Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SHEESH my own > group 7' > Flashcards

group 7' Flashcards

1
Q

ALL 7 BEST PRACTICES WHEN DRAFTING A STRATEGIC BUSINESS PLAN

A
  1. Know your why
  2. Compile a Cross-Functional Team
  3. Create “Living” Timelines
  4. Perform Competitive Research Analyses
  5. Assess Your Technological Infrastructure for Enterprise Harmony
  6. Develop an Accessible Strategy Management Framework
  7. Adjust Budget Allocations to Match the Upcoming Strategy Implementation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

8 KEY COMPONENTS OF BUSINESS PLANS

A
  1. . Executive Summary
  2. Business Description
  3. Market Analysis
  4. Marketing and Sales Strategy
  5. Operations Plan
  6. Management and Organization
  7. Financial Plan
  8. Appendix
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

5 keys to successful strategy execution

A
  1. COMMIT TO A STRATEGIC PLAN
  2. ALIGN JOBS TO STRATEGY
  3. COMMUNICATE WITH EMPLOYEES
  4. MEASURE AND MONITOR PERFORMANCE
  5. BALANCE INNOVATION AND CONTROL
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Strategic business planning hinges on defining clear objectives, identifying competitive advantages, and establishing measurable success outcomes to drive actionable and valuable outcomes.

DRAFTING STRATEGIC BUSINESS PLAN

A

KNOW YOUR WHY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Strategic business plans require insights from all major departments to ensure successful enterprise-wide implementation, involving representatives from executive leadership, key departments, and IT, alongside designated business process owners and strategy directors.

DRAFTING STRATEGIC BUSINESS PLAN

A

Compile a Cross-Functional Team

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Combat strategic fatigue by implementing realistic and agile scheduling for your strategic plan, prioritizing frequent and focused meetings with detailed agendas to enable timely responses to emerging business strategy changes revealed by benchmarked data.

DRAFTING STRATEGIC BUSINESS PLAN

A

Create “Living” Timelines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Competitive research analysis provides an honest and quantitative assessment of a business’s strengths, weaknesses, and overall operational health compared to competitors, often enhanced by external consultants for accuracy and depth.

DRAFTING STRATEGIC BUSINESS PLAN

A

Perform Competitive Research Analyses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Effective communication and collaboration between departments, facilitated by strategic management software and enterprise resource planning systems, are crucial for successful execution of strategic plans and avoiding siloed operations that hinder progress.

DRAFTING STRATEGIC BUSINESS PLAN

A

Assess Your Technological Infrastructure for Enterprise Harmony

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Utilize a cohesive strategy management framework to assign, track, and communicate individual activities and initiatives across departments, ensuring alignment with business strategy and facilitating coordinated execution through graphical representations and team training.

DRAFTING STRATEGIC BUSINESS PLAN

A

Develop an Accessible Strategy Management Framework

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Align strategic planning with budgeting cycles to ensure resources are allocated effectively towards top priorities, minimizing non-value-adding expenses and adjusting allocations routinely to enhance purposeful contributions.

DRAFTING STRATEGIC BUSINESS PLAN

A

Adjust Budget Allocations to Match the Upcoming Strategy Implementation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Picture this as the dazzling opening act of your business plan, where you showcase your vision, mission, and why your venture is destined for greatness. It’s a compelling glimpse into the heart and soul of your business.

COMPONENTS OF BUSINESS PLANS

A
  1. Executive Summary
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Here, we dive deep into the DNA of your business. You’ll spill the beans on what you do, your industry, your history, and your grand plans for the future. It’s a snapshot that captures the essence of your business

COMPONENTS OF BUSINESS PLANS

A

Business Description

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This section is where we turn detective. We unearth market trends, study customer behaviors, and dissect your competitors. It’s a treasure trove of insights that helps you navigate the marketplace.

COMPONENTS OF BUSINESS PLANS

A

. Market Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Imagine this as the stage where you reveal your magic tricks. Here, you outline how you’ll entice and retain your customers. It’s where the art of attracting and selling meets strategy.

COMPONENTS OF BUSINESS PLANS

A

Marketing and Sales Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Ever wondered how the show runs backstage? This is where you spill the beans. From location to logistics, it’s the nitty-gritty of daily operations. It’s the backbone that keeps your business standing tall.

COMPONENTS OF BUSINESS PLANS

A

Operations Plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Introducing the cast and crew of your business. Who’s in charge? What’s their expertise? It’s where you showcase your dream team and the hierarchy that keeps everything in check.

COMPONENTS OF BUSINESS PLANS

A

Management and Organization

17
Q

This section is your crystal ball into the future. It predicts your financial performance, balances your books, and forecasts cash flows. Investors love it, and you will too.

COMPONENTS OF BUSINESS PLANS

A

Financial Plan

18
Q

This is your secret stash. All those extra documents, licenses, contracts, and accolades find their home here. It’s the vault of credibility that adds weight to your plan.

A

Appendix

19
Q

STRATEGY EXECUTION DEPENDS ON EMPLOYEES’ DAILY TRASKS, SO IT’S VITAL THAT THEY UNDERSTAND THE ORGANIZATION’S STRATEGIC GOALS

STRATEGY EXECUTION

A

COMMUNICATE WITH EMPLOYEES

20
Q

Strategy execution relies on assessing progress toward numeric goals. If metrics are down, reassess and pivot your strategy

STRATEGY EXECUTION

A

Measure and monitor performance

21
Q

While innovation is a driving force for company growth, don’t let it derail your strategy execution

STRATEGY EXECUTION

A

Balance Innovation and Control

22
Q

Before diving into execution, it’s important to ensure all decision-makers and stakeholders agree on the strategic plan

STRATEGY EXECUTION

A

COMMIT TO A STRATEGIC PLAN

23
Q

Optimize jobs for high performance by aligning tasks and responsibilities with organizational strategy

STRATEGY EXECUTION

A

ALIGN JOBS TO STRATEGY

24
Q

Successful business plans are often tied to a ________________

A

strategy planning framework

25
Q

strategy planning frameworks are a competitive and pre-emptive assessment of your organization’s readiness for strategic planning, delivering historical and market data informing your ___________________

A

current strategic positions.

26
Q

______________________ is akin to laying the foundation for a grand architectural masterpiece.

A

Crafting a business plan

27
Q

business plan is your roadmap to success, a strategic blueprint that breathes life into your ._________________________

A

entrepreneurial dreams.

28
Q
A

SHEESH my own (25 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions