Risk Management Strategies For Strategic Planning

Examples of Risks in Strategic Planning

Risks are an integral part in the operations of a business. The management of the different business enterprises undertakes different strategic actions that help to increase the revenue and the profits of the business. The management of the business also formulates the different kinds of specific steps that help to implement the strategy undertaken by the business house (Wright 2016). However the strategies have to be implemented in an effective and constructive way to avoid any form of risks. Some of the main types of risks associated with the implementation of strategies in a business enterprise are as follows;

1. Economic Uncertainty- The highly unpredictable market can result in an economic slump at any given point of time. This may result in the alteration of the implementation of the strategy. The less demand for the products and services of the company, weak economic conditions results in the setback for the organizations.
2. Delays in Project Completion- The completion of the total strategic implementation may result in a number of different steeps that needs to be accomplished accordingly (Suter 2016). However the non-coordination of any one of the departments and the absence of proper communication between all the departments involved in a particular project will lead to an unnecessary delay.
3. Government Regulation-New Government Regulations can make life more difficult for the business organizations to implement their business strategies. Restrictions and additional financial burdens from the part of the government can be harmful to the expansion of the business.

As mentioned earlier different forms of business enterprises faces different types of risk that makes them vulnerable to outside threats and damages their business reputation. Thus it is necessary for the management of the business to construct and implement a solid and compact risk management plan to counter such threats. Two examples of such risk management strategies include;

1. Risk Identification and Planning- Risk Identification is one of the main component of a risk management plan. The identification of the risk beforehand helps in the proper management of the business and also helps to avoid the risks easily. The identification of the risks can also help the organization to measure the risks accordingly and implement the necessary steps for its mitigation.
2. Transferring the Risk- The concept of insurance also applies in the smooth running of the business. The business organization may transfer the risks identified by the organization to the insurance companies or the shareholders of the business (Suter 2016). The transfer of the risks helps is one of the major elements of risk management as because it helps in the smooth running of the business.

The more the world is placing value on the ideas, the more is the issue of managing the intellectual property of the business becoming an important topic. The preciseness of the modern business world and its globalization has limited the business organizations to make them more specific and integrated in nature. The management of the companies have to thus make sure that they have the right set of mitigation strategies in store to meet the challenges. One such example is;

The business must ensure that all of the employment agreements include a clause that states that the employees will not bring any intellectual property developed for a third party or the previous employer into the present company where he is employed. According to, Sadgrove (2016) the management must also make sure to have a proper recovery plan in place to avoid any loss that may occur due to the loss in the IP lawsuit. Thus it is important for the business organization to have a proper and efficient Plan B.

A SWOT Analysis looks into both the internal and external factors that can have an impact on the business. The internal factors of the business are the strengths and the weaknesses of the business and thus the business. On the other hand the other two which are the threats and the opportunities are the external factors that have an impact on the business enterprises (Nikitin et al. 2016). Though the number of strategic plans is few, they have a key role in the functioning of the business. The SWOT analysis is conducted after setting the target stage and the forecasting of the performance gap of the organization. The gap analysis of the organization provides the particular size of the strategic task.

• Strengths- SWOT analysis helps to identify and analyze the areas where the business have a major advantage or are performing well. These areas are considered to be the main success factors of the business and provide the business with a great competitive advantage.
• Weaknesses- Weakness puts the company in a disadvantageous position and thus conducting the following analysis helps the organization to identify the weakness and rectify them accordingly.
• Opportunities- The SWOT Analysis also helps to identify the opportunities that provide an advantageous position to the business. Opportunities are created by external factors like change in the market and new trends in the market.
• Threats-The Threats are the next external factors that arise from weaknesses. These include the likes of the changes in the conditions of the market, rise of able competitors and many more as such.

The efficient conduction of a SWOT Analysis is quite easy in nature. A number of different questions can be derived from each of the four different components of SWOT. These include the likes of;

1. What are the main assets of the business?
2. What are the things that need to be avoided by the mentioned organization?
3. What are the current ongoing trends in the business?
4. What kind of o0bstacles is faced by the business at the present times?

The success of a business organization depends on the presence of an efficient management team that formulates and implements the strategic needs of the organization. A PEST analysis is one of the most widely used strategic planning tool (Mullerbeck 2015). The components of the analysis include the likes of Political, Economical, Social and Technological aspects that have an impact on the strategic planning of the organization (Nikitin et al. 2016). The benefit of conduction the mentioned analysis is that it visualizes all the different factors in one single place for better decision making. It provides all the necessary information that is needed to conduct the strategic planning.

Risk Management Strategies for Strategic Planning

The PEST analysis can be conducted in a number of different easy steps that includes;

1. Understanding PEST Factors
2. Gathering necessary Information
3. Identification of the Opportunities
4. Identification of the Threats
5. Taking necessary actions to mitigate the Threats

The main use to conduct the PEST Analysis is to identify the specific factors and devise a plan of action that are necessary for the smooth running of the business and to avoid any form of risks. There are a number of different questions that arises as a result of the conduction of the PEST Analysis. Some of them are as follows;

1. What are the Trading Policies that have an impact on the operations of the business?
2. How does the opinions of the consumer changes regarding the products and services?
3. What kind of technology is critical or key to the daily business operations of the organization?
4. Explain the effect of globalization on the market shares of the business.

Business Information that is received from different kinds of general surveys, data, books, references are said to be internal sources of information. Such kind of information may also be received from the likes of the friends, people, customers, stakeholders and other associates of the business. The two main internal sources are thus;

1. General Surveys-The conduction of different forms of general surveys is important for the business as because it helps to gain the knowledge of the market which helps the organization top formulate the business strategies accordingly.
2. Customers- The feedback of the customers is a valuable source of internal information as it helps the management to design and implement strategies and products or services to meet their individual demands.

External Sources of Information comes in a variety of forms. This can be Television and print media or online sources and many others as such.

1. Print and Television Media- Printing advertisements and published articles in newspapers, periodicals and journals is a good source of external information. Apart from this necessary information can also be obtained from television media that helps in the development of the business (Li 2014).
2. Online Information- The advancement of the world has changed the way people look into the market. The growth of the business in the modern days is mainly due to the advancement of the internet world. The introduction of social media has been a great source of external information for every business houses.

The core values of the business support the vision, culture and shape of the business and respect the company values. They form the essence of the identity of the organizations. The main purpose of developing organizational value is;

1. It helps in the development of the decision-making process. The decision making process helps to develop the standard of the product which might be compromised in the absence of the values followed in the organization.
2. Li (2014)has stated that it helps in the recruitment and retention of the employees and the customers respectively in the modern competitive world which helps to develop their business further.

Two techniques that can be used to identify value as part of the strategic planning process are as follows;

1. Determining the position of the business in the market
2. Development of a solid strategy that includes the mission, vision and strategic plans of the enterprise

Native Bush Spices is one of the few companies of Australia that develops organic products and sells them to the consumers. It is important for the management of the mentioned business organization to develop a proper mission, vision and strategic statement that helps in the development of the business and also in the expansion of the business. The present mission of the following business is to make sure that the quality of the products is not compromised (Handa and Garg 2018). The mission statement of the organization needs to be taken up or changed according to the changing demands of the people, changing values, changing experiences and many others as such. The mission statement must be well communicated to the employees of the organization so that they work accordingly to meet the demands of the customers by maintaining the quality of the product.

The Vision Statement on the other hand includes a vivid description of the organization while it effectively and efficiently carries out the different operations of the business. The current vision statement of the following business organization is to become the most respected and sought after supplier of the native bush and herbs available in the island continent of Australia (Handa and Garg 2018). The development and the accomplishment of the vision can be gained by the state and function of the organization when once it has implemented the strategic plan. The development of the plan can thus be achieved through meeting realistic targets.

Values are identified as the core priorities in the culture of the organization, including what drives the priorities of the employees and how does they act according to the demand of the situation. The current value statement of the mentioned organization is to deliver respect, generate responsibility and attain a state of caring, excellence and integrity. This can be achieved only by the means of proper regulation of the workforce and also the maintenance of a proper work culture.

COMPANY NAME	MISSION	VISION	STRATEGIC VALUES
Native Bush Spices Ltd.	Ø Ensuring Highest Quality of Products	Ø Being the most respected and sought after organic company of Australia	Ø Deliver Respect, generate responsibility, caring and attaining responsibility
Native Growth Holdings	Ø Being Australia’s foremost authority on Australian native flora	Ø Enrichment of Customers regardless of their status and professions in the society	Ø Deeply focused on preserving and extending native natural resources of Australia
Wild Hibiscus Flower Company	Ø Ensuring Highest quality for natural products	Ø Providing the products of a high quality for enrichment of the customers	Ø Extremely committed to generate profits though proper business in local and different international markets

Managing Intellectual Property Risks in Strategic Planning

The comparison of three different companies with more or less the same kind of business shows clearly that the mission, vision and value statements of these businesses does not differ too much from each other (Lancaster and Thomas 2016). All of the organizations are committed towards the delivery of quality products and services to the customers and develop and promote a value that delivers responsibility and respect for the products and helps in the expansion of the business to other areas both local and international.

The existing strategies of the business have been a potent force in the success of the business organization. The management of Native Bush spices have observed that the proper implementation of the strategies have helped them to achieve unparallel success in the Australian market. However some extra changes in the existing strategies can help the organization face the new challenges that occurs in the modern market. Some of the key business strategies that can be implemented include the likes of:

1. In view of the mission and vision of the company, it can be noted that the management has given extra emphasis on the development of quality products and becoming the largest and the best organic company of Australia (Lancaster and Thomas 2016). However such a mission will be a failure if the organization fails to respect the demands of the customers. The failure to deliver the products and services according to the wishes of the customers will lead to the business failure.
2. As opposed to the preservation and proper farming of the organic products the mentioned Australian company has focused more on responsibility generation and respect. Neglecting the farming and preservation side can again lead to the failure of the company.  

The problems will be addressed in the meeting of the organization and will be stated to the managers and the supervisors of the organization (Handa and Garg 2018). The best techniques to formulate the strategic objectives will be to take the appropriate steps that can help the organization to meet the modern demands of the market.

Providing new ideas to the team will not only help in the development of clear and precise strategies but will also help in the development of the strategies to be formulated for the success of the business organization. It is important to discuss the vision, mission and value statements as because it will help to get more inputs regarding the strategies and the discussion and recommendations of a number of people will be helpful to formulate a compact and strong strategy that will lead to the success of the business in the modern competitive market (Forouzanfar et al. 2015). The stress should be however given on the development of a customer friendly strategy and also on the development of a separate sustainable farming plan that will be important to the success of the business.

Key Performance Indicators helps the management of the business to calculate and estimate the performance of the business in various circumstances and on various indicators. Some of the KPI’s that can be used by Native Bush Spices Ltd. are as follows;

1. Customer Lifetime Value-The Customer Lifetime Value can be measured by calculating the overall value of the customer with respect to the revenue that will be generated by the customer in his whole life. The process of the particular calculation starts with the purchase of something from the business organization or the using of the service of the business organization.
2. Lead to Revenue Ratio-Lead to revenue ratio of the business helps the organization to attain the goals set buy them (Forouzanfar et al. 2015). It is one of the essential KPI’s that helps to identify the types of leads that are required for the business to achieve the goals and aims of the organization that are fixed by the management on the start of the financial year.
3. Organic Traffic-The traffic that is earned by the website of the company on its own is referred to as the organic traffic. Social media is one of the latest sources that play a vital role in the development of the organic traffic to the website of the organization. It is one of the basic ways to attract the attention of the people towards them and thus the amount of interest generated can be easily measured.

Communication Skill

The meeting with the different managers of the company will involve the discussion of the new strategies and the recommendations on the development and implementation of the latest strategies in line with the new trends of the market. Such a high level meeting will involve proper and efficient communication skills (Constance Choi and Lara 2015). The communication skill will require speaking clearly and fluently, responding clearly to all the questions raised by the management team and becoming an active listener of the management team.

The outcomes of the meeting will be taken seriously as because both the recommendations and the present set of strategies will be combined to form an amicable plan that will be helpful for the strategic success of the business. The meeting outcomes are thus an important step towards the organizational change.

The Benefit of Conducting SWOT Analysis for Strategic Planning

Cooperative Business Venture can be one of the most successful in the development of the business. The business venture can try out the following system to exchange some of the tight control systems of the traditional systems in the modern business system (Abdallah Mssadeh and Othman 2015). This will help in the formulation and implementation of the right set of ideas that are imperative to the success of the business in both the Australian market as well as the International market.

It is very much important for the mentioned organic company of Australia to find the correct source of information to find out and segment the target market and the target customers of the products that are offered by them (Beamish and Lupton 2016). The identification of the target market will help the organization to be the very best and produce exclusive results in the market. It is important for the management of Native Bush Spices to follow some simple steps that can be useful for the identification of the market that is to be targeted by the customer. This includes;

1. Identification of the customer’s demands on what to buy and what not to buy
2. Segmentation of the overall market
3. Research of the total market

The information can also be obtained from the presence of the company in the social media applications which will help to identify the customers and their choices and modify and produce the goods and services in exactly the same procedure.

The competitors of the market can also be identified in the same way which will be helpful for the organization to assess their strengths and weakness and modify them accordingly. As the company has plans to expand itself to new markets in Australia as well as in overseas markets, a pre market research either by any independent companies or by the company itself will help the business to move across the correct path to success (Beamish and Lupton 2016).

The strategic analysis of the following business enterprise of Australia has been a great source of information for identification of the target market, competitors and the emerging markets of the business. These include;

1. Target Market-Expansion top other countries especially South East Asia. Preference is Hong Kong, Malaysia, Singapore and some European countries.
2. Competitors-Some of the main competitors include the likes of Native Growth Holdings and Wild Hibiscus Flower Company. Both of these companies have their roots in Australia and have almost the same kind of business of organic products. These competitors provide huge competition to the mentioned company and thus form an active threat to the growth and expansion of the organization (Beamish and Lupton 2016).
3. Emerging Markets-The rise in the demand for the organic products in selected markets of Asia and Europe is a serious opportunity that lays in hand for the management of the business to exploit. The emerging economies of Asia however remain the main choice for international expansion of the business.

A cooperative venture can be agreed upon by the management of Native Bush Spices Ltd. in International markets. Such a venture is agreed upon with a local company to have a considerable knowledge of the particular host market and to make sure that the company can exploit the market share of the local business to get an initial lifeline in the market (Dodgson 2018). The cooperative ventures or joint ventures can help the organization to grow and expand into new markets but on the other hand they are highly complex markets and thus require flawless and effective communication between each other. The absence of such clear communication might create problems for both the organization which in turn will create the provisions for misunderstanding and loss of trust. The main pros and cons of the cooperative venture are provided below. The advantages include;

1. Easy to set up
2. Reduced prices of shares and shared costs
3. The access to new markets that are highly profitable
4. Additional tax benefits
5. Generation of much more revenue and much more savings in the market
6. The capability to finance more on research and development

The cons or the disadvantages that can be faced by Native Bush Spices are;

1. High chances of conflict of interests can be harmful
2. Mismanagement of capital and resources
3. Increase in the risk factors in the market
4. Lack of transparency in mentioning the objectives and aims of the business in the market. 

STRENGTH	WEAKNESS
Ø First Mover Advantage Ø Strong Market Presence Ø Quality	Ø Absence in international markets Ø Inadequate and poor marketing
OPPORTUNITIES	THREATS
Ø Greater interest in new markets Ø Quality	Ø Risk from other competitors Ø Lack of Customer based strategies

1. Strengths- The management of the company has transformed itself to a dynamic company as they are able to address all the different needs of the organization in accordance with the market needs (Dodgson 2018). They are also renowned for their strong market presence in Australia and the quality of their products. The quality of their products needs a special mention as because their mission is to provide the best quality of products top their customers.
2. Weaknesses- As like many other companies dealing in organic products, the mentioned Australian company also suffers from a range of weakness that makes them vulnerable to both internal and external threats. The absence of the company in International markets has been a long standing problem which limits their abilities as well as limits their scope. Their poor marketing and promotional skills also does not help their cause. However the main source of such a weakness has been the inconsistency in the funds of the company.
3. Opportunities-The management of the company must utilize their strengths to curve out glorious opportunities. The ability of the company to analyze the market needs can be well utilized to study the markets of the international countries and make a decent entry into some of the markets.  (Nekrasov and Melnyk 2017). Apart from this quality again will act as one of the best opportunities for the firm to increase their market reputation and provide the appropriate market for their products.
4. Threats- The SWOT analysis has been essential to find all the threats of the business. This includes the likes of the absence of customer based strategies and the risk from other competitors. Off late there have been splurges in the number of the business enterprises that have their business concentrated upon the production and sale of different kinds of organic products (Eesley Hsu and Roberts 2014). These have led to the immense pressure for the management to set out the perfect strategies to outnumber their competitors. The absence of strategies that focuses on the customer also acts as a threat as because such an absence can be harmful to the success of the business.

The detailed PESTLE analysis of the following industry will be a strategic discussion of the business organization and it will help in the identification of the External factors that have an impact on the business. The mentioned factors that have been mentioned in the business can be both positive and negative for the organized food industry. The determination of the following factors can be useful for the growth and expansion of the business.

1. Political Analysis- The political condition of Australia is quite stable in nature. However there is a fair amount of pressure on the food industry as because the stability of the government at the centre increases the economic activity of the country. This in turn forces the government to formulate new laws and regulations in order to control the food industry . The organic food industry is the latest trend in the business which instills the government with an extra responsibility to make the people understand about the importance of the organic products. This in turn helps the mentioned company to increase their sales and make the most out of it.  
2. Economic Analysis- The economical factors of the business includes the likes of the situations and the different incidents that can be a game changer in the modern business world. The organic industry uses a number of different channels to sale their products to markets, supermarkets and a number of different small markets. However the economic analysis of Native Bush has shown that the company favors to sell their products through the small super markets and small retail stores (Del Mar Benavides et al. 2014). The management of the company on the other hand before entering a new market must make sure to verify the economic stability of the particular country. The different factors to be considered are the availability of labor, the availability of local companies to form joint venture and many more as such
3. Social Analysis- The local and international culture and trends must be analyzed and examined before the determination of the strategies of the organization. The choice of the customers, their specific needs and the want for the products must be assessed by the management of the company to get a detailed idea of the social lifestyle of the people of the local and international markets.
4. Technological Analysis- Technological advancements is one of the main factors that helps in the growth of the business. The more the technology is advanced; the better is the competitive advantage of the business in the market. The management of Native Bush Spices Ltd. has introduced the use of modern and scientific farming to produce the organic plants and bushes. The presence of the scientific method is necessary to ensure more production and also ensure a hygienic production for the organization
5. Legal Analysis-The Company as well as its products has to comply with different kinds of legal requirements to carry on their business. The company must focus on all the related Australian rules and regulations related to production of organic products and selling them to the end users. The company must focus on the environmental protection law, antitrust law and most importantly labor law. Such a specific focus will help in the success of the organization in the long run (Del Mar Benavides et al. 2014). Apart from these the companies must also focus on the regulations that are related to the production, processing, packaging, marketing and selling of the products that are produced by the organization. It is important to appoint a legal advisor to make sure that the company meets all the specifications of Australia.
6. Environmental Analysis-The preparation of organic products requires a lot of complex processes that starts with the purification, extraction, stratification and mixing of different elements until the final product is manufactured. Therefore it requires a thorough and strict procedure to make sure that the organization follows a proper, healthy and hygienic procedure to produce the products.

Questions for Conducting SWOT Analysis

Report to Management Team

The analysis of the performance and the managerial achievements of the company can reveal the actual picture of the business organization. During the formulation of the planning and its implementation the company had chalked out a number of new strategies to improve their performance and spread their wings in new areas including the expansion to international markets. The different kinds of goals that were set by the organization included the likes of;

1. The management of the company estimated a total revenue increase in the percentage of 20%.
2. The marketing and development team of Native Bush Spices was to identify the potential international markets to expand their business and increase revenue.
3. The sales to the international market were supposed to be 20% of the total revenue of the organization.
4. The team that was appointed to identify opportunities in the global markets was also supposed to determine and mark out some of the best alliance partners which can make a proper business alliance.
5. The management of the company was also supposed to identify new products through the study of their competitors and the websites of their competitors. Such a strategy could have made the company more innovative in nature.

However the research that was conducted after the gap of 1 year showed some different results that revealed the actual picture of the business organization. There were both improvements as well as disappointments in the different categories of goals that were undertaken by the business organization. The sales of the company which was targeted for a 20% increase surpassed all expectations and recorded a growth of 31.25%. The figures which stood at $550,000 grew to $800,000 in just one year. The company was able to identify and establish itself in new international markets and started its operations with Singapore and Hong Kong. The company also made decent revenue of $70,000 from its international sales which were more than enough in just its first year of operations. However in spite of such positive sides of the organization the company failed in many ways. The most remarkable failure came in the form of the inability to identify and tie up with a local company of the host country which can hurt the ambitions of the company in the future. The marketing team of the company also failed in its attempt to earmark new products from surfing the websites of other organizations.

Therefore it can be said less than half of the goals have been achieved by the organization as because the failure to establish a strong market share in the international markets will render it impossible to achieve success in the market. Thus it is the need of the hour to identify new alliance partners and also research and develop new products fit for the international and local markets (Kotab. and Helsen 2014).

The report in the above section clearly shows the failure of the management of the company to address all the requirements of the performance indicators. Most of the strategic indicators have not been achieved amongst which the most important is the failure to find a proper alliance partner in the international market and enter into a strategic agreement that could have long lasting impacts on the success of the business in the host country. Such an agreement could have helped Native Bush Spices Ltd. to gain a stronghold in the markets of Hong Kong and Singapore. The local company can provide the international company like Native Bush Spices the required logistical, technological and economical back up required having a proper market in the country (Johnson 2016). Apart from this the management team in charge of fulfilling the said goals also failed to identify and mark out specific products for the success of the business. The team was in a confusion on which product to choose and how to introduce it in the market win a smart way to outclass the present one of some other company. This failure again showed that the expertise of the current management team to make expert strategies that can change the shape of the future.

The Benefit of Conducting PESTLE Analysis for Strategic Planning

The following report provides ample scope for recommending a number of strategies that can change the current situation and ensure smooth operations for the mentioned organic company to ensure both generations of revenue as well as sustainability. Some of the recommendations are;

1. Appointment of a dynamic marketing and development team with all the members more or less experienced and having a basic idea of innovative and promotional marketing.
2. The team should be led by an expert team leader who have the power to manage the different team leaders and has also got the capability to identify the best strategies that are suitable for the success of the business in the international market
3. The search for a reliable and reputed business partner will help in the expansion and growth of the business as because the expertise of the local business can help Native Bush Spices Ltd. to formulate and implement the best strategies that can be of great help to the business
4. The alliance between Native Bush Spices and the local company can also help the organization to gain a considerable market share on its debut in the host country
5. The organization must consider more markets in Asia that are enjoying a proper economical condition.
6. It is important for the business to develop a proper and efficient research and development wing for experimenting and innovating new business ideas as well as new products and services.

The management of the organization was able to achieve some of the strategic goals of the organization that they were supposed to achieve. The main goals of the business that were supposed to be achieved included the likes of International expansion, selection of the target market, identifying the competitors, customer centric strategies and many more similar as such. In real it is seen that most of the goals were failed to meet by the organization. The organization failed to address any compact strategies that described the benefits of the customers while neither they were able to identify suitable partners and products to develop themselves in the international market. In addition to this the company also failed to identify the target market and competitors of the market (Hitt Li and Xu 2016). There were many different issues that still left unanswered by the management of the organization.

The only way to address the issues laid in the proper and efficient formulation of the strategies. The strategies must be designed in such a way that makes it dynamic and efficient to suit with the different strategies of the business. The company must also make sure to address customer centric issues to be one of the very best in the market. The formation of a well planned and efficient strategy is key to the success of the business in the long run. Therefore the business organization must read the market needs and efficiently formulate the best suited strategies for the organization (Welford 2016)

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