...Excellence in Financial Management Course 10: Strategic Planning Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a concise overview of how to do a strategic plan. The entire strategic planning process is outlined within this course. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Chapter 1 Preliminary Considerations What is Strategic Planning? The essence of management includes the ability to plan. As you work your way up the organization, planning moves from operational to strategic. Strategic Planning is one of the principal responsibilities of upper-level management. Once management decides on the Strategic Plan, lower-level managers implement the Strategic Plan through an Operating Plan. Strategic Planning attempts to answer a very fundamental question: Where do we want to be one year from now, two years from now, three years from now, etc.? Strategic Planning requires that an organization develop a vision of itself - how do we see ourselves in the future? Strategic Planning looks at the big picture from a long-range perspective whereas the Operating Plan represents the specific tactics for carrying out the Strategic Plan year to year. Strategic Planning is a process whereby an organization makes choices about: ▪...
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...IT STRATEGIC PLANNING “You’ve got to be very careful if you don’t know where you are going, because you might not get there.” Yogi Berra BACKGROUND Henry Mintzberg, former president of the Strategic Management Society, points out that “strategy can not be planned because planning is about analysis and strategy is about synthesis.” 1 Failure to recognize this basic distinction accounts for the frequent failure of such exercises, as does an excessive focus on technical detail, lack of suitable leadership, and perhaps most important, failure to align technology to institutional mission and priorities. Strategic planning involves a structure or framework, a set of procedures (both formal and informal), and of course content. Beyond these basic elements, the underlying assumptions about strategic planning are that the future can be anticipated, forecasted, managed or even controlled, and that the best way to do so is to have a formal and integrated plan about it in place. The process of planning itself may turn out to be more important than the results, and that process requires, as Mintzberg suggests, both analysis and synthesis. Planning simply introduces a formal “discipline” for conducting long-term thinking about an institution, and for recognizing opportunities in and for minimizing risks from the external and internal environments. Among the hundreds available, perhaps the most well-know model of strategic planning has the SWOT (for strengths, weaknesses, opportunities...
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...Running Head: STRATEGIC & FINANCIAL PLANNING OF FROEDERT HOSPITAL Strategic & Financial Planning of Froedert Hospital [Name of the writer] [Name of the institution] [Page Break]Strategic & Financial Planning of Froedert Hospital Thesis Statement The purpose of this assignment is to analyze the financial & business administration of Froedert Hospital to develop a draft action plan to improve the business of the organization. (Suzanne, 1993) Introduction Produce regular performance & financial plans is an essential component of planning & analytical work of the companies. Operational planning can reduce irrational use of funds of the company by the timely planning of business operations, inventory, financial flows & monitoring their actual implementation. Operational planning is still a weak point of business management of the U.S. health care organizations. About the Organization Froedtert Hospital is a 500-bed academic medical center containing workforce being provided by the staff of The Medical College of Wisconsin. The hospital has been honored with the prestigious Magnet title given by the U.S. Nurses. It works as an eastern Wisconsin recommendation center for higher remedial practice care consisting of thirty seven areas of expertise & subspecialties. (Suzanne, 1993) Objectives of Strategic & Financial Planning...
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...project help differentiate it from other endeavors of the organization. The major characteristics of a project are as follows: 1. An established objective. 2. A defined life span with a beginning and an end. 3. Usually, the involvement of several departments and professionals. 4. Typically, doing something that has never been done before. 5. Specific time, cost, and performance requirements. P18, RQ3 - Why is the implementation of projects important to strategic planning and the project manager? Today, projects are the modus operandi for implementing strategy, meaning that strategy plans of a company is delivered through the products of project results. Since projects are the modus operandi, strategic alignment of projects is of major importance to conserving and effective use of organization resources. Selection criteria need to ensure each project is prioritized and contributes to strategic goals . Anything less is a waste of scarce organizational resources—people, capital, and equipment . Projects and project management play the key role in supporting strategic goals. It is vital for project managers to think and act strategically. P50,RQ3 - How are projects linked to the strategic plan? Strategy is implemented through projects. Every project should have a clear link to the organization’s strategy. Strategy is fundamentally deciding how the organization will compete. Organizations use projects to convert strategy into new products, services, and...
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...planning used by managers, including strategic, tactical, operational and contingency planning. Terms, such as single-use plans, continuing plans, policy, procedure and rule, will also be defined. Planning to PlanHave you ever heard the saying 'Those who fail to plan, plan to fail'? While I can't speak to all facets of life, this is certainly true in business. Managers find themselves planning for all sorts of things. So much so, that planning is one of the four major functions of management. In doing so, a manager can be certain that he or she is working toward some organization goal. There are three main types of plans that a manager will use in his or her pursuit of company goals, which include operational, tactical and strategic. If you think about these three types of plans as stepping stones, you can see how their relationship to one another aids in the achievement of organizational goals. Operational plans are necessary to attain tactical plans and tactical plans lead to the achievement of strategic plans. Then, in true planning fashion, there are also plans to backup plans that fail. These are known as contingency plans. To better understand how each type of plan is used by managers, let's take a look at an example from Nino's Pizzeria and how Tommy, Martha and Frank carry out their planning responsibilities. Strategic PlansTo best understand the relationship between the different types of plans, let's start at the top. Strategic plans are designed with the entire organization...
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...that investors had come to expect from Wal-Mart over the years” (Camerius& Hunger, p. 19-30, 2006). The company’s current strategic plan is tothrive in the followingareas: • Low costs, high customer service, and always low prices • Product mix • Logistics and supply-chain management • International markets • Domestic growth • Public relations I have developed multiple strategic alternativesfor the company. They are as follows: • Stability – Pause And Proceed: Pause physical growth then proceed with growth domestically and globally • Growth – Concentration: Concentrated Internet program to target domestic and foreign markets • Growth – Concentration: Horizontal Growth with International Entry for global geographical internal expansion The plan deployed must be consistent with the corporate strategy. Per Sam Walton (1918-1992), the company’s founder, “Our goal has always been in our business to be the very best and, along with that, we believe that in order to do that, you’ve got to make a good situation and put the interests of your associates first. If we really do that consistently, they in turn will cause…our business to be successful, which is what we’ve talked about and espoused and practiced” (Camerius& Hunger, p. 19-10, 2006). Table of Contents I. Current Situation 4 A. Current Performance 4 B. Strategic Posture 4 1. Mission 4 2. Objectives 4 3. Strategies 4 4. Policies 5 II. Strategic Managers 5 A. Board of Directors 5 B. Top Management 6 ...
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...Introduction Strategic planning determines where an organization is going over the next year or more, how it's going to get there and how it'll know if it got there or not. The focus of a strategic plan is usually on the entire organization, while the focus of a business plan is usually on a particular product, service or program. There are a variety of perspectives, models and approaches used in strategic planning. The way that a strategic plan is developed depends on the nature of the organization's leadership, culture of the organization, complexity of the organization's environment, size of the organization, expertise of planners, etc. For example, there are a variety of strategic planning models, including goals-based, issues-based, organic, scenario (some would assert that scenario planning is more of a technique than model), etc. For-Profit Versus Nonprofit Strategic Planning Major differences in how organizations carry out the various steps and associated activities in the strategic planning process are more of a matter of the size of the organization -- than its for-profit/nonprofit status. Small nonprofits and small for-profits tend to conduct somewhat similar planning activities that are different from those conducted in large organizations. On the other hand, large nonprofits and large for-profits tend to conduct somewhat similar planning activities that are different from those conducted in small organizations. (The focus of the planning activities is often...
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...Manufacturing [pic][pic] [pic] Strategic Plan 2013 - 2016 MGT 498 January 14, 2013 Contents Introduction 3 Background 3 Internal Structure 4 Background to the Vision, Mission Statement, and Strategic Objectives 6 Environmental Scan 7 Vision, Mission Statement, and Values 8 Vision 8 Values 8 Mission Statement 9 Our Focus 9 Our Customer Relationships 9 Our Employees 9 Our Future 9 SWOT Analysis 10 Key Success Factors 11 Driving Forces 12 Strategic Objectives 13 Meeting Critical Success Factors and Strategic Objectives 15 Strategic Objectives Actions Plans 17 Reference 18 Introduction Riordan’s Strategic Plan will provide the framework to guide stakeholders and management to meet and exceed strategic objectives of the organization. As the plan period progresses, the plan may change dependent upon policy change, leadership change, and/or industry change. This plan concludes Riordan’s discussions concentrating on any challenges to ensure the organization can meet expectations of stakeholders. The management of Riordan will use this strategic plan for direction in achieving objectives. The plan includes the following key points which will guide the direction of the organization: ▪ Vision; ▪ Mission statement; ▪ Environmental Scanning; ▪ Critical Success Factors; ▪ Strategic objectives; and ▪ Strategic objectives’ action plans. Background Riordan Manufacturing is a Fortune...
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...Strategic Plan Risk Management FEMA Strategic Plan Risk Management FEMA’s Strategic Plan FY2011 - FY2014 states their mission is, “to support our citizens and first responders to ensure that as a nation we work together to prepare for, protect against, respond to, recover from, and mitigate all hazards.” (FEMA Strategic Plan, February 2011 p.1) FEMA’s strategic goals are the following: (FEMA Strategic Plan, February 2011 p. 7) 1) Foster a Whole Community Approach to Emergency Management Nationally 2) Build the Nation’s Capacity To Stabilize and Recover From a Catastrophic Event 3) Build Unity of Effort and Common Strategic Understanding among the Emergency Management Team 4) Enhance FEMA’s Ability to Learn and Innovate as an Organization The risks of FEMA’s strategic plan include, but are not limited to,” climate change; the age of critical infrastructure; evolving terrorist threats; global interdependencies; government budgets; technical innovation and dependency; universal access to and use of information; and U.S. demographic shifts.” (FEMA Strategic Plan, February 2011 p. 4) These risks are inherent and are not within FEMA’s control. FEMA must focus on risks that are under their control. Eliminating ‘controllable’ risks can minimize the effects of these inherent risks, and ensure successful execution of their strategic plan. A controllable risk affecting the success of FEMA’s strategic plan is the support and commitment of the entire FEMA organization. ...
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...(IPAM) UNIVERSITY OF SIERRA LEONE RESEARCH PROPOSAL PROPOSED MASTERS-MPA PROPOSED TOPIC THE IMPACT OF STRATEGIC INFORMATION SYSTEM PLANNING AND IT’S ALIGNMENT WITH THE STRATEGIC PLAN OF THE ORGANIZATION A CASE STUDY: PARLIAMENT OF SIERRA LEONE (STRATEGIC PLAN 2009-2013) SUBMITTED TO: THE DEAN OF POSTGRADUATES STUDIES SUBMITTED BY: JOSEPH CONTEH INTRODUCTION Strategic information system planning (SISP) is consistently identified as the most critical issue facing the Organization. Leaderer and Sethi define strategic information systems planning as the process of identifying a portfolio of computer-based applications to assist an organization in executing its business plans and realizing its business goals. Strategic information systems planning also include the search for applications with a high impact and the ability to create- an advantage over competitors. The use of Information Technology associated with proper planning would increase business success within the organization. SISP is considered to be the best mechanism that would support the organization to assure that IT activities are attuned with those of the rest of the organizational needs. The paper will focus on such factors that will assist the organizations to success in the strategic information systems planning. Background Information to the Research area Over the years, some organizations have made technology decisions and acquisitions in Sierra Leone that impact organizational information...
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..."those who fail to plan, plan to fail." Managers are continually planning. So much that it's considered one of the four major functions of management. Planning ensures that the company is working towards common organizational goals. Goals show clear direction and destination for an organization to achieve. Goals can be both long-term and short-term, where the end objective is almost always the same. Throughout this paper, the three types of goals and their importance, the different kinds of planning and the importance, and the elements involved in creating an effective strategy will all be examined. Three Types of Organizational Goals Organizations compose three levels of management- top, middle, and first-line. From these levels different types of goals are created, where they are originated by top management and are carried out by middle and first-line managers. Organizational goals consist of three types- strategic, tactical, and operational. The accomplishment of low-level goals leads to the attainment of high-level objectives, otherwise known as a means-end chain. First, strategic intents are formulated as the ultimate achievements desired and implemented by top management. Strategic objectives are usually developed to last over a two- to four-year period. Many goals exist, but the most common are market standing, innovation, productivity, physical resources, financial resources and action planning. For example, Wal-Mart's strategic objectives are "increasing...
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...2012 Zara Strategic Marketing Plan MBA-USQ 11: MKT5000 University of Applied Sciences Zurich (HWZ) Switzerland Supervised by: Prof. Richard Beswick Anja Anastasja Keller - U1028905 Word count: 1’905 26.10.2012 MKT5000 Zara Strategic Marketing Plan Anja Anastasja Keller U1028905 Summary of Zara current market situation Zara is a publicly listed company and belongs to the Inditex Group, founded by Amancio Ortega in 1975 in Spain. Zara always continues to bring excitement to fashion and fulfils customer demands. Currently Zara has 1,600 stores in 77 countries and continues to force its logistics system to complete stock rotation every 15 days. Zara needs 14 days to develop a new product and deliver it to stores and launches around 10’000 new designs each year. Zara is moving forward with its successful entry into the digital world and continues to expand and manage its online presence: over a million daily web site visits and more than 14 million Facebook fans. The online expanding strategy in international key markets as the U.S. and China is one of the hot topics. Zara’s online shops feature all major functions, although does not correspond with Zara’s local presentation (prestige image), even more a bit disappointing, especially compared with H&M’s creative way to convey fashion online with the dress room function, moreover, by...
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...Information Technology Strategic Plan My. X Strayer University Information Systems For Decision-Making CIS500 Dr. XYZ March 10, 2015 Abstract This article is focused on the format of a Business Plan strategy. It provides an overview of the company, financial, and other aspects of the business plan. The main components of business plan are: executive summary, company, products and services, market, strategy and implementation, financial plan, and financial plan. This article will show the plan for a successful corporate finance strategy, corporate finance and strategy functions that will work together and illustrate how to create shareholder value. Keywords: Writing Business Plans, SWOT analysis, Strategy plans, financial plans, sample business plans Introduction Many companies are using mobile (tablets, smartphones, and blackberries) technologies to enhance their customer service experience and internal job satisfaction for their employees. Companies like Delta Airlines, PayPal, a medical company, and a software security company, has shown that using mobile/wireless technologies are reaping its benefits. They’ve also have shown that they are in touch with social media platform and engaged customers to increase their understanding of what is needed to provide better products and services. “Indeed, many good business ideas have flopped before getting off the ground because they were not thought through fully” (Tusin, J, 2006, p. 226). A business plan enables an entrepreneur...
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...INTERNATIONAL STRATEGIC MANAGEMENT: Strategic management for hotel industry CANDY 10182133m Lecturer: Paula Tomsett I-Shou University Contents ABSTRACT 3 INTRODUCTION 4 RELEVANT THEORY 4 Strategic management 4 Globalization 5 IMPLICATIONS FOR INTERNATIONAL STRATEGIC MANAGEMENT 5 The cost of land ownership 6 Costs of funding the projects 6 Official procedure approval 6 Human resource matter 6 The speed of technology development 7 Infrustructure and security matters 7 Strong competitors 7 CONCLUSION 8 REFERENCES 9 ABSTRACT Hotel industry has been chaos period in recent years. What makes a firm differing from the others are well known brand, high standard products and services, as well as an unique strategic management to build short term and long term plans and strategies. In the process of strategic management, firms encounter a number of challenges. In order to compete rivals and get an competitive advantage, it is essential to issue the problems and find out possible and relevent solutions. Key words: hotel industry, strategic management, hospitality INTRODUCTION In recent years, global economy is facing a severe recession that affects almost aspects of business life. Hotel industry is also not an exception, typically Indian hotel industry. In order to grow and expand, hotel industry has to combat a number of challenges in human resources, land acquisition, technology deployment as a strategic tool and understanding the dynamics...
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...Term Paper Information Technology Strategic Plan CIS 500: Information Systems for Decision-Making Information Technology Strategic Plan Established in 1984, in Chattanooga, TN, 1st Step Counseling started as a privately owned counseling practice, primarily serving the local courts by providing first time DUI offenders with DUI education service and assessment, as mandated by their court ordered probation. Over the next ten years 1st Step Counseling has expanded its’ services to deliver out-come focused Mental Health and Substance Use Disorder counseling. By 1995, 1st Step Counseling had a patient census of approximately 300 patients, requiring the employ of an Internal Medicine Specialist, a Psychiatrist, a Nurse Practitioner, three Licensed Practical Nurses, two Clinical Psychologist, six Licensed Professional Counselors and two Clinical Social Workers, plus eight Administrative and Support staff. Later the same year, 1st Step Counseling opened a second office in Farragut, south of Knoxville, TN. Since this first expansion, 1st Step Counseling has established itself as a prominent Mental Healthcare Service provider, with 14 locations in or near metropolitan areas, throughout the Southeast. In January 2014, the Board of Directors decided to expand to the national market. To begin steering the company toward the national stage, the Directors and Senior Executives rebrand the company’s identity by changing the name to Access-Link Behavioral Healthcare (BHC)...
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