How to create a “Virtuoso” or Expert business and strategic plan

How to create a “Virtuoso” or Expert business and strategic plan
A virtuoso is an expert having special knowledge or skills in a particular field. He is an individual possessing outstanding ability in a designated field. In layman’s language, he can be said to be above the rest in his field of expertise.

Any expert however, is not born with skills that make him a Virtuoso. It requires a good understanding of what works and what not. The same is achieved to a huge extent with the right Strategy in place. A strategy is the blueprint for achieving your end purpose. It is a result of careful analysis and weighing in environmental changes. Through a strategic plan we lay out the means to achieve the future goals and the long term objectives of an organization.

To define the strategic plan of an organization we need to find out the Vision, Mission and the Goals of the organisation. The long term objectives are the current state and the very purpose of the organizations existence, all these need to be laid out before embarking on your Entrepreneurial journey. A strategic plan needs to take into consideration not only the internal factors but also the external factors that affect an organization. An organization needs to develop the Best and Worst case scenario it will operate in and accordingly have a contingency plan in place.

The external factors affecting the plans of an organization can be evaluated very well by using advanced models. Some of them are:

• SWOT (Strength, Weakness, Opportunity and Threat) Analysis
• PEST (Political, Economic, Social and Technological)
• STEER (Socio-cultural, Technological, Economic, Ecological, and Regulatory factors)

A method or a combination of these methods helps determine the factors affecting, hindering and promoting, the organizational strategies. It helps us introspect into the finer areas which require attention.

A Strategic Plan needs to be very concrete. It specifies the Goals in specific quantifiable terms. This helps set a benchmark against which the performance of the organization can be measured on a regular going basis. Competition is another area which needs to be looked into. One needs to factor in the influence of competitors decisions on our activities and vice versa. In a competitive environment, it is not possible for a firm to operate in isolation.

In short, a Strategic Plan is based upon innumerable factors which need to be evaluated. An IDEA might be excellent but poor planning and poor execution will result in complete failure. It will be a waste of a good idea if it is not matched with a Strong Plan of Action.

To get more insight on how to build your own Strategic Plan, contact www.bizvirtuoso.com
Do you have a strategy for your business???

Cynthia,
Biz Virtuoso, Inc.