Develop a strategic action plan for yourself.

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Introduction

The final step in developing your strategic plan is to translate your strategy into action. A robust action plan contains four elements:

• Identification of specific actions to be undertaken in the next year or less.
• Establishment of a clear time frame for the completion of each action.
• Creation of accountability by identifying who is responsible for each action.
• Determination of one or more specific, immediate objectives that the action should achieve.

Functional tactics and monetary ramifications are the underlying details of your strategic action plan. Functional tactics are short-term, narrow-scoped plans that detail the activities you will use to achieve your short-term objectives. The monetary ramifications of your strategic plan will likely be expressed in both income and expenses, for example, the amount of increased income anticipated by climbing the corporate ladder and the amount of money you may need to spend on education or professional development.

Strategic Action Plan

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

In the previous assessments, you have developed your mission statement, conducted a personal SWOT analysis and environmental scan, and laid out your long-term and short-term objectives. Now, you will create a strategic plan to achieve your objectives.

Your completed Strategic Action Plan will be based on the information from your mission statement, your SWOT analysis, your environmental scan, and your long-term and short-term plans; however, you do not need to include these items in this assessment.

Develop a strategic action plan in which you address the following:

• Specific steps you will need to take in the next year to achieve your 5-year objectives.
• A time frame for completing each action.
• The scorecard you will use to measure the success of each action.
• The functional tactics you will use to achieve your short-term objectives.
• The resources (financial, human, and other) you will use to complete each action.
• An analysis of the monetary ramifications of each action.
• A plan for monitoring the progress of the action plan.
• A plan for handling obstacles or roadblocks.
• An explanation of how your overall strategic plan reflects your mission statement.

To successfully complete this assessment, you may need to do some research on strategic action plans. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each bullet point, while also being as clear and concise as possible.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• Competency 1: Create organizational value.
  • Explain how a strategic plan reflects a mission statement.
• Competency 2: Participate collaboratively and respectfully.
  • Describe the resources needed to complete the steps of a strategic plan.
• Competency 3: Communicate effectively.
  • Explain how to measure the success of the steps needed to achieve long-term objectives.
  • Write coherently to support a central idea in the appropriate format with correct grammar, usage, and mechanics.
• Competency 4: Plan strategically.
  • Describe functional tactics used to achieve short-term objectives.
  • Describe a plan for monitoring the progress of a strategic plan.
  • Explain strategies for addressing roadblocks and obstacles to a strategic plan.
• Competency 5: Employ high-performance business management techniques.
  • Describe the steps and associated time frames needed to achieve long-term objectives.
• Competency 7: Use appropriate financial models and principles.
  • Explain the financial ramifications associated with a strategic plan.

Develop a long-term and a short-term plan for yourself using what you have learned about yourself through the SWOT analysis and environmental scan you completed.

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Introduction

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

In business, having a plan is a critical element for growth and expansion. However, successful businesses do more than simply plan to earn millions within the next five years; they develop detailed plans that have realistic goals. Typically, these plans include both long-term plans and short-term plans.

Developing your personal long- and short-term plan can help you chart the road to your own success. A well-prepared plan can help you focus your professional efforts, identify resources to help you achieve your goals, prioritize the actions you need to take, and anticipate obstacles.

Long-Term and Short-Term Plans

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

Success in any endeavor requires focus, long-term planning, and effort. Most long-term objectives require short-term achievements.

Use what you have learned about yourself through the SWOT analysis and environmental scan you completed to develop a long-term and a short-term plan for yourself. Complete the following:

1. Start by describing your 5-year professional and financial objectives.
   • What title or position would you like to have?
   • Where would you like to be financial?
2. Based on the results of your SWOT analysis and environmental scan, determine the following:
   • What skills do you need to develop to achieve your 5-year objectives?
   • Is your industry changing? What do you need to do to grow with it?
   • What resources do you have to help you achieve your 5-year objectives? (Hint: Resources can mean more than finances; are there people you know who can help you achieve your objective?)
3. Now develop a short-term plan that will help you achieve your long-term objectives:
   • What will you need to accomplish each year to achieve your 5-year objectives?
   • What monthly/weekly/daily steps will help you reach your long-term objectives?
   • How will you address obstacles that occur along the way?

To successfully complete this assessment, you may need to do some research on developing long-term and short-term plans. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each point, while also being as clear and concise as possible.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• Competency 1: Create organizational value.
  • Describe long-term professional objectives.
• Competency 2: Participate collaboratively and respectfully.
  • Describe the human resources available to achieve long-term objectives.
• Competency 3: Communicate effectively.
  • Write coherently to support a central idea in the appropriate format with correct grammar, usage, and mechanics.
• Competency 4: Plan strategically.
  • Explain a short-term plan to achieve long-term objectives.
• Competency 5: Employ high-performance business management techniques.
  • Explain how industry trends influence change.
• Competency 6: Solve problems within professional standards.
  • Describe the skills necessary to achieve long-term professional objectives.
  • Describe strategies to overcome obstacles to long-term objectives.
• Competency 7: Use appropriate financial models and principles.
  • Describe long-term financial objectives.
  • Describe the financial resources available to achieve long-term objectives.

Conduct an environmental scan and write an assessment in which you focus on both the internal and external factors that could affect your success within your chosen industry.

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Introduction

An environmental scan allows you to identify the trends (technical, social, political, economic, and so on), issues, and other factors that are most likely to affect a given industry, thereby helping you determine a strategy for dealing with potential changes.

After an organization has completed a SWOT analysis, it will carefully monitor both the internal and external environments to detect signs of opportunities and threats that could affect current and future plans. This environmental scanning can help an organization identify trends that are most likely to affect the industry, thereby allowing the development of a strategy for change. The right information, at the right time, can determine the future of an organization.

Environmental Scan

Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.

Conduct an environmental scan in which you focus on both the internal and external factors that could affect your success within your chosen industry. Include in your scan responses the following. Be sure to use the information from your SWOT analysis to explain how you will address both the internal and external issues.

• Internal Factors: What specific things do you need to do in order to achieve the position you would like to have? In other words, what do you need to do to climb the corporate ladder in your industry?
• External Factors: Examine the state of the current market or industry. What issues currently exist? How might these issues influence the future state of the industry? How will these issues affect your long-term and short-term goals?

To successfully complete this assessment, you may need to do some research on conducting an environmental scan. Format this assessment as a research paper following current APA guidelines for both style and citing sources, making sure that you also use correct grammar and mechanics. There is no required minimum or maximum page length; however, you should strive to be as detailed as possible in addressing each bullet point, while also being as clear and concise as possible.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:

• Competency 3: Communicate effectively.
  • Write coherently to support a central idea in the appropriate format with correct grammar, usage, and mechanics.
• Competency 4: Plan strategically.
  • Describe strategies to use SWOT analysis to improve competitive advantage.
• Competency 5: Employ high-performance business management techniques.
  • Analyze strengths to determine competitive advantages.
  • Analyze opportunities that may be leveraged for competitive advantage.
  • Analyze threats to competitive advantage.
• Competency 6: Solve problems within professional standards.
  • Analyze weaknesses to determine areas for improvement.