The assignment’s purpose is to create and reflect on a personal strategic plan by foreseeing personal life as a company. The main purpose of creating a personal strategic plan is to pinpoint the self-competitive advantage in the marketplace. It is important to have a competitive advantage in the market and a focus on how to create personal value for the community, friends, or family members. Currently, it requires an allocation of personal resources and determination to ensure which services to offer and when to make the right decisions for industries to focus on (De Kluyver & Pearce 2011).
Before a personal Blue Ocean, one has to understand the difference between it and the Red Ocean. A Red Ocean business normally creates strategies in order to stand out from the competition in its business industry. While Blue Oceans do not try to stand out in the competition, they make every effort possible in the market space that makes competition irrelevant. It makes it tough to create a personal strategic plan that benefits once it reaches out to the Blue Ocean individuals through values and advancement of oneself creating a new market space opportunity (Kim & Mauborgne 2005).
Before creating a strategic plan, one should start by creating a mission statement based on the most important values and purpose of the individual. The next step is to create a Vision Statement which should include long term goals, core values, and competitive positioning. Last, an environment scan needs to be completed using tools such as the PEST template which evaluates political, economic, social, and technological issues and the SWOT tool which looks at strengths, weaknesses, opportunities, and threats..Mission Statement
Whenever an individual desires to attain goals, the mission statement may be a guide to accomplish them. In addition, a mission statement becomes an important step to attain future success (Nightingale-Conant, XXXXXXXXXXThe mission is to figure as an educator for the person or business to inspire by evaluating and describing an importance of the worth and help businesses and other individuals to grow and achieve their necessary goals. There are seven steps in a mission statement that support goal achievement. They are dependability, forgiveness, trustworthiness, teamwork, freelance, cheerfulness, and peacefulness.Vision Statement
A vision statement helps a person or a business set a long term goal that describes a core value of the person’s competitiveness and the position of his desire to obtain necessary goals (De Kluyver & Pearce, XXXXXXXXXXIn order to form a personal vision statement that envisions the longer term, months or years of reflection may be needed. Keep in mind, one can make changes for the future based on what he or she has now and what he or she will have next. It is important that the future be related to present because it is a part of who you are and what your plan is for the future (Peterkin, XXXXXXXXXXTherefore my vision statement is to attain a CPA and to be on the higher position in any reputable organization where I can use my ability to achieve better opportunities for the larger organization.Environmental Scan
Most organizations use environmental scan technique to trot out a company’s environmental factors. Corporations use it to influence the organization goals and directions by using each factor that is current. The environmental issue may be addressed internally and externally because it helps to determine the strategic goals (Morrison, XXXXXXXXXXThere are two kinds of an environmental scan which may be targeted for analysis, internally and externally. PEST uses external environmental scan and its four areas of analysis political, economic, social, and technological. There are external opportunities and threats that are connected with SWOT analysis; yet the analysis provides us the information that SWOT analyzes the inner strengths and weaknesses of (QuickMBA).Political, Economic, Social, and Technological Factor Discussion
It is important to realize that the political factors must be followed by the rules and regulations whether it is formal or informal (QuickMBA). Factor that will affect my personal strategic plan are Tax Policies which will affect my gross pay once it is higher than $45,000. Employment laws will be the decision maker for pay scale and department budgets for the company. Economic globalization will help me choose whether outsourcing the job will have a financial impact on the cost of production. Gas prices will be the cost-increasing factor for goods and services. The good news is, however, that the recession is almost over and it could help boost the economy and increase the number of jobs available.
The social factor is important in cultural and demographic aspects which reflect on society (QuickMBA). Most of the areas that will affect my personal strategic plan are job opportunities, cost of living, and technological factors. The unemployment market is high and companies are not interested in hiring their future employees that come from out of state. The cost of living in some areas is different which causes the salary structure to be different as well. It would be difficult to support my family and myself while living in a different area.
Technological factors will lower barriers to entry, reducing minimum economical levels of production and influencing the decision of outsourcing. There is a good possibility that the technological factors will affect my line of the job market. For example, by implementing the automation of Accounting software, it will eliminate most of the lower jobs that require only a click of a button.Strengths, Weaknesses, Opportunities, and Threats Discussion
Strengths are the resources and capabilities that can be used to create competitive advantage like patents, trademarks, and good reputation in the market (QuickMBA). The important thing is that I am able to focus on the job and make sure that I can achieve the best results. It will help me to use my personal skills in order to have the other employees honor their commitments. I am firm on my analytical skills which allow me not to find any excuse when given a project or task to accomplish.
I have weaknesses and I work on them in order to achieve my strategic plan. Sometimes I find myself going into detail and analyzing the work given to me instead of finishing it. I take the time to respond to queries because I like to make sure that my responses make a good impact in business and personal life.
When it comes to opportunities, I will make sure that they benefit the company in profit and growth. One reason opportunities will help me during strategic planning is that since I am flexible, I can adapt to any environment at work. Finally, I can use my education and experience to my advantage by moving up the chain and becoming a successful business man.
Threats can change an environment and an individuals goal if the situation is not properly analyzed. In the Accounting field, the unemployment ratio is high; someone may have better skills or a greater amount of experience in the field. It is possible that a person within the company is promoted instead of bringing in someone new with experience holding the title. Finally, the Accounting software used by the company could be new to me presenting me as an inexperienced employee. It costs a company a significant amount of money to train a new employee using their software.Strategy and Objectives
(content 28; analysis 16 – includes Strategy Canvas/Four-Actions Framework discussion in paper and Strategy Canvas/Four-Actions Framework templates in Appendices)
Note: “You Inc.” strategy and clearly stated objectives; completed Strategy Canvas/Four-Actions Framework templates go in the appendices: paper discusses their results in narrative form; use sub headingsStrategy Canvas Competitive alternatives. Analysis.
Note: Examples of x-axis focus factors for the Strategy Canvas (please be creative in developing your own factors): Emotional intelligence, experience, education, willingness to relocate, certifications, technology savvy, family support, etc.Four-Actions Framework Eliminate. Raise. Reduce. Create.Objectives (Note: As many as needed)
Tactical Actions and Metrics
- Objective one
- Objective two
- Objective three
(content 22; analysis 14 – includes Balanced Scorecard discussion in paper and Balanced Scorecard template in Appendices)
Note: Actions and metrics associated with each objective stated in Step 4; ensure recognizable backward ‘line of sight’ compatibility from your action statements to your mission/vision statements; completed Balanced Scorecard template goes in the appendices: paper discusses its results in narrative form; use sub headingsObjective OneAction one, completion, metric.Action two, completion, metric.Action three, completion, metric.Objective TwoAction one, completion, metric.Action two, completion, metric.Objective ThreeAction one, completion, metric.Action two, completion, metric.Conclusion
Creating a personal strategic plan will help me to position myself as competitive in the marketplace. I would have to have good research done in order to create a value for myself but I have to suggest the company on how to improve the customer relationship. With these actions and creating a solid career foundation, I will bring happiness and value to my family, friends, and community. It is important for me to introduce myself in a way that helps me stand out among many other individuals and position myself as innovative as a Blue Ocean individual and make myself better than others. The only thing I have to do is go back to my mission and vision statement on a daily basis for analysis to see where I stand. I am confident that both of my statements will help me to focus on my career goals and personal life.
De Kluyver, C. A. & Pearce, J. A. (2011). Strategy: A view from the top
(4th Ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Kim, W.C. & Mauborgne, R. (2005). Blue ocean strategy: How to create uncontested market space and make the competition irrelevant
. Boston, MA: Harvard Business School Publishing.
Morrison, J. L. (2006).Environmental scanning
. Retrieved from http://horizon.unc.edu/courses/papers/enviroscan/
Nightingale-Conant. (2011). What is a personal mission statement?
Retrieved from http://www.nightingale.com/tmission_examplestatement.aspx.
Peterkin, C. (2003). Writing your personal vision/mission statement.
Retrieved from http://www.selfgrowth.com/articles/Peterkin3.html.
QuickMBA. (2010). The strategy planning process.
Retrieved from http://www.quickmba.com/strategy/.
- Payroll tax rate
- Employment laws
- Tax differences in different states
- Economic condition of the country.
- Current recession
- Unemployment rates
- Outsourcing jobs
- Gas price
- Companies hire local talent.
- Cost of living
- Different Accounting software.
- Advance Accounting software
- Updated technology
- Social networking
Appendix BSWOT Analysis
- Focus on the job and make sure that I can achieve the best result
- My personal skills in order to keep the other employees to honor their commitments.
- My analytical skills which will allow me not to find any excuse when given a project or task to accomplish.
- Go into detail of analyzing the work instead of getting the work done.
- Taking time to respond to any queries
- Take time and do research before handing over the project.
- Detail oriented
- Flexibility and adaptability.
- Quick learner
- High education and experience to move up the chain.
- Unemployment ratio
- Others have more experience or better skills.
- Age factor.