Gb580 Week 2 Individual Personal Strategic Plan
Personal Strategic Plan: You, Inc.
GB580: Strategic Management
Dr. Ray Kalinski
Matthew Neitzel
March 20, 2012
Introduction
The purpose of this paper is to create and reflect on a personal strategy plan through envisioning myself as a company, i.e. You Inc. The purpose of creating a personal strategy plan is to position oneself to have the competitive advantage in the market place. In order to have competitive advantage in the market, one must focus on ways to create value for those around, such as companies, the community, and friends and family members. In order to do this one needs to allocate personal resources, determine which services to offer, and decide what industries to focus on (De Kluyver & Pearce, 2011). …show more content…
One way to create a strategy plan is to focus on creating oneself as a blue ocean. In the business environment there are red ocean companies and blue ocean companies. Red ocean companies usually create strategies in order to beat out competition in its industry. Blue oceans, on the other hand, do not try to beat out competition, but rather put energy in market space that makes competition irrelevant. Though this is difficult, in order to create a more beneficial personal strategy plan, one needs to seek out these blue oceans through value innovation by differentiating oneself in order to open up new market space (Kim & Mauborgne, 2005).
To create a personal strategy plan we will begin by creating a mission statement, which are the values and purpose of the individual. Next, we will create a vision statement, which includes the long-range goals, core competencies, and competitive positioning. Finally, we will look at the environment by creating a PEST (political, economic, social, and technological) analysis and SWAT (strengths, weaknesses, opportunities, and threats) analysis.
Mission Statement
A mission statement is comprised of the values and purpose that helps a person achieve goals. The mission statement can act as an achievement coach by evaluating and describing a person 's values that will help the person grow and achieve those goals. In order to achieve the life a person desires a mission statement is a critical first step to achieve future success (Nightingale-Conant, 2011). My personal mission statement is as follows: To help fulfill a successful career, I will focus on seven values. The first value is dependability by having others know that they can rely or depend on me to do what I say I will do. The second value is patience by being tolerant of others actions through understanding that no one is perfect. The third value is trustworthiness by showing others that I can be trusted with personal and confidential information. The fourth value is helpfulness through actively helping others with their wants and needs even if they overshadow my own. The fifth value is being independent by creating a self-reliant environment for not only myself but for those of my family and friends. The sixth value is cheerfulness by being full of good spirits when others are around and having a positive attitude. The seventh value is peacefulness by not being agitated or troubled by conflicts and roadblocks. I need to understand my overall limitations but seek to grow and continue to learn by keeping an open mind.
Vision Statement
Vision statements are the long-range goals of an individual or business that describes a person 's core competencies that give a person the competitive position is desired to be obtained (De Kluyver & Pearce, 2011).
In order to create a personal vision statement, the person needs to envision the future from a few months to a few years from the current moment. With this future self in mind, one can look at what is going on in the present and see the changes that need to take place in order to obtain the future self. The future self must be rooted in the present as it is a part of who you are and what you want to become (Peterkin, 2003). My personal vision statement is as follows: My ultimate professional goal is to become the Web Creative Director or Web Marketing Director within a large corporation. This position runs the entire web team that consists of web designers, web architects, copywriters, front-end coders, multimedia producers, and application developers. The position is responsible for making sure the website(s) looks good, easy to use for the customers, functions well, manages the projects, takes care of the budget, and works as liaison between upper management and other departments. A great leader uses both analytical and personal skills to help others keep on task and honor commitments correctly and consistently. I would also like to find ways to be creative within projects, meetings, or any other business activity in order to “freshen up” the day-to-day routines. The overall main focus of this position is to bring value to the customer, whether they are internal or external customers. Within one year I would like to have an annual salary between $100,000 and
$145,000.
Environmental Scan
Environmental scanning is a technique used by companies to assess the environmental factors the company deals in and use it to influence the organization 's goals and direction. These factors will include not only the current factors, but also future factors that can affect the company. Environmental factors can address both external and internal areas as long as it helps the strategic goals (Bacal, 2011). An environmental scan focuses on two types of analysis that are both external and internal. Externally, the environmental scan uses a PEST analysis that analyzes four areas; political, economic, social, and technological. These areas coincide with the external opportunities and threats factors that are in a SWOT analysis. The SWOT analysis also looks at internal strengths and weaknesses (QuickMBA, 2010).
Political, Economic, Social, and Technological (PEST) Factor Discussion
Political factors are the informal or formal rules and regulations that must be followed (QuickMBA, 2010). There are several areas that political factors can affect my strategic plan. The first is the fluctuation in payroll taxes. When achieving my goals, I will be put into a higher tax bracket and more taxes will be taken out of my pay check. The second area is the changes in regulations that can have an effect on how people are allowed to use the internet. The third area is that different states have different tax amounts and will need to be understood before accepting a position in another state. Finally, the costs involved in healthcare and what the government decisions are could affect the benefits offered by an organization as well as how my family and I are taken care of.
Economic factors are those areas that can affect a company 's cost of capital and hiring power (QuickMBA, 2010). There are several areas that economic factors can affect my strategic plan. The first is through dealing with the current recession and the lack of capital companies have to hire new talent. Along those same lines, the second area is the current unemployment rate that has affected many, making the hiring pool vast. The third is growing globalization of outsourcing many technical and non-value adding jobs. The fourth is how rising and unstable gas prices are affecting commuting time for employees as well as raising the costs of products. Finally, coming out of a recession will give the opportunity for job growth and availability.
Social factors are cultural and demographic aspects that affect the needs in society (QuickMBA, 2010). There are a few areas that social factors can affect my strategic plan. The first is that many companies are currently hiring local talent rather than relocating since the pool of candidates is large. The second area is the differences in the cost of living in different locations that can affect salary costs in that area. Finally, society 's behavior with internet expectations has grown rapidly and will continue to grow and change in the future.
Technological factors are those areas that can affect the efficiency of production, influence outsourcing, and lower barriers to entry (QuickMBA, 2010). Technological factors can affect my line of work the most in my strategic plan. The first area is advances in design technology as better techniques are created and used. The second area is the continual changes in web technology, specifically in codes and standards. The third is the increasing use of mobile functionality and devices that are becoming common in the market. The fourth area is the way internet marketing techniques are changing and becoming more specialized. The fifth is the use of social media as a marketing tool to reach a broader group of customers. Finally, to make sure to keep up with new software and design tools.
Strengths, Weaknesses, Opportunities, and Threats (SWAT) Discussion
Strengths are those capabilities that help a person have the competitive advantage in the market (QuickMBA, 2010). There are a few strengths that can help me achieve my strategic plan. The first is that I am able to concentrate for as long as necessary to get the job done correctly and consistently. The second is that I am able to use great personal skills in order to keep others on task which helps honor my and the team 's commitments. The third is that I am very analytical and do not accept second best when given a project or task to accomplish.
Weaknesses are the flip side of a strength where one can work on to become a better person (QuickMBA, 2010). There are some weaknesses that can be worked on in order to achieve my strategic plan. The first is that I can sometimes be bogged down in the detail by over analyzing the situation rather than just getting the work done. The second is the need to assimilate information, which can take time and can frustrate others who expect a more immediate response. The third is that I can sometimes appear to be too demanding of exactness of standards or details instead of letting some unimportant things go.
Opportunities are those areas where a person can grow and profit (QuickMBA, 2010). There are a few areas of opportunity that will help my strategic plan. The first is my flexibility in working in different departments for different levels of professionals both domestically and internationally. The second is that I work in an industry that is constantly changing giving me the opportunity to change with it. The third is the ability to use my education and experience to move up in different organizations.
Threats are changes in the environment that that affect a person 's goals (QuickMBA, 2010). There are some areas of threats that can affect my strategic plan. The first is that other candidates in my industry may have one skill or option to obtain the position instead of myself; for example, the person already works for the company or has done business with it. The second is that technology is changing at a very fast pace making many of my areas of expertise obsolete. The third is that as I get older, physical problems could require that I change my career path or possibly not be able to work.
Strategy and Objectives
When formulating a successful personal strategy a person needs to address the weaknesses and threats that were identified in the SWAT along with matching its strengths with the opportunities. In order to do this the person should use different tools to implement the strategy plan. These tools can impact the person 's strategy significantly making the person more successful in different career choices (QuickMBA, 2010). Two of these tools that will be analyzed are the strategy canvas and the four actions framework. A strategy canvas is a tool used as an action framework and a diagnostic to build a blue ocean strategy through understanding the current market and what buyers receive from competition. The four action framework is a grid that identifies items to eliminate completely, items that can be reduced, items that can be raised or improved on, and new items that can be created (Kim & Mauborgne, 2005).
Strategy Canvas
Competitive alternatives
When looking over my personal competitive alternatives, I came up with seven alternatives that fit the industry. The competitive alternatives are leadership skills, creativity, team environment, customer interaction, attention to detail, organizational skills, and price. These competitive alternatives are compared with two types of competitors in the web field; a programmer and a designer.
Analysis
My leadership skills, though not as good as many other leaders, are better than the typical programmer and designer in the industry because of my many years of experience in a corporate environment. I feel my creativity skills have been well tuned over the years and are a little better or equal to many other designers, but far better than most programmers. I work well in a team environment, though many designers usually like to work alone and programmers are typically forced to be involved in teams. My customer interactions are quite low and can be worked on since I typically do not like talking directly with customers. My attention to detail is high and about par with both programmers and designers who also need to have high attention to detail. I feel my organizational skills are slightly higher than those in the industry. With the extra skills, education, and experience than the average programmer and designer, my price is slightly higher than others in the industry.
Four-Actions Framework
Eliminate
Three actions were identified that I can eliminate. The first is the extra time spent working on my MBA homework through doubling my classes in order to graduate June 5 rather than waiting until y original graduation date in October. The second is the use of my old standard cover letter, resume, and portfolio that are a little dated and should be scrapped. Finally, I need to eliminate my fear of speaking in groups, such as in meetings, doing presentations, etc.
Raise
Three actions were identified that I need to raise or improve upon. The first is to increase my knowledge of business skills, which have lacked over the years. The second is my hands-on experience with different leadership responsibilities. Finally, I need to increase my involvement in different professional social media groups that I am a member of.
Reduce
Two actions were identified that I need to reduce. The first is the time spent learning, keeping up with, and having hands-on experience with new design and technology skills, but rather continue to get an overview to stay abreast to changes in technology and design. The second is to reduce the time it takes to analyze a projects timeline in order to speed up the completion process.
Create
Three actions were identified that I need to create. The first is to graduate with my MBA to have the educational experience to be a leader. The second is to create from scratch a differentiating cover letter (or objectives letter), resume, and online portfolio that will include both my design experience as well as my leadership abilities. Finally, I need to join different professional associations in the design and business industry.
Objectives
Increase leadership responsibilities
Obtain a management position in a large corporation
Get my name out in the market and build a contact list
Tactical Actions and Metrics
In order to accomplish the strategy and objectives described earlier, they should be monitored regularly and adjusted as needed. In order to accomplish this, there needs to be targets to accomplish and ways to know if that target is being reached. If the measures are not being performed then I will need to make the necessary changes to complete the objectives. (QuickMBA, 2010).
Objective One: Increase leadership responsibilities
Action one: Complete the MBA program. This should be completed in the next three months. The metric for this action is staying on target in order to graduate on time. The minimum accepted level for this metric is graduating no later than June 5.
Action two: Find a leadership mentor. This should be completed in the next four to five months. The metric for this action will be the number of people asked to mentor me. The minimum accepted level for this metric is asking at least five people.
Objective Two: Obtain a management position in a large corporation
Action one: Apply for open positions in my industry. This should be completed within the next three to four months or as close to graduation as possible. The metric for this action is the amount of applications sent each week. The minimum accepted level for this metric is at least three to five applications sent each week.
Action two: Learn the business of the new company. This should be completed within one to two years after being hired. The metrics for this action will come from reviews and project success. The minimum accepted level for this metric will be receiving positive reviews and at least on-time project completion.
Action three: Observe and apply for promotional opportunities for leadership roles. This should be completed within three to five years. The metric for this action will be the number of discussions about leadership opportunities with my manager. The minimum accepted level for this metric will be having at least one discussion every six months.
Objective Three: Get my name out in the market and build a contact list
Action one: Differentiate my resume and portfolio. This should be completed within the next one to two months. The metric for this action will be the completion of the project. The minimum accepted level for this metric is completing the project within the timeframe.
Action two: Become more involved in professional social media. This should be completed within one to two months. The metric for this action will be the amount of social media sites joined. The minimum accepted level for this metric will be at least five professional social media websites.
Action three: Join and attend professional associations in design and leadership. This should be completed within one to two months. The metric for this action will be the amount of associations joined. The minimum accepted level for this metric will be at least five professional associations signed up and participated in.
Conclusion
Creating a personal strategic plan can help me position myself to have the competitive advantage over others in the industry and the market place. I must find ways to create value not only for myself, but for the company I hope to work for and for the customers I will have in the future. By doing this and obtaining a solid career, I will also bring value to my family, friends, and community. The best way for me to stand out amongst the many other individuals pining for the same position is to innovate myself as a blue ocean and make the competition irrelevant. One way to do this is through referring back to my mission and vision statements on a regular basis to help me focus on my goals and aspirations. Another way is to study over my PEST and SWAT analysis and alter it as needed. Overall, the personal strategic plan will help me focus and achieve my long-term career goals.
In order to achieve these long-term goals in this strategic plan, I must find ways to know that my goals are being accomplished. One way to do this is through the creation of a strategy map that rates my performance with those of competitors in the market. The strategy map shows areas where I can either improve upon or focus on improving those competitive alternatives that are my strengths in order to make the competition irrelevant. To help with this I can use the four actions framework and find areas that I can eliminate or reduce as well as areas that I can improve upon or create new abilities. Another tool that will help is through the balanced scorecard of objectives or goals. These objectives have actions that must be completed in a certain time frame that are measured for success. Through the use of these tools, I will be able to focus better on achieving my long-term goals and strategy.
References
Bacal, R. (2011). What is an environmental scan? Retrieved from http://work911.com/planningmaster/faq/scan.htm.
De Kluyver, C. A. & Pearce, J. A. (2011). Strategy: A view from the top (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Kim, W.C. & Mauborgne, R. (2005). Blue ocean strategy: How to create uncontested market space and make the competition irrelevant. Boston, MA: Harvard Business School Publishing.
Nightingale-Conant. (2011). What is a personal mission statement? Retrieved from http://www.nightingale.com/tmission_examplestatement.aspx.
Peterkin, C. (2003). Writing your personal vision/mission statement. Retrieved from http://www.selfgrowth.com/articles/Peterkin3.html.
QuickMBA. (2010). The strategy planning process. Retrieved from http://www.quickmba.com/strategy/.
Appendix A
PEST Analysis
Situation being analyzed: Individual Strategic Plan
Political
Payroll tax rate fluctuation
Changes in internet usage regulations
Tax differences in different states
Costs involved in health care
Economical
Dealing with the current recession
Current unemployment rate
Outsourcing of technical jobs
Gas prices and how they affect commuting and product costs
Coming out of a recession and the possibility of job growth
Social
Companies that are hiring local talent rather than relocating
Cost of living in different locations
User behaviour with internet expectations
Technological
Advances in design technology
Continual changes in web technology
The increased use of mobile functionality and devices
Changes to the web marketing techniques
Social media marketing
New software and design tools
Appendix B
SWOT Analysis
Situation being analyzed: Individual Strategic Plan
Strengths
Concentrates for as long as necessary to get the job done correctly and consistently.
Uses great personal skills in order to keep others on task as well as honouring his commitments.
Very analytical and does not accept second best when given a project or task to accomplish.
Weaknesses
Can sometimes get bogged down in the detail by over analyzing the situation.
The need to assimilate information can take time, which can frustrate others who expect a more immediate response.
Could appear to be too demanding of exact standards or details.
Opportunities
Flexibility in working in different departments and for different levels of professionals.
Works in a growing industry that is constantly changing.
Using education and experience to move up in different organizations.
Threats
Other candidates may have one skill or option to get the job, i.e. already in the company or does business with the company.
Technology can change too quickly making experience obsolete.
Physical problems could require a change in career path.
Appendix C
Competitive Alternative Map (Strategy Map)
Appendix D
Four Actions Framework
Eliminate
Time spent in school doing homework by doubling up classes to graduate in June rather than October.
My old standard cover letter, resume, and portfolio
Fear of speaking in groups
Raise
Experience in business skills
Experience in different leadership responsibilities
Involvement in professional social media
Reduce
Time spent learning, keeping up with, and having hands-on experience with new design skills, but rather get an overview to understand the changes
The time it takes to analyze a projects timeline
Create
Graduate with my MBA
Create a differentiating cover letter (objectives letter), resume, and online portfolio; which will include both design and leadership experience
Join professional association in the design and business market
Appendix E
GB 580 Personal Strategic Plan Scorecard.
Student: Matthew Neitzel
Objectives
Actions For Each Objective
Scheduled Completion of Each Action
Metric for Each Action
Minimum Acceptance Level For Each Metric
Increase Leadership Responsibility
Action 1: Complete the MBA program
3 months
Graduate on time
June 5th graduation Action 2: Find a leadership mentor
4-5 months
Number of people asked
Minimum of 5 people asked
Obtain a management position in a large corporation
Action 1: Apply for open positions in industry
3-4 months
Amount of applications sent
Minimum of 3-5 sent each week Action 2: Learn the business
1-2 years
Reviews and Project success
Positive review and at least on time project completion Action 3: Observe and apply for promotional opportunities
3-5 years
Number of discussions with manager
At least one discussion per six months
Get my name out in the market and build contact list
Action 1: Differentiate my resume and portfolio
1-2 months
Completion of project
Completion within timeframe Action 2: Become more involved in professional social media
1-2 months
Amount of sites joined
At least 5 websites Action 3: Join and attend professional associations in design and leadership
1-2 months
Amount of associations joined
At least 5 associations
GB580: Strategic Management
Dr. Ray Kalinski
Matthew Neitzel
March 20, 2012
Introduction
The purpose of this paper is to create and reflect on a personal strategy plan through envisioning myself as a company, i.e. You Inc. The purpose of creating a personal strategy plan is to position oneself to have the competitive advantage in the market place. In order to have competitive advantage in the market, one must focus on ways to create value for those around, such as companies, the community, and friends and family members. In order to do this one needs to allocate personal resources, determine which services to offer, and decide what industries to focus on (De Kluyver & Pearce, 2011). …show more content…
One way to create a strategy plan is to focus on creating oneself as a blue ocean. In the business environment there are red ocean companies and blue ocean companies. Red ocean companies usually create strategies in order to beat out competition in its industry. Blue oceans, on the other hand, do not try to beat out competition, but rather put energy in market space that makes competition irrelevant. Though this is difficult, in order to create a more beneficial personal strategy plan, one needs to seek out these blue oceans through value innovation by differentiating oneself in order to open up new market space (Kim & Mauborgne, 2005).
To create a personal strategy plan we will begin by creating a mission statement, which are the values and purpose of the individual. Next, we will create a vision statement, which includes the long-range goals, core competencies, and competitive positioning. Finally, we will look at the environment by creating a PEST (political, economic, social, and technological) analysis and SWAT (strengths, weaknesses, opportunities, and threats) analysis.
Mission Statement
A mission statement is comprised of the values and purpose that helps a person achieve goals. The mission statement can act as an achievement coach by evaluating and describing a person 's values that will help the person grow and achieve those goals. In order to achieve the life a person desires a mission statement is a critical first step to achieve future success (Nightingale-Conant, 2011). My personal mission statement is as follows: To help fulfill a successful career, I will focus on seven values. The first value is dependability by having others know that they can rely or depend on me to do what I say I will do. The second value is patience by being tolerant of others actions through understanding that no one is perfect. The third value is trustworthiness by showing others that I can be trusted with personal and confidential information. The fourth value is helpfulness through actively helping others with their wants and needs even if they overshadow my own. The fifth value is being independent by creating a self-reliant environment for not only myself but for those of my family and friends. The sixth value is cheerfulness by being full of good spirits when others are around and having a positive attitude. The seventh value is peacefulness by not being agitated or troubled by conflicts and roadblocks. I need to understand my overall limitations but seek to grow and continue to learn by keeping an open mind.
Vision Statement
Vision statements are the long-range goals of an individual or business that describes a person 's core competencies that give a person the competitive position is desired to be obtained (De Kluyver & Pearce, 2011).
In order to create a personal vision statement, the person needs to envision the future from a few months to a few years from the current moment. With this future self in mind, one can look at what is going on in the present and see the changes that need to take place in order to obtain the future self. The future self must be rooted in the present as it is a part of who you are and what you want to become (Peterkin, 2003). My personal vision statement is as follows: My ultimate professional goal is to become the Web Creative Director or Web Marketing Director within a large corporation. This position runs the entire web team that consists of web designers, web architects, copywriters, front-end coders, multimedia producers, and application developers. The position is responsible for making sure the website(s) looks good, easy to use for the customers, functions well, manages the projects, takes care of the budget, and works as liaison between upper management and other departments. A great leader uses both analytical and personal skills to help others keep on task and honor commitments correctly and consistently. I would also like to find ways to be creative within projects, meetings, or any other business activity in order to “freshen up” the day-to-day routines. The overall main focus of this position is to bring value to the customer, whether they are internal or external customers. Within one year I would like to have an annual salary between $100,000 and
$145,000.
Environmental Scan
Environmental scanning is a technique used by companies to assess the environmental factors the company deals in and use it to influence the organization 's goals and direction. These factors will include not only the current factors, but also future factors that can affect the company. Environmental factors can address both external and internal areas as long as it helps the strategic goals (Bacal, 2011). An environmental scan focuses on two types of analysis that are both external and internal. Externally, the environmental scan uses a PEST analysis that analyzes four areas; political, economic, social, and technological. These areas coincide with the external opportunities and threats factors that are in a SWOT analysis. The SWOT analysis also looks at internal strengths and weaknesses (QuickMBA, 2010).
Political, Economic, Social, and Technological (PEST) Factor Discussion
Political factors are the informal or formal rules and regulations that must be followed (QuickMBA, 2010). There are several areas that political factors can affect my strategic plan. The first is the fluctuation in payroll taxes. When achieving my goals, I will be put into a higher tax bracket and more taxes will be taken out of my pay check. The second area is the changes in regulations that can have an effect on how people are allowed to use the internet. The third area is that different states have different tax amounts and will need to be understood before accepting a position in another state. Finally, the costs involved in healthcare and what the government decisions are could affect the benefits offered by an organization as well as how my family and I are taken care of.
Economic factors are those areas that can affect a company 's cost of capital and hiring power (QuickMBA, 2010). There are several areas that economic factors can affect my strategic plan. The first is through dealing with the current recession and the lack of capital companies have to hire new talent. Along those same lines, the second area is the current unemployment rate that has affected many, making the hiring pool vast. The third is growing globalization of outsourcing many technical and non-value adding jobs. The fourth is how rising and unstable gas prices are affecting commuting time for employees as well as raising the costs of products. Finally, coming out of a recession will give the opportunity for job growth and availability.
Social factors are cultural and demographic aspects that affect the needs in society (QuickMBA, 2010). There are a few areas that social factors can affect my strategic plan. The first is that many companies are currently hiring local talent rather than relocating since the pool of candidates is large. The second area is the differences in the cost of living in different locations that can affect salary costs in that area. Finally, society 's behavior with internet expectations has grown rapidly and will continue to grow and change in the future.
Technological factors are those areas that can affect the efficiency of production, influence outsourcing, and lower barriers to entry (QuickMBA, 2010). Technological factors can affect my line of work the most in my strategic plan. The first area is advances in design technology as better techniques are created and used. The second area is the continual changes in web technology, specifically in codes and standards. The third is the increasing use of mobile functionality and devices that are becoming common in the market. The fourth area is the way internet marketing techniques are changing and becoming more specialized. The fifth is the use of social media as a marketing tool to reach a broader group of customers. Finally, to make sure to keep up with new software and design tools.
Strengths, Weaknesses, Opportunities, and Threats (SWAT) Discussion
Strengths are those capabilities that help a person have the competitive advantage in the market (QuickMBA, 2010). There are a few strengths that can help me achieve my strategic plan. The first is that I am able to concentrate for as long as necessary to get the job done correctly and consistently. The second is that I am able to use great personal skills in order to keep others on task which helps honor my and the team 's commitments. The third is that I am very analytical and do not accept second best when given a project or task to accomplish.
Weaknesses are the flip side of a strength where one can work on to become a better person (QuickMBA, 2010). There are some weaknesses that can be worked on in order to achieve my strategic plan. The first is that I can sometimes be bogged down in the detail by over analyzing the situation rather than just getting the work done. The second is the need to assimilate information, which can take time and can frustrate others who expect a more immediate response. The third is that I can sometimes appear to be too demanding of exactness of standards or details instead of letting some unimportant things go.
Opportunities are those areas where a person can grow and profit (QuickMBA, 2010). There are a few areas of opportunity that will help my strategic plan. The first is my flexibility in working in different departments for different levels of professionals both domestically and internationally. The second is that I work in an industry that is constantly changing giving me the opportunity to change with it. The third is the ability to use my education and experience to move up in different organizations.
Threats are changes in the environment that that affect a person 's goals (QuickMBA, 2010). There are some areas of threats that can affect my strategic plan. The first is that other candidates in my industry may have one skill or option to obtain the position instead of myself; for example, the person already works for the company or has done business with it. The second is that technology is changing at a very fast pace making many of my areas of expertise obsolete. The third is that as I get older, physical problems could require that I change my career path or possibly not be able to work.
Strategy and Objectives
When formulating a successful personal strategy a person needs to address the weaknesses and threats that were identified in the SWAT along with matching its strengths with the opportunities. In order to do this the person should use different tools to implement the strategy plan. These tools can impact the person 's strategy significantly making the person more successful in different career choices (QuickMBA, 2010). Two of these tools that will be analyzed are the strategy canvas and the four actions framework. A strategy canvas is a tool used as an action framework and a diagnostic to build a blue ocean strategy through understanding the current market and what buyers receive from competition. The four action framework is a grid that identifies items to eliminate completely, items that can be reduced, items that can be raised or improved on, and new items that can be created (Kim & Mauborgne, 2005).
Strategy Canvas
Competitive alternatives
When looking over my personal competitive alternatives, I came up with seven alternatives that fit the industry. The competitive alternatives are leadership skills, creativity, team environment, customer interaction, attention to detail, organizational skills, and price. These competitive alternatives are compared with two types of competitors in the web field; a programmer and a designer.
Analysis
My leadership skills, though not as good as many other leaders, are better than the typical programmer and designer in the industry because of my many years of experience in a corporate environment. I feel my creativity skills have been well tuned over the years and are a little better or equal to many other designers, but far better than most programmers. I work well in a team environment, though many designers usually like to work alone and programmers are typically forced to be involved in teams. My customer interactions are quite low and can be worked on since I typically do not like talking directly with customers. My attention to detail is high and about par with both programmers and designers who also need to have high attention to detail. I feel my organizational skills are slightly higher than those in the industry. With the extra skills, education, and experience than the average programmer and designer, my price is slightly higher than others in the industry.
Four-Actions Framework
Eliminate
Three actions were identified that I can eliminate. The first is the extra time spent working on my MBA homework through doubling my classes in order to graduate June 5 rather than waiting until y original graduation date in October. The second is the use of my old standard cover letter, resume, and portfolio that are a little dated and should be scrapped. Finally, I need to eliminate my fear of speaking in groups, such as in meetings, doing presentations, etc.
Raise
Three actions were identified that I need to raise or improve upon. The first is to increase my knowledge of business skills, which have lacked over the years. The second is my hands-on experience with different leadership responsibilities. Finally, I need to increase my involvement in different professional social media groups that I am a member of.
Reduce
Two actions were identified that I need to reduce. The first is the time spent learning, keeping up with, and having hands-on experience with new design and technology skills, but rather continue to get an overview to stay abreast to changes in technology and design. The second is to reduce the time it takes to analyze a projects timeline in order to speed up the completion process.
Create
Three actions were identified that I need to create. The first is to graduate with my MBA to have the educational experience to be a leader. The second is to create from scratch a differentiating cover letter (or objectives letter), resume, and online portfolio that will include both my design experience as well as my leadership abilities. Finally, I need to join different professional associations in the design and business industry.
Objectives
Increase leadership responsibilities
Obtain a management position in a large corporation
Get my name out in the market and build a contact list
Tactical Actions and Metrics
In order to accomplish the strategy and objectives described earlier, they should be monitored regularly and adjusted as needed. In order to accomplish this, there needs to be targets to accomplish and ways to know if that target is being reached. If the measures are not being performed then I will need to make the necessary changes to complete the objectives. (QuickMBA, 2010).
Objective One: Increase leadership responsibilities
Action one: Complete the MBA program. This should be completed in the next three months. The metric for this action is staying on target in order to graduate on time. The minimum accepted level for this metric is graduating no later than June 5.
Action two: Find a leadership mentor. This should be completed in the next four to five months. The metric for this action will be the number of people asked to mentor me. The minimum accepted level for this metric is asking at least five people.
Objective Two: Obtain a management position in a large corporation
Action one: Apply for open positions in my industry. This should be completed within the next three to four months or as close to graduation as possible. The metric for this action is the amount of applications sent each week. The minimum accepted level for this metric is at least three to five applications sent each week.
Action two: Learn the business of the new company. This should be completed within one to two years after being hired. The metrics for this action will come from reviews and project success. The minimum accepted level for this metric will be receiving positive reviews and at least on-time project completion.
Action three: Observe and apply for promotional opportunities for leadership roles. This should be completed within three to five years. The metric for this action will be the number of discussions about leadership opportunities with my manager. The minimum accepted level for this metric will be having at least one discussion every six months.
Objective Three: Get my name out in the market and build a contact list
Action one: Differentiate my resume and portfolio. This should be completed within the next one to two months. The metric for this action will be the completion of the project. The minimum accepted level for this metric is completing the project within the timeframe.
Action two: Become more involved in professional social media. This should be completed within one to two months. The metric for this action will be the amount of social media sites joined. The minimum accepted level for this metric will be at least five professional social media websites.
Action three: Join and attend professional associations in design and leadership. This should be completed within one to two months. The metric for this action will be the amount of associations joined. The minimum accepted level for this metric will be at least five professional associations signed up and participated in.
Conclusion
Creating a personal strategic plan can help me position myself to have the competitive advantage over others in the industry and the market place. I must find ways to create value not only for myself, but for the company I hope to work for and for the customers I will have in the future. By doing this and obtaining a solid career, I will also bring value to my family, friends, and community. The best way for me to stand out amongst the many other individuals pining for the same position is to innovate myself as a blue ocean and make the competition irrelevant. One way to do this is through referring back to my mission and vision statements on a regular basis to help me focus on my goals and aspirations. Another way is to study over my PEST and SWAT analysis and alter it as needed. Overall, the personal strategic plan will help me focus and achieve my long-term career goals.
In order to achieve these long-term goals in this strategic plan, I must find ways to know that my goals are being accomplished. One way to do this is through the creation of a strategy map that rates my performance with those of competitors in the market. The strategy map shows areas where I can either improve upon or focus on improving those competitive alternatives that are my strengths in order to make the competition irrelevant. To help with this I can use the four actions framework and find areas that I can eliminate or reduce as well as areas that I can improve upon or create new abilities. Another tool that will help is through the balanced scorecard of objectives or goals. These objectives have actions that must be completed in a certain time frame that are measured for success. Through the use of these tools, I will be able to focus better on achieving my long-term goals and strategy.
References
Bacal, R. (2011). What is an environmental scan? Retrieved from http://work911.com/planningmaster/faq/scan.htm.
De Kluyver, C. A. & Pearce, J. A. (2011). Strategy: A view from the top (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Kim, W.C. & Mauborgne, R. (2005). Blue ocean strategy: How to create uncontested market space and make the competition irrelevant. Boston, MA: Harvard Business School Publishing.
Nightingale-Conant. (2011). What is a personal mission statement? Retrieved from http://www.nightingale.com/tmission_examplestatement.aspx.
Peterkin, C. (2003). Writing your personal vision/mission statement. Retrieved from http://www.selfgrowth.com/articles/Peterkin3.html.
QuickMBA. (2010). The strategy planning process. Retrieved from http://www.quickmba.com/strategy/.
Appendix A
PEST Analysis
Situation being analyzed: Individual Strategic Plan
Political
Payroll tax rate fluctuation
Changes in internet usage regulations
Tax differences in different states
Costs involved in health care
Economical
Dealing with the current recession
Current unemployment rate
Outsourcing of technical jobs
Gas prices and how they affect commuting and product costs
Coming out of a recession and the possibility of job growth
Social
Companies that are hiring local talent rather than relocating
Cost of living in different locations
User behaviour with internet expectations
Technological
Advances in design technology
Continual changes in web technology
The increased use of mobile functionality and devices
Changes to the web marketing techniques
Social media marketing
New software and design tools
Appendix B
SWOT Analysis
Situation being analyzed: Individual Strategic Plan
Strengths
Concentrates for as long as necessary to get the job done correctly and consistently.
Uses great personal skills in order to keep others on task as well as honouring his commitments.
Very analytical and does not accept second best when given a project or task to accomplish.
Weaknesses
Can sometimes get bogged down in the detail by over analyzing the situation.
The need to assimilate information can take time, which can frustrate others who expect a more immediate response.
Could appear to be too demanding of exact standards or details.
Opportunities
Flexibility in working in different departments and for different levels of professionals.
Works in a growing industry that is constantly changing.
Using education and experience to move up in different organizations.
Threats
Other candidates may have one skill or option to get the job, i.e. already in the company or does business with the company.
Technology can change too quickly making experience obsolete.
Physical problems could require a change in career path.
Appendix C
Competitive Alternative Map (Strategy Map)
Appendix D
Four Actions Framework
Eliminate
Time spent in school doing homework by doubling up classes to graduate in June rather than October.
My old standard cover letter, resume, and portfolio
Fear of speaking in groups
Raise
Experience in business skills
Experience in different leadership responsibilities
Involvement in professional social media
Reduce
Time spent learning, keeping up with, and having hands-on experience with new design skills, but rather get an overview to understand the changes
The time it takes to analyze a projects timeline
Create
Graduate with my MBA
Create a differentiating cover letter (objectives letter), resume, and online portfolio; which will include both design and leadership experience
Join professional association in the design and business market
Appendix E
GB 580 Personal Strategic Plan Scorecard.
Student: Matthew Neitzel
Objectives
Actions For Each Objective
Scheduled Completion of Each Action
Metric for Each Action
Minimum Acceptance Level For Each Metric
Increase Leadership Responsibility
Action 1: Complete the MBA program
3 months
Graduate on time
June 5th graduation Action 2: Find a leadership mentor
4-5 months
Number of people asked
Minimum of 5 people asked
Obtain a management position in a large corporation
Action 1: Apply for open positions in industry
3-4 months
Amount of applications sent
Minimum of 3-5 sent each week Action 2: Learn the business
1-2 years
Reviews and Project success
Positive review and at least on time project completion Action 3: Observe and apply for promotional opportunities
3-5 years
Number of discussions with manager
At least one discussion per six months
Get my name out in the market and build contact list
Action 1: Differentiate my resume and portfolio
1-2 months
Completion of project
Completion within timeframe Action 2: Become more involved in professional social media
1-2 months
Amount of sites joined
At least 5 websites Action 3: Join and attend professional associations in design and leadership
1-2 months
Amount of associations joined
At least 5 associations