Problem:
You have now prepared brief but important parts of a strategic plan, created budgeting instructions and budgets and Pro Forma Statements, and have had a chance to model a company's financial results under two different real-world scenarios. In a reflective paper, please answer the following questions:
Question 1. What was the most difficult or challenging part of strategic planning?
Question 2. Which parts of your strategic plan would you modify for success in the future and why?
- Mission statement and business concept
- Marketing plan
- Operations plan
- Financial plan
- Key assumptions made for this plans' success
Question 3. If a friend approached you for advice on starting a business, what advice would give them about strategic planning?
Question 4. What are your takeaways from this entire process?