The next step in the strategic planning process is to analyze your strategic alternatives. Using the information that you gathered earlier in the planning process, you identify problems and create a list of possible alternatives to deal with the possible threats, and weaknesses in your plan. Basically, a strategic plan is a two step process; step 1- pinpoint what the businesses flaws and weakness are, and step 2- identify as many solutions for theses issues as possible.
Earlier in the planning process, step 2- environmental analysis, we discussed and I completed a SWOT analysis to identify the internal and external strengths, weaknesses, opportunities, and threats that may or may not affect the future of my business. Next, I will analyze my strategic alternatives by indentifying as many possible solutions to each of the items identified in my SWOT as I can. It is important to remember that few problems are solved by formulating a single conclusion so I will try to come up with as many alternatives as I can.
The following are some helpful tips to help you come up with many quality alternatives.
• Write your ideas down on paper, it stimulates creativity.
• Don’t evaluate your ideas as you write them down, criticism stifles creativity.
• Always strive to be proactive; it greatly reduces the need for reaction.
Once you have compiled your list, carefully consider the potential effects of your alternatives on your company’s resources, environment, employees, and customers. You may find that some of your strategies could negatively affect the way others view your business. For example: you may decide that your restaurant will benefit from adding a salad bar, but find, after it is added, that there was not sufficient space for a salad bar, and as a result you had to remove some of the tables which reduces the seating capacity and effects profits. Keep careful records of your alternative evaluations, because you will use them later in the planning process to aid you in the construction of control process.
As I have stated before, I am using my text book to guide me through the strategic planning process, and I realize that most readers do not have access to my source. Normally, I supplement the information in my text by researching the topic online and finding additional related sources. However, there is little information related to this step in the planning process available online, because the business owner completes this step by thoughtfully analyzing the information that was previously gathered, and then determining ways to solve problems and strengthen weaknesses. Not too many people want to share their business' weaknesses with the public.
Works Cited
Hatten, Timothy. Small Business Management: Entrepreneurship and Beyond. New York: Boston, 2009. 84-86.
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