA of your business. You’ll spill the beans on what you do, your industry, your history, and your grand plans for the future. It’s a snapshot that captures the essence of your business
COMPONENTS OF BUSINESS PLANS
Business Description
This section is where we turn detective. We unearth market trends, study customer behaviors, and dissect your competitors. It’s a treasure trove of insights that helps you navigate the marketplace.
COMPONENTS OF BUSINESS PLANS
. Market Analysis
Imagine this as the stage where you reveal your magic tricks. Here, you outline how you’ll entice and retain your customers. It’s where the art of attracting and selling meets strategy.
COMPONENTS OF BUSINESS PLANS
Marketing and Sales Strategy
Ever wondered how the show runs backstage? This is where you spill the beans. From location to logistics, it’s the nitty-gritty of daily operations. It’s the backbone that keeps your business standing tall.
COMPONENTS OF BUSINESS PLANS
Operations Plan
Introducing the cast and crew of your business. Who’s in charge? What’s their expertise? It’s where you showcase your dream team and the hierarchy that keeps everything in check.
COMPONENTS OF BUSINESS PLANS
Management and Organization
This section is your crystal ball into the future. It predicts your financial performance, balances your books, and forecasts cash flows. Investors love it, and you will too.
COMPONENTS OF BUSINESS PLANS
Financial Plan
This is your secret stash. All those extra documents, licenses, contracts, and accolades find their home here. It’s the vault of credibility that adds weight to your plan.
Appendix
STRATEGY EXECUTION DEPENDS ON EMPLOYEES’ DAILY TRASKS, SO IT’S VITAL THAT THEY UNDERSTAND THE ORGANIZATION’S STRATEGIC GOALS
STRATEGY EXECUTION
COMMUNICATE WITH EMPLOYEES
Strategy execution relies on assessing progress toward numeric goals. If metrics are down, reassess and pivot your strategy
STRATEGY EXECUTION
Measure and monitor performance
While innovation is a driving force for company growth, don’t let it derail your strategy execution
STRATEGY EXECUTION
Balance Innovation and Control
Before diving into execution, it’s important to ensure all decision-makers and stakeholders agree on the strategic plan
STRATEGY EXECUTION
COMMIT TO A STRATEGIC PLAN
Optimize jobs for high performance by aligning tasks and responsibilities with organizational strategy
STRATEGY EXECUTION
ALIGN JOBS TO STRATEGY
Successful business plans are often tied to a ________________
strategy planning framework
