How Strategic Is Your Business Plan? Business Articles | July 22 Xavien Howard Dolphins Jersey , 2008 If you currently have a business plan, how much of it taps your most creative strategic thinking processes? Many plans are static, formal documents designed to impress potential backers, but do not necessarily serve as dynamic, living visions. This article describes seven essential exercises to incorporate into a traditional business plan, or into a flexible slide presentation that powerfully communicates your vision to others.
If you currently have a business plan Laremy Tunsil Dolphins Jersey , how much of it taps your most creative, strategic thinking? Many plans are static, formal documents designed to impress potential financial backers, but do not necessarily serve as dynamic, living visions.
And, if you already have sufficient business funding Raekwon McMillan Dolphins Jersey , should you skip strategic business planning altogether?
For any situation, this article describes seven essential exercises to contemplate. You can incorporate he types of business undertakings that align with your gifts, talents, passions, and strengths? Have you thought about what your business can be the very best in the world at doing?
If the answers are "yes Jason Sanders Dolphins Jersey ," you are in an excellent position to choose the ventures that can give you the greatest satisfaction and results.
If you''re not yet totally clear, developing a set of "business success criteria" can enable you to select worthwhile endeavors with much deeper insight, and thus set the conditions for successfully pursuing them.
Why is this so important? Many people wander into businesses, projects, and professions opportunistically, meaning that they grab something that comes along because it''s available and convenient. At times Jerome Baker Dolphins Jersey , this may be necessary for financial reasons. But unless we understand our underlying success criteria, we might not recognize the options that truly fuel and inspire us -- those that are best suited to our passions and strengths.
Some of your criteria could be practical considerations, and others more lofty. But all of your criteria will be essential to achieving balance, fulfillment, prosperity, and higher contribution in your life.
Do you know which audiences are best suited to Mike Gesicki Dolphins Jersey , or already seeking, what you plan to offer?
Identifying your market niche involves brainstorming a set of potential target markets, and then combining and narrowing down the lists by comparing them against various criteria.
After selecting a niche that clearly portrays your perfect client or customer, you''ll want to research it further to gain a more comprehensive understanding of it.
The more you learn about the needs, wants, frustrations Kenny Stills Dolphins Jersey , pain, and challenges of your audience, the more precise your marketing and product development efforts can be.
Competitors consist of other companies currently offering the same or similar products or services, companies that could offer the same or similar products or services in the future Cameron Wake Dolphins Jersey , and also companies that could remove the need for your products or services.
If you have no close competitors, look for comparable businesses offering similar products or services in related industries. If they produce complementary wares, they might become valuable affiliates or collaborators.
To ensure that you can compete or collaborate successfully with the very best providers in your market, you first want to identify the key features of your own offerings.
You''ll also identify the value elements (the special, intangible qualities, such as top-notch expertise Reshad Jones Dolphins Jersey , satisfaction warranties, or stellar customer service) that your business offers or will offer.
You then perform a competitive analysis to see how your value elements compare with those of other companies.
Have you thought about how well positioned you are to take advantage of all of the positive internal and external forces in your business?
In contrast, how well can you minimize or manage the risks associated with the negative forces?
You can determine the internal factors under your control (your business strengths and weaknesses) and external factors (opportunities and threats) via a "SWOT analysis."
You then devise strategies to harness your "strengths and opportunities" while reducing or working around your "weaknesses and threats."
Are you planning to do business in a domain already filled with competitors Michael Deiter Dolphins Jersey , where there''s only a small chance of thriving? "Blue ocean strategizing" can help you rechart the waters.
Derived from Harvard Business School''s "Blue Ocean Strategy," this process repositions your business if it''s in a highly competitive niche.
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