Str 581 Week 5
Strategic Plan Draft
Michael Sunnaa
Strategic Planning & Implementation/ STR 581
March 12, 2012
John Pang
Summarize It! is a new company in the works which will summarize deposition transcripts for attorneys. To help ensure the success of the company, a strategic plan has been developed. In doing so, it is essential to incorporate an implementation plan. The implementation plan will outline steps such as identifying objectives, functional tactics, action items, milestones and deadlines, tasks and task ownership, and resource allocation. In addition, it is important to identify any areas in which organizational change management strategies can be put into place, as well as key success factors. A budget, forecasted financials, and a break-even chart will also be provided to measure the company’s success. Finally, a risk management plan is also presented including a contingency plan.
Implementation Plan Developing a solid Implementation Plan involves outlining short-term objectives, functional tactics, action items, milestones and deadlines, tasks and task ownership, and resource allocation. The short-term objectives for Summarize It! include: 1. Launch a new business which provides summaries of depositions and court hearings to attorneys; 2. Establish a referral based business with at minimum 3 court reporting agencies within a one year time frame. 3. Establish a marketing program to obtain a clientele base of attorneys; and 4. Summarize an average of 600 transcript pages on a weekly basis.
Functional tactics include: 1. Marketing: Development of a direct mail marketing program; 2. Accounting: Prepare financial statements and forecasting/budgeting; 3. Information Technology: Development and launch of a website; and 4. Operations: Research competitor pricing and services provided.
Action Items: 1. Research requirements for starting a new business (including determining entity type, and license requirements in both the city and
Michael Sunnaa
Strategic Planning & Implementation/ STR 581
March 12, 2012
John Pang
Summarize It! is a new company in the works which will summarize deposition transcripts for attorneys. To help ensure the success of the company, a strategic plan has been developed. In doing so, it is essential to incorporate an implementation plan. The implementation plan will outline steps such as identifying objectives, functional tactics, action items, milestones and deadlines, tasks and task ownership, and resource allocation. In addition, it is important to identify any areas in which organizational change management strategies can be put into place, as well as key success factors. A budget, forecasted financials, and a break-even chart will also be provided to measure the company’s success. Finally, a risk management plan is also presented including a contingency plan.
Implementation Plan Developing a solid Implementation Plan involves outlining short-term objectives, functional tactics, action items, milestones and deadlines, tasks and task ownership, and resource allocation. The short-term objectives for Summarize It! include: 1. Launch a new business which provides summaries of depositions and court hearings to attorneys; 2. Establish a referral based business with at minimum 3 court reporting agencies within a one year time frame. 3. Establish a marketing program to obtain a clientele base of attorneys; and 4. Summarize an average of 600 transcript pages on a weekly basis.
Functional tactics include: 1. Marketing: Development of a direct mail marketing program; 2. Accounting: Prepare financial statements and forecasting/budgeting; 3. Information Technology: Development and launch of a website; and 4. Operations: Research competitor pricing and services provided.
Action Items: 1. Research requirements for starting a new business (including determining entity type, and license requirements in both the city and
References: Pearce, J.A., & Robinson, R.B. (2011). Strategic Management: Formulation, Implementation, and Control (12th ed.). Boston, MA: McGraw-Hill/Irwin