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Presented atUniversity of the Virgin Islands Cooperative Extension Program
March 2017by
Alice ParisFederation of Southern Cooperatives
Develop a Business Strategy
Half of all small and mid size
businesses don’t plan.
Business Plan vs. Strategic PlanS
tr
at
eg
ic
Pla
n
Mission
Vision
Values
Scan
SustainabilityImpact
Focus
Goals & ObjectivesAction Plan
Performance
Long Term
Direction
Business Plan vs. Strategic PlanB
us
ine
ss
P
lan Market
Fit
Customer Value
Research
Business Model
Goals
OperationsPersonnel
Financials
Conceptual &
Tactical Feasibility
Develop a Business Strategy START AT THE END WHERE YOU HAVE REACHED SUCCESS
State where you want to go with your business idea. What do you think sales will be in 3‐5 years. Where will your markets be? What products will you be selling?
Develop a Business Strategy WHAT IS THE VISION THAT YOU HAVE FOR YOUR BUSINESS?
1. This is not to be a flowery statement. 2. Be very specific.3. Own this statement.4. Communicate this statement to all other stakeholders.
Develop a Business Strategy ANALYZE WHERE YOU ARE AT THIS MOMENT
1. What are your internal strengths?2. What are your internal weaknesses?3. What are the external opportunities?4. What are the external threats?5. What actions should you take regarding these items
that you have listed?6. Which should be your priorities?
Develop a Business Strategy EVALUATE
1. What do you need to fix?2. What do you need to capitalize on?3. Where is investment needed?4. Where will you get the best return on your investment?
Develop a Business Strategy SETTING GOALS
1. Define who will complete the goal.2. When will the action be taken?3. How will you be able to tell when it is completed?4. What resources will be needed to complete the goal?
Develop a Business Strategy PLANNING IS NEVER COMPLETED
1. Review the plan2. Update the plan3. Repeat at least once a year.
Develop a Business Strategy EXECUTE THE PLAN
Develop a Business Strategy REVIEW GOALS AT REGULARLY SCHEDULED INTERVALS1. Modify goals as needs change2. Modify goals as markets change3. Decide to how assure accountability4. Define desired results
Values• A core set of values provides a stable foundation for the organization
Vision
• A vision for the business that works in conjunction with the values, provides direction and informs action.
Mission• Having a purpose based on values and mission moves us from ideas to actions.
Goals
• Smart goals are Specific, Measurable, Acceptable, Realistic, and Time‐framed.
Objectives
• Take a goal and break it into component parts
Strategies• How do you plan to reach your goals?
Plans
• Plans include tactics and tell who, what, where, when and desired outcomes.
Actions
• Actions demonstrate core values and move the organization toward the vision.
LEAN BUSINESS PLANCREATE YOUR STRATEGY
1. Business identity2. Problem3. Solution4. Market5. Competition
LEAN BUSINESS PLANTACTICS1. Sales Channels2. Marketing Activities3. Partners and Resources4. Team
LEAN BUSINESS PLANSCHEDULE1. Tasks2. Milestones
a. Datesb. Responsibilitiesc. Budgets
LEAN BUSINESS PLAN BUSINESS MODEL1. How will you make money?2. What are your expenses?
LEAN BUSINESS PLANNext Steps
1. Test Your Idea2. Review Your Results3. Financial Performance [existing businesses]4. Revise Your Plan
a. Sales Forecastb. Budget for Expensesc. Cash Flow Forecast
LEAN BUSINESS PLANLet’s Get Started On Our Individual Plans:
IDENTITY
PROBLEM WORTH SOLVING
OUR SOLUTION
TARGET MARKET
THE COMPETITION
SALES CHANNELS
MARKETING ACTIVITIES
REVENUE
EXPENSES
MILESTONES
TEAM AND KEY ROLES
PARTNERS AND RESOURCES
Identity
Problem Worth Solving Solution
Target Market Competition
Sales Channels Marketing Activities
Revenue Expenses
Milestones
Team and Key Roles Partners and Resources