Strategic Planning for Your Small Business

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SWOT Analysis: Technology Trends

Failure to monitor and address advances in technology may negatively impact your financial position in the market. Areas to watch include government spending on technology, big new discoveries or products [more…]

SWOT Analysis: Monitoring Political Winds

To accurately prepare for opportunities and threats, keeping tabs on your government’s policies and legislation on business-related issues is crucial. Decisions made at the federal, state, and local levels [more…]

SWOT Analysis: Demographic Movements

Knowing what’s going on with demographic changes and movements helps you plan for the demand for your company’s products and services as well as labor issues. For example, sometimes seemingly unexplainable [more…]

SWOT Analysis: Tracking Your Industry

An industry is a group of companies that sell products or services that are similar to each other, such as the furniture industry, the car industry, or the financial services industry. Knowing the type [more…]

SWOT Analysis: New Competitors

The more companies that swim in the same pond and compete for the same customers, the more competitive the industry. Often some competition is better than none. But if jumping in to your industry is easy [more…]

SWOT Analysis: Threatening Substitute Products

With the continual flux of technologies and the speed of development, the threat of substitute products taking the place of yours is greater than ever before. Substitute products can be an area of opportunity [more…]

SWOT Analysis: Bargaining Power of Suppliers and Buyers

The amount of control your suppliers have over the price of goods you purchase dictates whether this area is an opportunity or threat. Suppliers or vendors [more…]

SWOT Analysis: Competitors

The rivalry or intensity at which you compete against your competition can move and change over time as the dynamics of the industry change. Competitive rivalry is an opportunity or a threat, depending [more…]

SWOT Analysis: Analyzing Your Competition

When they’re strategically planning next moves, some organizations don’t worry about what their competitors are doing and just charge ahead. Others track every move and assess how to react. You want to [more…]

SWOT Analysis: Identifying Your Competitors

If you’re gearing up for a big athletic competition, your training regimen is directly proportional to who you’re competing against. You really don’t want to work harder than you have to, right? Well, [more…]

Organize Customer Information for Your Strategic Plan

Businesses that succeed do so by creating and retaining customers. Because marketing plays the key role of making that happen, it has a large part in setting the strategic direction of the organization [more…]

Identify Opportunities and Threats in Your Strategic Plan

Potential opportunities and threats may impact your business. In the strategic planning process, you discover some of the larger trends likely to impact all businesses over the next ten years. You need [more…]

Starting Your Strategic Planning SWOT Analysis

The success or failure of your organization’s strategic planning depends not only on your internal capabilities and resources (strengths and weaknesses) but also on things that happen outside of your control [more…]

SWOT Analysis: Finding Opportunities in Your Operating Environment

As far as strategic planning goes, no one has a crystal ball that can peer into the future, but certain trends appear to be in the making and are worth considering now. Although knowing how environmental [more…]

Choose the Right Business Unit Level Strategy for You

In strategic planning, the basic difference between business unit level strategies are (1) whether a company’s market or industry target is broad or narrow and [more…]

Strategic Planning: Sticking to One Business Unit Level Strategy

Selecting only one business unit level strategy to lead with in your strategic plan is widely considered one of the best ways to achieve and maintain your competitive advantages. Why? Because if you select [more…]

Strategic Planning: Concentrating on Market Penetration

The most common growth strategy is to focus on what you do best by emphasizing your current products in your current markets. This strategy is also called the [more…]

Market Level Strategies: Strategizing How to Grow

Successful growth stems from matching your strengths and weaknesses with the opportunities that exist in your business environment. Your growth strategy is the way in which you position your company to [more…]

Strategic Planning: Product Development

When you hear the term product development, you may think about brand new products, but that’s not necessarily the case. Executing a product development strategy can happen by adding more value to your [more…]

Strategic Planning: Market Development

You can strategically grow by leveraging your product knowledge to reach new customers. More than likely, you’ve spent time and money developing your product and service offering. Assuming you’re happy [more…]

Strategic Planning: Diversification

Diversification is entering new markets with new products. Sometimes you just need to bust out and try something new — like learning the polka. Or if you’re a tobacco firm, buying a packaged-food company [more…]

Strategic Planning: Growing Up (and Down)

One potential way to strategically grow your company is through vertical integration — moving up and down your supply chain. You can integrate forward by setting up operations closer to your customer, [more…]

SWOT Analysis: Gathering Competitive Intelligence

In the past, collecting data on your competitors for the purposes of strategic planning was difficult. Today’s overabundance of information makes this important analysis much easier. Now you can collect [more…]

SWOT Analysis: Evaluating Your Market

You need to have a complete picture of your company to adequately prepare a strategic plan, so taking a high-level look at your market is important. Your [more…]

Complete Your SWOT Analysis

The purpose of a SWOT analysis (strengths, weaknesses, opportunities, and threats) is to help produce a good fit between your company’s resources and capabilities and your external environment. Your SWOT [more…]

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