Business Plan Assessment

The strategic plan is developed for the American company that sells women’s beauty and skincare products. The company operates in the US and wants to sell its products worldwide. The mission statement of the organization is “to provide the best solution for each skin type.” The company also has its value statement: “Our work is guided by such values as honesty, high quality, and responsibility.”

The proposed strategic plan is aimed to help the company achieve desired outcomes in the following years. Nevertheless, there are several threats and challenges that might affect the efficiency of the proposed strategic plan. First, a lack of proper analysis might lead to the inability to define accurate short-term goals. As a result, the organization will not be able to successfully follow its strategic plan. Secondly, one of the most challenging elements is mentoring. This point of the plan requires proper evaluation of the situation within the team, as well as great knowledge of the objectives of mentoring in this organization. It is also important to remember that choosing the wrong mentor can lead to adverse effects for the organization.

How to Execute the Strategic Initiatives in Order to Address the Threats and Challenges

It is crucial to implement specific measures that will help to address identified threats and challenges. To be more specific, the organization should pay attention to each step of the analysis, including evaluation of situation on the market, main and small competitors, organizational goals, et cetera. What is more, it is important to focus on defining the accurate mission statement, as it should be based on the analysis mentioned before. Another step the organization should follow is the analysis of the goals related to personnel. This step will help to define what are the weaknesses of the organization that are vital to address by the mentor. Lastly, it is vital to focus on the identified goals when hiring a mentor.

Proposed Process Improvements

The developed strategic plan requires several process improvements in order to increase its efficiency. First of all, the organization should pay more attention to the marketing part of the strategy. Namely, the offered marketing strategy should include more digital options, such as online communication strategy and promotion with the help of targeted advertisements. Since today the world is shifting to online, it is vital to take this facto into account and implement elements of promotion in the digital sphere. Secondly, it is significant to develop a financial part of the strategic plan. One of the main reasons for this improvement is the fact that the financial plan helps to predict the effectiveness of the developed strategic plan.

Additional Resources and How They Should Be Used in the Application of the Strategic Plan

The offered strategic plan does not require a large variety of additional resources. Nevertheless, to address the offered advancements, it is vital to use such resources as analytical data and financial capital. Specifically, the organization should incorporate additional data received with the help of analysis of competitors and market situation. As a result, by using the offered resource, the company will be able to make the strategic plan more effective. Another additional resource is financial capital. Since there are some additional expenses required to improve the plan, the business unit will have to spend additional money. Nevertheless, the mentioned resources and their proper use will help to ensure the effectiveness of the strategic plan.

KPIs and Recommendations Justification

The key performance indicator for this strategic plan includes financial metrics (revenue) and organizational metric, such as customer satisfaction level. The offered improvements of the plan are expected to grow the company’s revenue by 10% at the end of this year. When it comes to the second metric, customer satisfaction is expected to grow by 38% with the help of a focus on digital elements.

An anticipated ROI for this strategic plan is 12%. However, with the help of the offered advancements, this indicator can grow by 3% resulting in 15%. Therefore, the recommendations are effective and should be implemented into the plan.