- Assemble a multidisciplinary team from management, operating units, and staff groups to develop the business strategy.
- Develop a mission statement that describes what the company does and which markets it serves.
- Articulate a vision that makes sense in terms of external factors (suppliers, customers, competitors, and business environment); internal factors (core competencies and existing business portfolio); and company values.
- Translate the mission and vision into a detailed plan of action by defining strategic objectives, supporting tactics, and associated milestones.
- Modify organizational structure, competencies, and control systems to facilitate implementation of strategy.
- Monitor progress toward the firm's overarching strategic goals.
- Modify the strategic plan as needed to achieve the company's long-term objectives.
Where the company would like to be in the future
To be recognized worldwide as a successful force in the quality design, manufacture and installation of machines for ______ industries. Success will be measured by profit return to owners, quality of worklife for workers and
Increase sales to 20 million USD
Increase number of buyers by entering into new market segments
Increase sales/employee to USD 90,000
Aim for profit before taxes of 6%
Improve systems and manufacturing technology each year by annually investing an average of 1 million USD
Increase inventory turns to 4.5 times
challenge to win