strategic business plan example

Some companies like to invest in research and development in order to constantly innovate, even with your most successful products. Created on December 29, 2016 Executive Summary. Acquiring a new company allows a larger company to compete in a market where it didn't previously have a strong presence while retaining the users of the product or service. A business strategy helps different departments work together, ensuring departmental decisions support the overall direction of the company. Strategic Priorities 1.1 Re-Investment: Maintain profitability with a budget allocation of 20% for business re-investment. STRATEGIC PLAN Downtown Family Dental Care Strategic Plan 2015-2018 Downtown Family Dental Care 1 Profitability Improvement: Maintain a 35% Net Profit Margin each year. Sometimes shift slides involve big changes, such as modernizing an aircraft fleet, and sometimes it’s simply a change in brand positioning. A business strategy helps different departments work together, ensuring departmental decisions support the overall direction of the company. Financial objectives are typically written as financial goals. examples of strategic planning goals and objectives. It's generally far easier to retain a customer than spend money to attract a new one, which is why this is a great strategy if you see opportunities for improvement in customer retention. UMass’ strategic plan is longer than most. We’ve assembled a handful of sample strategic plans. Business owners often look for strategic plan examples. But that’s a story for another blog... Before you leave, check out our strategic planning templates. They include: Related: Ultimate Guide to Strategic Planning. 3 NELLCO STRATEGIC PLAN, 2010-2014 3 INTRODUCTION BY THE PRESIDENT The NELLCO Strategic Plan, 2010 – 2014 which follows is the result of hard work and many meetings and drafts by the Strategic Planning Committee and the input and guidance of the Executive Director, Tracy Thompson. Every company is different and the business plan needs to be tailored to reflect that, therefore this is more a guideline than a strict template. Some companies have even built a strong reputation for having exceptional customer service. The shift slide gets everyone on the same page about the most important changes ahead for your organization. At Dunder Mifflin, our strengths are our customer service, speed of... SMART Goals Example for Strategic Plan… This strategy works well for office supply companies and banks, as well as online retailers. Examples of strategic goals for this perspective include: 1. We have a variety of templates available for free. Post a Job on Business Plan. Bigger, established airlines have added perks like free WiFi and additional seat upgrades. (There are many models for strategic planning -- this framework is for conducting a goals-based plan.) Continuing with our strategic plan example, Upward Airlines decided it needed a customer perception shift slide to evolve the way flyers saw its brand. This is a common strategy used by Fortune 500 companies to gain an advantage in a new or rapidly growing market. Business Ideas; ... and the attractiveness of the market based on strategic value, market size, market growth, and potential for profit. The business strategy also includes a way to track the company's output, evaluating how it is performing in relation to the targets that were set prior to launching the strategy. Offering straightforward pricing for customers with no hidden fees. Planning is one of the fundamental functions of any organization and the highest level of planning is developing a strategic plan to outline a long-term vision for the business. 1.2 Revenue: Increase average revenue When it comes to pricing, businesses can either keep their prices low to attract more customers or give their products aspirational value by pricing them beyond what most ordinary customers could afford. Our business plan outline is structured so that each section answers a specific set of investor questions about your business. A template provides structure for your business planning process as well as a communication tool that’s simple to update or modify. Listed below is the strategic planning process: Get this complete sample business plan as a free text document. The point of this section is to succinctly outline your plan for the business … Download for free. They can differentiate their products by highlighting the fact that they have superior technology, features, pricing or styling. 1901 N. Moore Street, Suite 502 | Arlington, VA 22209 | 866-568-0590 | [email protected], Copyright © 2020 Ascendant Strategy Management Group LLC d/b/a ClearPoint Strategy |. Product. With a vision for the direction of the business, you can create clear instructions in the business strategy for what needs to be done and who is responsible for it. You can set professional and personal goals to improve your career. The need for a simple, quick and easy model for developing a strategic business plan stems from the fact that most small businesses do not have a formal plan for their business. By increasing the amount of product sold per customer, you can increase the average cart size. Strategic Plan Example: Strategic Themes and Goals Although objectives, strategies, and tactics are core elements in any example of a strategic plan, they are not the only elements. The process began in 2007 when the Strategic Industry Overview. An annual strategic business plan allows the business owner or other members of the company’s leadership team to examine their long-term strategic goal and determine the strategy they will use to achieve those goals. A business strategic plan is not just a one-off business document created in a single setting. Your business plan can look as polished and professional as this sample plan. They’ll give you even more guidance on what a strategic plan should look like. There are several reasons why a business strategy is important for organizations, including: Related: Understanding the Basics of Strategy Development. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation. Its spectrum was to move from being thought of as a “no-frills airline” to “freedom in the skies.” A marketing shift was also needed, positioning Upward Airlines as “one cost,” instead of just “low cost,” and focusing on standardizing expectations for customers. Many sections include examples, as well. A strategic plan can clearly present the management’s desired future for the organization: Your strategic plan can present your long-term goals. It creates clarity, alignment and organization-wide engagement. For companies who choose to price their products beyond the reach of ordinary customers, they are able to maintain the exclusivity of their product while retaining a large profit margin per product. This is a common business strategy, especially for business-to-consumer (B2C) businesses. Below is our recommended business plan outline. You could launch an entire business strategy aimed at increasing the sustainability of your business. This document was written by: Keep things as brief as possible and entice your audie… Usually, companies have a problem in one specific area, so a business strategy that's focused on improving customer service will usually focus its objectives on something like online support or a more effective call center. Get the Bplans newsletter: The Executive Summary. Setting new financial goals with a differentiated model that includes international flights and internet purchases. Here’s how to identify which style works best for you, and why it’s important for your career development. STRATEGIC BUSINESS PLAN: Human Resources 2 of 16 Goal HRS.1 - Improve Human Resources (HR) service delivery Objective HRS.1.1 - Ensure Human Resources is staffed and structured appropriately to deliver high quality services Strategy HRS.1.1.A - Restructure Human Resources Actions 2. The business strategy also guides many of your organizational decisions, such as hiring new employees. In order to plot out a course for reaching your goals, … The business strategy is intended to help you reach your business objectives. When Upward Airlines conducted its environmental scan in this imaginary strategic plan outline, it found several things to inform its 2019-2024 strategy: Using the data from the environmental scan, Upward Airlines next performs a SWOT (strengths, weaknesses, opportunities, and threats) analysis. It’s just a page or two that highlights the points you’ve made elsewhere in your business plan. Some large companies are buying out or merging competitors to corner a young market. The following framework will guide you through completion of your basic strategic plan document. A strategic plan is essentially used to outline a firm’s goals, objectives and mission statements to set the premise’s objectives. A shift slide defines a spectrum of where a company sits for a strategic area and how it can “shift” along that spectrum to reach where it actually needs to be. Core Values. It's fast and easy, with LivePlan. 49+ Strategic Plan Examples; 47+ Plan Examples; Since strategic plans can produce different results, consider the needs and demands of the business for development so you can assess and decide on the kind of strategic plan that you should make. And will likely implement technology, like ClearPoint, to manage the strategy. This guide will show you how to do a review and refresh. A list of simple strategic plan examples in PDF are available for you to download in this post. Starting a business made easy. Click To Tweet. SWOT stands for strengths, weaknesses, opportunities and threats. Good strategic planning examples all set clear priorities for an organization and focus employees and resources on established goals. A business proposal is an effective tool to help the investors see a better projection of how the business plan will be.A business proposal is a document that gives a roadmap that outlines about the specific project, product, or service. Think of a strategic … While your personal vision is just as important to your strategic plan, it … Core values describe your beliefs and behaviors. These strategic plan templates, developed in word and excel and PDF file formats, helps all planners.Although it does not indicate how you achieve your objectives, strategic planning samples indicate your long term and short-term objectives. NOTE: The framework depicts a useful format, but should be duplicated into an editable version, for example, into … Pricing for flights has changed dramatically across the industry in the past five years. However, this length allows UMass to implement a strategic plan that is easily connected to all levels of the organization. This strategy requires you to identify key tactics and projects to retain your customers. Many plans are more robust and include additional levels in the hierarchy. Each section includes directions. For example, the objective could be to reduce energy costs or decrease the company's footprint by implementing a recycling program. In this article, we will discuss what a business strategy is and why it's important, the components of a business strategy and 10 examples of business strategies to help you generate ideas for your own company. Here are 10 examples of great business strategies. Designed with the users in mind, we’ve already incorporated useful content on this template for your convenience. Setting goals can help you gain both short and long term achievements. It also makes the company aware of any weaknesses or threats. Strategic Plan Template for Business by Armin Laidre. Dunder Mifflin is a local paper company dedicated to providing excellent... Executive Summary Example for Strategic Plan. Related: The 5-Step Strategic Management Process. Indeed is not a career or legal advisor and does not guarantee job interviews or offers. Grow shareholder value: The top goal of your organization may be to increase the value of your organization for your shareholders, stakeholders, or owners. Our services include office management and business process reengineering to improve efficiency and reduce administrative costs. This can mean investing in research and development, acquiring a smaller company to gain access to their technology or even acquiring employees with unique skills that will give the company a technological advantage. If you’re still feeling a bit murky on strategic planning, here’s how to launch a sample strategic plan step by step. An elevator pitch is a brief description of your business. Related: The 5-Step Strategic Management Process Now’s the time to create a new strategy for 2019-2024. The airline can’t simply take the old plan and change the dates—it needs a full planning process that includes the below elements (and maybe strategy software to help with execution). Upward Airlines Strategic Plan Example. The information on this site is provided as a courtesy. In the normal course of operations, it can be easy to lose your grasp on what a strategic plan is (or should be). If companies plan to keep their prices low, they will need to sell a much higher volume of products, as the profit margins are usually very low. Many business strategies articulate the operational details for how the work should be done in order to maximize efficiency. The strategic plan is a five-year outlook on its operations, fleet, pilots, customers, and more. Evaluate your organization's current standing. Your business has the same kind of plan for its future growth. Creating a business strategy that's in line with the vision you have for your company takes time and development. Meet Upward Airlines, our fictitious company that’s about to launch its strategic planning process. This analysis is included in every business strategy, as it allows the company to rely upon its strengths and use them as an advantage. Many companies, particularly in the technology or automotive space, are distinguishing themselves by creating the most cutting-edge products. Business owners need business plans to guide the organization through the process of achieving its long-term goals. People who are responsible for tactics understand what needs to be done, saving time and effort. The following are illustrative examples of a strategy plan. When selecting and creating your financial objectives, consider what you’re trying to accomplish financially within the time span of your strategic plan. An Internet Sports Entertainment Portal. In addition, sections includes links to related, additional information to help the reader fill out that section of the framework. These useful active listening examples will help address these questions and more. A strategic plan is a goal-oriented business document. These range from political and economic factors to competitor developments. Several new low-cost airlines have emerged and increased competition for routes to major cities. A business strategy refers to the actions and decisions that a company takes to reach its business goals and be competitive in its industry. It’s also the doorway to your plan—after looking over your executive summary, your target reader is either going to throw your business plan away or keep reading, so you’d better get it just right. The strategy map is the culmination of the previous work—it puts all information into one integrated framework. Upward Air has saturated its current geographic footprint since its last plan. Rebecca Champ, Owner. Let’s imagine Upward Airlines has a 2013-2018 strategic plan that’s coming to a close. A business strategy is a powerful tool for helping you reach your business goals, defining the strategies and tactics you need to take within your company. Some organizations focus on selling more products to the same customer. Using an old, out-of-date strategic plan? A business strategy includes where you will find the required resources to complete the plan, how the resources will be allocated and who is responsible for doing so. Your elevator pitch is … If you’re still feeling a bit murky on strategic planning, here’s how to launch a sample strategic plan step by step. This can be a good business strategy if your business has had a problem delivering quality customer service. A Microsoft business plan template can help get you started. The airline’s strategic plan needs to include goals and the general plan of action on how to achieve them. Improving operational efficiency by retrofitting planes and revising the boarding process. If a strategic plan is being prepared as part of a comprehensive business plan, see also How to Write a Business Plan and Free-Plan. We Can Do It Consulting provides consultation services to small- and medium-sized companies. Business plan templates offer step-by-step instructions and prefabricated slides for your executive summary, company overview, financial plan, and more. Your business plan can look as polished and professional as this sample plan. Sample Strategic Plans Strategy is more than simply achieving business goals. Don't bother with copy and paste. A strategy plan, more commonly known as a strategic plan, is a list of strategic goals together with an action plan to achieve each goal.This is the output of strategy planning and may be developed at the level of an organization, department or team. In order to use this as your business strategy, you will need to define what "innovative" will mean for your organization or how you're innovative. An environmental scan is the process of collecting, analyzing, and interpreting data about a company’s external opportunities and threats. For further information on many aspects of preparing a strategic plan, review the white papers on Getting Business Ideas (if a startup), Devising Business Strategies and Preparing a Strategic Plan. What is active listening, why is it important and how can you improve this critical skill? There are six key components of a business strategy. The industry overview section provides information about the specific industry … The airline’s strategic plan needs to include goals and the general plan of action on how to achieve them. SAMPLE STRATEGIC BUSINESS PLAN. "Business Solutions for eCommerce". (If you need to take a step back and reevaluate your goals prior to plotting them on a spectrum, here are examples of strategic planning goals and objectives.) Think of a strategic plan like a flight plan. It also offers a natural progression making it suitable for both the investor who wants to read the plan cover to cover and th… Meet Upward Airlines, our fictitious company that’s about to launch its strategic planning process. Value can be define… Investing in technical and customer service training for employees. The "Digital Coast's" leading ebusiness consulting firm, established on the belief that there is a critical need for objective and creative analyses of the strategic possibilities of eCommerce and Internet technology. If you are interested in creating a very detailed strategic plan, and willing to put in the work. Or if you want to talk to someone, feel free to contact us and we’d be happy to help. But for Upward Air, it takes more than just one flight to get where the company wants to go. Having an idea of what the business aspires to be in the future can lead to the proper setting of the direction that the organization needs to take so it can achieve its desired conditions. Obtaining a technological advantage, you can often achieve better sales, improved productivity or even market domination. mounting evidence of the benefits of strategic and business planning, only one out of five (19%) small-business owners practices business planning on a regular basis. What is a strategic plan and why is it needed? While a strategic plan does share common elements with a business plan, or even execution plan, it is very distinct from both of those things. Strategic Plan Example Elevator Pitch Example for Strategic Plan. Summarize the problem you are solving for customers, your solution, the target market, the founding team, and financial forecast highlights. Do you know the three types of learning styles? A roadmap to launch and grow your organization Process as important as product (perhaps more important) Aligns stakeholders around strategic priorities Communicates your goals, strategies and programs Engages, motivates, and retains external and internal audiences (e.g., board, staff, donors, etc.) Check out our Strategic Business Plan Template in case you need one. Download for free. Botanical Bounty agriculture farm business plan executive summary. They are the beliefs you have that will … Customers If you’re still feeling a bit murky on strategic planning, here’s how to launch a sample strategic plan step by step. It requires multiple steps (specifically a process) before it is presented to executives and other stakeholders of the company. Strategic Business Plan Template A comprehensive, strategic business plan may include company information, SWOT analysis, research, goals, resources, risks and more. The business strategy guides top-level executives as well as departments about what should and should not be done, according to the organization's core values. Additionally, it provides structure for your firm’s strategic planning process. Write yourexecutive summarylast. Now’s the time to create a new strategy for 2019-2024. These templates will act as guides for evaluating the business, identifying the development and growth opportunities and devising the strategic plan. Upward Airlines’ strategy map showed some of the key learnings: This is just the beginning for Upward Airlines—next it will create its measures and projects. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation. Just like an airline has a final destination, like Hong Kong, and predetermined routes to get there, including departure times, direction, connecting airports, etc. Let’s imagine Upward Airlines has a 2013-2018 strategic plan that’s coming to a close. Upward Air’s SWOT analysis revealed: After an environmental scan and SWOT analysis, you should identify key changes your organization needs to make, which can then be plotted out on a shift slide. Get this complete sample business plan as a free text document. It also outlines the basic strategies on how you can achieve your goals for your business. Looking to Hire? Elevator Pitch. Even a small increase in cart size can have a significant impact on profitability, without having to spend money to acquire more new customers. Define your personal vision. This high-level analysis helps organizations identify where they’re leading and where they’re lagging, so they can shape their strategic goals accordingly. 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