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You must know where you are now before you can determine where you should be going. The next step is to analyze the alternatives. It is important to remember that the current list of alternatives is not the sum total of options available. The company should be as creative as possible in the alternative-generating process. The external analysis should help with this by identifying opportunities in the marketplace that may not have been part of the initial idea generation process.
Whatever alternative is chosen, it should be congruous with the company's existing competencies. Ideally, GIFC will have some source of sustainable competitive advantage that can be leveraged in the new business. Even if not, the strategy should play to the company's strengths, but be manageable within the company's constraints. Because this is a small, family-owned firm, GIFC should consider how they will implement each of the strategies that have been shortlisted. The stakeholders should evaluate the time frames for the strategies vs. their own time frames. Some of the strategies can be expected to succeed relatively quickly and easily; others will represent a significant challenge that could take years to succeed.
Once the strategy has been chosen, a more detailed implementation plan can be drawn up. The objectives of the firm must be re-set to reflect the change in direction. Then a power structure must be derived according to the needs of the new organization....
From there, an inventory of resources required should be taken, and strategies developed to turn those resources into the firm's new objectives.
A plan for control should also be included at this stage. It is important that the company remains focused on their new strategy. Given the limited financial resources, control with regards to costs will be critical to success. GIFC will need to monitor the progress of the strategy at every stage to ensure that the objectives are still being met. If they are not, there should be plans in place to get the strategies back on track. If that is not possible, the company will need to set new goals, and evaluate if those are worth pursuing. The strategic planning process, after all, is not a one-shot deal but a continual process that must be continually exercised, measured and managed in order for the organization to meet its goals.
Works Cited
No author (adapted from Porter, Michael). (2007). Porter's Five Forces. QuickMBA. Retrieved November 11, 2008 at http://www.quickmba.com/strategy/porter.shtml
No author. (2007). The Strategic Planning Process. QuickMBA. Retrieved November 11, 2008 at http://www.quickmba.com/strategy/strategic-planning/
Kyle, Bobette. (2008). SWOT Analysis - Evaluating Strengths, Weaknesses, Opportunities and Threats. WebsiteMarketingPlan.com. Retrieved November 11, 2008 at http://www.websitemarketingplan.com/marketing_management/SWOT.htm
Works Cited
No author (adapted from Porter, Michael). (2007). Porter's Five Forces. QuickMBA. Retrieved November 11, 2008 at http://www.quickmba.com/strategy/porter.shtml
No author. (2007). The Strategic Planning Process. QuickMBA. Retrieved November 11, 2008 at http://www.quickmba.com/strategy/strategic-planning/
Kyle, Bobette. (2008). SWOT Analysis - Evaluating Strengths, Weaknesses, Opportunities and Threats. WebsiteMarketingPlan.com. Retrieved November 11, 2008 at http://www.websitemarketingplan.com/marketing_management/SWOT.htm
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