Strategic Action Plan

Companies, either start-ups or large corporations, need strategic planning. Although it is not mandatory, companies need strategic planning not only to gain a competitive advantage against competitors but also to achieve sustainability. Found below are some strategic action plan examples you can use when you will be making your own strategic action plan.

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Components of a Strategic Action Plan

When you will be formulating your own strategic action plan, remember to incorporate the basic components listed below. There are other forms of strategic planning but we will only discuss the important and most basic format of a strategic action plan.

1. Vision

A company that does not have a clear direction where it wants go long-term will not be sustainable. A vision is basically the end goal of the company—the ultimate goal of what the company wants to achieve. Additionally, a vision being a long-term goal is not simply achievable within a few months or few years. Companies, either large corporations or small enterprises, do not just change their vision statements every now and then.

The vision statement is usually formulated by the business owner, CEO, or board of directors. It should be short, ambitious, and should align with the company’s values.

Here are vision statement examples of some of the most successful companies in the world:

• Starbucks – “To inspire and nurture the human spirit—one person, one cup and one neighborhood at a time.”
• Nike – “To bring inspiration and innovation to every athlete in the world.”
• Amazon – “Our vision is to be earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.” You may also see business action plan examples.
• Toyota (USA) – “To attract and attain customers with high-valued products and services and the most satisfying ownership experience in America.”

2. Mission

The mission statement is usually interchanged with the vision statement. In actuality, both terms are very different and have different functions. The mission statement focuses on the present and enumerates how the vision statement will be achieved. When the vision statement asks the question, “what do we aim to be?” the mission statement meanwhile asks the questions, “what do we do?” and “what makes us different?”

Additionally, mission statements can be modified but the change cannot be applied for vision statements. The vision statement basically is the end while the mission is the means, so you can use various means to achieve your end but the end you desire cannot be changed. You may also like sales action plan examples.

3. Strategies

Strategies meanwhile relate to the strategies you will be using to implement your vision and mission. There are numerous strategies that have created and have been used by millions of companies around the world. Among these strategies include SWOT analysis, PESTLE analysis, Porter’s five forces, scenario planning, and growth-share matrix. Here is a shot description of each analysis that were mentioned.

• SWOT analysis – SWOT analysis (short for strength, weakness, opportunity, and threat) is one of the most popular tools used in strategic planning. SWOT analysis identifies the internal and external factors affecting the business both directly and indirectly. SW (strength and weakness) centers in on the internal factors while OT (opportunity and threat) focuses on the external factors. You may also check out career action plan examples.
• PESTLE analysis – When SWOT analysis identifies both the business’s internal and external environment, PESTLE (short for political, economic, social, technological, legal, environment) focuses on external factors alone. The external factors are the factors in which the business or company has no control over. You might be interested in employee corrective action plan examples.
• Porter’s five forces – Porter’s five forces analysis is also centered on the external environment but zeroes in on the company’s competition. So what are Porter’s five forces? They are threat to new entrants, threat of substitutes, bargaining power of customers, bargaining power of suppliers, and industry rivalry. You may also see employee action plan examples.
• Scenario planning – Scenario planning is used to create long-term plans. Originally used by the military, scenario planning were implemented by businesses during the 1960s. Scenario planning combines demographics, geography, political and industrial information with external factors such as social, economic, environmental, and political. You may also like how to make an action plan.
• Growth-share matrix – Also called as product portfolio matrix or portfolio diagram, growth-share matrix is basically a chart to help businesses analyze their product lines or business units. Growth-share matrix is usually implemented and used together in brand marketing, product management, and portfolio analysis.

4. Action Plans

You do not only stop at creating strategies, you implement them in your daily operations. The vision and mission you formulated as well as the strategies you identified and analyzed will be implemented throughout your company (from hiring qualified applicants, to meeting monthly sales targets, to creating financial reports, or to even using the most convenient and most accessible software).

Although strategies are confidential documents, the vision and mission statements should be listed on the company website, company formal emails, and should also be printed and hung on the office walls to remind each and every employee what the company is aiming for short-term and long-term.

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Sample Strategic Action Plan for a Restaurant Business

Although we have attached strategic action plan PDF examples, we also included a sample for a restaurant business strategic action plan. The sample strategic action plan listed below is not a detailed action plan, but only provides an outline on how a strategic action plan should be created. Depending on the type of business, a strategic action plan requires extensive research and data gathering, usually taking up to one week or even one year of research.

1. Vision

To become the most recognizable and most popular food chain in the world selling the most delicious Chinese food.

2. Mission

To attain our vision of becoming the best Chinese restaurant in the world in the next 50 years, the restaurant is aiming to

• produce and harvest our own ingredients, making sure fresh food is served in the restaurant every day, seven days a week;
• hire and develop the best cooks and chefs and have them create an unparalleled dining experience for customers;
• strategically establish future restaurants in locations where it is accessible to public and private transport; and
• develop a massive yet very affordable social media campaign to increase visibility not only to the target market but also to potential customers.

3. Strategies

Among the strategies that we will be using include simple SWOT analysis, PESTLE analysis, and growth-share matrix. Using SWOT analysis helps the restaurant analyze both the internal and external environment. Since external factors are hard to predict yet create a big impact to the business, PESTLE analysis will also be used to support the information or data from the SWOT analysis.

Growth-share matrix aids the restaurant in analyzing the dishes it is selling and if the dishes being served are enough to have a competitive advantage as well as achieve maximum profitability.

4. Action Plans

After creating the SWOT analysis, PESTLE analysis, and growth-share matrix, the analysis will then be used and implemented throughout the restaurant and all of the restaurant’s future expansions. The company’s mission and vision will be printed out, framed, and plastered in the accounting office (where all employees retrieve their salaries) as well as the restaurant’s main entrance (where all the customers go through to gain entry in the main dining hall). You may also see teacher action plan examples.

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Companies Who Successfully Implemented Strategic Planning

Listed below are some corporations who successfully implemented strategic planning in their operations which allowed them to become industry leaders.

1. Nike

The world’s most successful footwear company starts off the list as one of the companies who successfully uses strategic planning in both their short-term and long-term planning. Nike’s strategy is simple yet very effective. It partners with the most successful athletes and celebrities and ties these celebrities to long-term merchandising contracts. You may also see research action plan examples.

Nike does not only sponsor athletes, but they also sponsor teams and sporting events. The company is currently one of the official jersey partners of the 2018 FIFA World Cup.

2. General Motors

Nobody thought that American car manufacturer General Motors (GM) would be able to bounce back from its disastrous bankruptcy a few years back.

Today, GM reclaimed the throne as the largest automobile manufacturer in the US, beating out Ford and Chrysler. The automotive company is also a consistent market leader in the United Kingdom, Canada, China, Brazil, and Russia. Everyone knows about Chevrolet, GMC, Cadillac, and Holden, and GM would like to keep it that way for the next generation of vehicle owners and speedsters. You may also like what is an action plan?

3. Alibaba

Online retail companies have been around for quite a while. But when Alibaba came in, the whole industry changed which forced online retail giants Amazon and eBay to shift their strategies. Alibaba brought something new to the table, as its efforts focused on small enterprises (online wholesale selling) instead of individual customers, charging for marketing and technical support, and very convenient and safe purchase methods. You may also see quality plan examples & samples.

4. Samsung

The reason why Apple will never gain an upper hand in Asia is because of this company. Samsung’s strategy is to produce smart phones with the same technology as their competitors but selling them at a much cheaper price.

Samsung’s product line is extensive, and consumers can easily buy their products if they cannot afford for the higher end phones. Another reason why Samsung beats out Apple and other smartphone manufacturers is the convenience that their phones bring. You may also like advertising plan examples & samples.

5. Facebook

Ignoring the privacy issue that occurred a few months back, Facebook continues to be king of all social media platforms. Facebook’s strategy has changed over the years, from allowing users to send direct messages through the application, to earn revenues through advertising, and probably the strategy that paid off big time: the acquisition of photography app Instagram.

We hope you found this article to be helpful as well as informative when you will be making your own strategic action plan. The examples we provided will also guide you in making your own strategic plan. As previously mentioned, companies, either start-ups or large corporations, need strategic planning. You might be interested in sales plan examples.

Although it is not mandatory, companies need strategic planning not only to gain a competitive advantage against competitors but also to achieve sustainability.