Str 581 Week 5

Topics: Strategic management, Management, Strategy Pages: 6 (1636 words) Published: March 18, 2012
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 county); 2. Review accounting needs and learn how to utilize Quickbooks; 3. Conduct market research including services provided, turn-around time, and pricing; 4. Prepare a SWOT Analysis;

5. Identify a Marketing Strategy;
6. Development of a Website;
7. Establish policies and procedures;
8. Establish a sales target;
9. Determine office supplies, products, and equipment needed; and 10. Draft contract outlining terms and conditions.
Milestones and Deadlines:
Finalize Legal Research and determine entity set-up (30 days)
Finalize Market Analysis (7 Days)
Finalize Marketing Strategy (7 Days)
Purchase and Setup all Equipment (10 Days)
Finish QuickBooks training and finalize accounting needs (14 days)
Finalize Sales Plan (30 Days)
Finalize and launch Website (20 Days)
Launch New Business (120 Days)
Tasks and Task Ownership:
As Summarize It! is run solely by the Owner, much of the tasks must be done by her alone. However, as she is not familiar with some of the tasks, those tasks may be outsourced. The following tasks will need to be accomplished as part of the Implementation Plan: Task| Ownership|

Conduct Legal Research| Start research and then consult with an attorney| Identify supplies and equipment needed| Owner|
Identify sales goals| Owner|
Prepare marketing analysis including, demographics, market conditions, competitive analysis, challenges and opportunities| Owner| Prepare a marketing strategy| Owner|
Prepare a plan on how to implement the marketing strategy| Owner| Execute a marketing plan| Owner|
Prepare a forecast and budget| Owner |
Obtain training on the use of QuickBooks| Either attend a class or obtain online training.| Set-up accounting policies and procedures| Owner|
Draft a contract to be used with clientele| Outsource to an attorney| Identify potential clientele| Owner|
Setup Equipment and Products in Home Office| Owner|

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