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Analyzing Decisions in Business

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You have now prepared brief but important parts of a strategic plan, created budgeting instructions and budgets and Pro Forma Statements, and have had a chance to model a company's financial results under two different real-world scenarios. In a reflective paper, please answer the following questions:

1. What was the most difficult or challenging part of strategic planning?

2. Which parts of your strategic plan would you modify for success in the future and why?

Mission statement and business concept
Marketing plan
Operations plan
Financial plan
Key assumptions made for this plans' success

3. If a friend approached you for advice on starting a business, what advice would give them about strategic planning?

4. What are your takeaways from this entire process?

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You have now prepared brief but important parts of a strategic plan, created budgeting instructions and budgets and Pro Forma Statements, and have had a chance to model a company's financial results under two different real-world scenarios. In a reflective paper, please answer the following questions:

1. What was the most difficult or challenging part of strategic planning?

The most challenging part of the strategic planning process was to see the goals. The goals had to be balanced with each of the financial, operational, and marketing plans. For example, if I set the goal of revenues of $5 million in the first year, this would have to reflect in the operations plan, the financial plan, and the marketing plan. Any variation in one of the plans and the entire goal would have to be modified.

2. Which parts of your strategic plan would you modify for success in the future and why?

Mission statement and business concept

The mission statement would not have to be modified but the business concept would have to be modified in future depending on the business and competitive environment. The ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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