Paper Example on Strategic Plan

One-year strategic plan

The hiring of new employees and creating an incentive program for them. This would involve an intense process seeking to recruit the very best and well-skilled for the job. The dynamics of local operations and global operations are different. It is, therefore, prudent to higher the right personnel.

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Create a new customer service base. The target market for ToolsCorp in the global marketplace would be different from the local one. It would, therefore, be necessary to focus the first year of the business in trying to set up a new target base and how to go about reaching them.

Create a website and look at attracting traffic to the business. Going global would mean a more massive marketplace than what the industry is used to handling. It would be best to make it easier for our target customers to reach the company and be able to see what it offers or produces. Providing a ToolsCorp Corporation website that people can easily access from the comfort of their homes and respective countries is necessary.

Marketing of the business via social media. To add to the website, in a world where everyone is on social media, it is crucial to establish a business niche for ToolsCorp Corporation on social media. This would improve its interactive aspect with its consumers.

SWOT analysis. The strengths, weaknesses, opportunities, and threats to the business have to be established soon enough. These key factors help determine how best the company would cope in a competitive atmosphere. Further, it provides input on how to take advantage of situations that favor the business and how to mitigate the weaknesses as well.

SMART Goal setting. This is useful for the first year in the sense that the goals set forth ought to be specific, measurable, attainable, relevant, and time-based. Only so much can be achieved by ToolsCorp Corporation in its first year of expansion. Setting goals that are based on the SMART setup would provide proper insight into how the business is fairing.

Five-year strategic plan

Company’s vision statement. This describes the kind of future ToolsCorp Corporation envisages. The essence of it is to give the employees something to strive for and work towards. This could change over a period of time. Therefore, it should provide proper insight into where ToolsCorp Corporation would want to be in a spun of five years.

Company’s mission statement. This is different from the vision statement. It should adequately indicate what ToolsCorp Corporation does, which is unique to its competitors. For instance, the fact that it builds tools, lawnmowers, lawn furniture, microwaves, and ranges, all for which are produced locally. Usually, missions are timeless. However, for a business that is trying to expand, rather than come up with new purposes, the existing ones could be modified to describe better what ToolsCorp Corporation does.

Company’s objectives. These elaborate on how best the strategy of the business is to e achieved. They generally stem from the mission statement and indicate what it is ToolsCorp Corporation is seeking to get done in a period of five years. For instance, if the ToolsCorp Corporation mission statement aims to manufacture the best lawn mowers, microwaves, and ranges, then one of the objectives would be to develop the most efficient tools for farm operations.

Ten-year strategic plan

This is more of a long-term evaluation of the wholesome growth and development of the business. The one-year plans and five-year plans culminate in the ten-year project. It cannot exist on its own; hence, it is a merge-up of the two.

It particularly builds up on the five-year plan, only that both the vision and mission statements are viewed in the long term. Should they fail to be achieved, it suffices to say that the business has been a failure.

The ten-year strategic plan of ToolsCorp Corporation would first look towards ensuring that its global market is well-captured and defined. Over time, the efficiency and effectiveness of the tools have gotten much better, with a significant decrease in the resources used to manufacture them. The goal here is to get rid of unnecessary expenses and maximize on profits.

With the rate at which the world is changing and technology advancing, ToolsCorp Corporation has to be innovative enough in order to match the ever-growing and changing demand. Further, the manner in which the business is perceived by the community within which it operates is key to the success of ToolsCorp Corporation. The fact that it is expanding globally does not mean it is quitting its local markets. Thus, communities are prone to be drawn towards businesses that are helpful to them. ToolsCorp Corporation should, therefore, look towards community development projects, both from a local aspect to a global perspective, to help boost its image.

Cumulatively, this is the period within which the vision set out by ToolsCorp Corporation, and the missions, ought to have been achieved in completion.

References

Alyssa Gregory, 19 Small Business Goals You Can Set This Year. https://www.thebalancesmb.com/small-business-goals-4126116

Joseph Lucco, Four things you must do for a successful five-year strategic plan. https://www.clearpointstrategy.com/four-things-you-must-carry-out-for-successful-five-year-strategic-plan/

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