This document is only a sample for use as a guideline and sets out to establish an outline for a more formal strategic plan for ABC Biz Inc. It reviews strengths,
weaknesses, threats and opportunities; presents a series of statements relating to ABC Biz Inc’s vision, mission, values and objectives; and sets out its proposed strategies and goals.
Building a strategic plan or engaging in strategic planning can make a difference, particularly when it has a long-term focus and is used as a management tool, rather
than simply being an exercise in forms completion. Traditional strategic planning can be broken down into four sequential steps:
• market research • strategy formulation and planning • strategy implementation • results measurement and control
Market research to determine customer needs and identify future market trends is usually the initial step in strategic planning. Managers use the market research to define company mission, goals, and strategic plans for one, three, and five years. Company mission statements become refined by specifying financial, market share,
and product mix goals. Implementation generally occurs through official directives and control systems that flow through divisions, departments, sections, and eventually to individuals. Each individual receive a set of objectives that, if achieved,
allow the company to attain its mission and goals. Control systems focus on individual outputs or behaviors in the organization. Controlling outputs emphasizes results through management by objectives.
The strategy formulation and planning process consists of the following primary building blocks:
• assessment of the company’s current position • identification of the company’s desired position • evaluation of the strategic gap between the two and the critical issues to be
resolved in to close the gap • formulation of strategies and action steps to resolve the critical issues
Business managers are constantly faced with strategic choices, such as developing a
new competitive approach to an existing market, evaluating a potential merger or acquisition, or divesting core products or businesses. While the circumstances surrounding the choice may be unique to a particular company, these decisions themselves are similar to those that regularly confront top management in every
industry. Such choices often require substantial commitment of time and resources and may have broad, long-lasting effects.
SAMPLE Strategic Plan
For
ABC Biz Inc.
Strengths, Weaknesses, Threats & Opportunities
This strategic plan addresses the following key strengths, weaknesses, threats and opportunities for ABC Biz Inc:
Strengths: Weaknesses:
R and D almost complete Basis for strong management
team
Key first major customer acquired
Initial product can evolve into range of offerings
Located near a major centre of excellence
Very focused management/staff Well-rounded and managed
business
Overdependent on borrowings – Insufficient cash resources
Board of Directors is too narrow Lack of awareness amongst
prospective customers Need to relocate to larger
premises
Absence of strong sales/marketing expertise
Overdependence on few key staff
Emerging new technologies may move market in new directions
Threats: Opportunities:
Major player may enter targeted market segment
New technology may make products obsolescent
Economic slowdown could reduce demand
Euro/Yen may move against $ Market may become price
sensitive Market segment’s growth could
attract major competition
Market segment is poised for rapid growth
Export markets offer great potential
Distribution channels seeking new products
Scope to diversify into related market segments
Vision
The promoters’ vision of ABC Biz Inc in 3-4 year’s time is:
ABC Biz will be operating from a xxx sq. ft. unit near xxx Town. It will have annualized sales of $xxx and be profitable. It will employ xxx people mainly engaged in R and D, marketing, support and admin. ABC Biz will offer xxx core products and
provide added-value services to a large customer base throughout the xxx market segments and in xxx countries overseas. ABC Biz’s offerings will be technically advanced and offer many clear-cut advantages and improvements over competitors’ possible offerings. ABC Biz will continue to expand through organic growth and
acquisitions in related technology/market segments. It will have recently received mezzanine finance prior to a public offering.
Mission Statement
The central purpose and role of ABC Biz Inc is defined as:
ABC Biz designs, develops and markets advanced systems for specialist data capture and transaction processing management. These web-based systems work with specialist hardware supplied by major integrators. They are sold to small, medium
and large-sized companies within the xxx industries for a range of specialist applications. ABC Biz’s systems are distinguished from competition by their sophisticated interfaces, scalability and ease of modification and are extensively
patented. Sales are made directly and through major distributors/OEMs in the home market and overseas.
Corporate Values
The corporate values governing ABC Biz Inc’s development will include the following:
1. ABC Biz operates in accordance with the highest standards in all relationships with customers, suppliers, environment and the community.
2. ABC Biz fosters a climate which encourages innovation and diligence amongst staff and rewards accordingly.
Business Objectives
Longer term business objectives of ABC Biz Inc are summarized as:
1. To expand the business aggressively and offer above-average returns to shareholders.
2. To become the leading, innovative systems company within the xx market segments.
Key Strategies
The following critical strategies will be pursued by ABC Biz Inc:
1. Accelerate product launches by strengthening R and D team 2. Extend links with key technology centres 3. Raise additional venture capital 4. Expand senior management team in sales/marketing 5. Recruit non-executive directors 6. Strengthen human resources function and introduce share options for staff 7. Appoint advisers for intellectual property and finance 8. Seek new market segments/applications for products
The following important strategies will also be followed:
1. Locate new premises adjacent to xxx 2. Commission assessments of key markets 3. Start participating in trade shows and missions 4. Develop overseas market entry plans 5. Pursue strategic alliances with complementary players 6. Strengthen web presence and promote 7. Seek new market segments/applications for products
Major Goals
The following key targets will be achieved by ABC Biz Inc over the next 3-4 years:
1. Achieve sales of $xx million by 200X 2. Report annualized profits of $xx million in 200X 3. Secure xx% of the xx market segment by 200X 4. Become largest supplier of xxx systems in xx countries within xx years 5. Undertake an IPO by 200X 6. Employ xxx people including xx% technically qualified by 200X 7. Have sales offices or agents in xx key markets before 200X
Strategic Action Programs
The following strategic action programs will be implemented:
1. CEO: Prepare comprehensive business plan and develop contacts to raise VC within 6-9 months.
2. CFO: Recruit Marketing Director and other key staff for marketing/sales and HR Director within 3-4 months.
3. TechDir: Review R and D resources and scope for technical alliances – expand with arrival of VC.
4. Board: Expand BoD to include further independent financial, technical and industrial expertise prior to seeking VC.
5. All: Develop and implement accelerated market entry and development plans.
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