1.

Presented below is a detailed marketing strategy plan that will enable a Small-
Medium Enterprise to outsmart its competitors:

Marketing Plan of Small-Medium Enterprise

Marketing Plan

1.0 Executive Summary

2.0 Situational Analysis

3.0: Marketing Strategy

Section 4: Financials

Section 5: Controls

Executive SUMMARY

The Executive Summary gives a quick overview of the main points of the plan and
outlines all the major points of the plan itself, so anyone in management can pick up
the plan and get an idea about your vision.

Situational Analysis

Market Summary

Market Needs

Market Trends

Market Growth

SWOT Analysis - You also need to understand your own internal strengths
and weaknesses. For example, the main strengths of a new business might
be an original product and enthusiastic employees. The main weaknesses
might be the lack of an existing customer base and limited financial
resources.
 A SWOT analysis combines the external and internal analysis to summarise
your Strengths, Weaknesses, Opportunities and Threats. You need to look
for opportunities that play to your strengths. You also need to decide what
to do about threats to your business and how you can overcome
important weaknesses.

Competition and Buying Patterns

Product Offering

Keys to Success

Critical Issues

Market Overview
Once you've gathered market research, it's time to prepare your Market Overview section. Begin this
section with a description of your market as it currently stands. Define your market and discuss your
customers' needs and any other market factors that might affect your customers' purchasing patterns.

What are the characteristics of your target market? What's the size of your market in dollar figures?
Include any relevant demographic details. If you have more than one target market, describe the product
lines associated with each one. This section should also include information about:

Products/Services. What are your current products and services? How do they fulfill your target market's
needs? How well have your products been selling? Include details about sales, prices and gross margins.

Competitors. Who are your competitors? What strategies are they using and how are they positioning
themselves in the market? How successful are they at what they do? What kind of an impact do they have
on your business?

Distribution. How is your distribution network set up? What channels do you have working for you?
What are your sales trends? Are any recent major developments affecting your distribution channels?

Market Analysis
Once you have a basic overview of your current market situation, it's time to take a closer look at your
market environment.

Examine the current market trends you've outlined. First, identify those trends that might present you with
challenges. How will these challenges affect your business? Be as specific as you can. Once you have the
specifics down, consider what you can do to reduce the impact of these threats. There will also likely be
market trends that provide you with opportunities or benefit you in some other way. Identify these trends
and describe the positive impact they could have on your business and how you can take advantage of
them.
MARKETING Strategy

Mission

Marketing objective - Your marketing objectives should be based on

understanding your strengths and weaknesses, and the business environment
you operate in. They should also be linked to your overall business strategy.

Objectives should always be SMART:

Specific - Specific objectives are more effective because you can define
the steps you need to complete to win. To make objectives specific, start with
knowing what success means for you.

Measurable - whatever your objective is, you need to be able to check

whether you have reached it or not when you review your plan.

Achievable - you must have the resources you need to achieve the objective.
The key resources are usually people and money.

Realistic - targets should stretch you, not demotivate you because they are
unreasonable.

Time-bound - you should set a deadline for achieving the objective. For
example, you might aim to get ten new customers within the next 12 months.

MARKETING STRATEGY FOR YOUR MARKETING PLAN

Your marketing plan is how you put your marketing strategy into practice. It should
therefore be a practical reflection of your strategy.

If you understand the market well, you can probably break it down into different
segments - groups of similar customers. For example, you can break the business market
down into businesses of the same sector and of a similar size.

For each segment, you need to look at what customers want, what you can offer and
what the competition is like. You want to identify segments where you have a
competitive advantage. At the same time, you should assess whether you can expect
high enough sales to make the segment worthwhile.
Often, the most promising segments are those where you have existing customers. See
what you can do to expand sales to these customers. If you are targeting new
customers, you need to be sure that you have the resources to reach them effectively.

Once you have decided what your target market is, you also need to decide how you
will position yourself in it. For example, you might offer a high quality product at a
premium price or a flexible local service. Some businesses try to build a strong brand
and image to help them stand out. Whatever your strategy, you need to differentiate
yourself from the competition to encourage customers to choose your business first.

PLAN YOUR MARKETING TACTICS

Once you have decided what your marketing objectives are, and your strategy for
meeting them, you need to plan how you will make the strategy a reality.

Many businesses find it helpful to think in terms of the four Ps:

Product - what your product offers that your customers value, and whether/how you
should change your product to meet customer needs.

Pricing - for example, you might aim simply to match the competition, or charge a
premium price for a quality product and service. You might have to choose either to
make relatively few high margin sales, or sell more but with lower unit profits. Remember
that some customers may seek a low price to meet their budgets, while others may
view a low price as an indication of quality levels.

Place - how and where you sell. This may include using different distribution channels.
For example, you might sell over the Internet or sell through retailers.

Promotion - how you reach your customers and potential customers. For example, you
might use advertising, PR, direct mail and personal selling.

For a more comprehensive approach, you can extend this to seven Ps:

People - for example, you need to ensure that your employees have the right training.
Processes - the right processes will ensure that you offer a consistent service that suits
your customers.

Physical evidence - the appearance of your employees and premises can affect how
customers see your business. Even the quality of paperwork, such as invoices, makes a
difference.

IMPLEMENTATION OF YOUR MARKETING PLAN

Your marketing plan must do more than just say what you want to happen. It must
describe each step required to make sure that it happens.

The plan should therefore include a schedule of key tasks. This sets out what will be
done, and by when. Refer to the schedule as often as possible to avoid losing sight of
your objectives under the daily workload.

It should also assess what resources you need. For example, you might need to think
about what brochures you need, and whether they need to be available for digital
distribution (by email or from your website). You might also need to look at how much
time it takes to sell to customers and whether you have enough salespeople.

The cost of everything in the plan needs to be included in a budget. If your finances are
limited, your plan will need to take that into account. Don't spread your marketing
activities too thinly - it is better to pick a handful and make the most of them. You may
also want to link your marketing budget to your sales forecast.

Control

As well as setting out the schedule, the plan needs to say how it will be controlled. You
need an individual who takes responsibility for pushing things along. A good schedule
and budget should make it easy to monitor progress. When things fall behind schedule,
or costs overrun, you need to be ready to do something about it and to adapt your
plan accordingly.
Market Research

Before you can sit down to write, you'll need to do some market research. While this
might sound daunting, especially if you've never conducted formal market research
before, the reality is that you already have much of the information you need.

You'll need to know where your company stands in your market. Look at recent
financial reports, current and past sales numbers and your product and services list.
You'll also want to gather together information about your target market. This should
help you answer questions like:

Who is your ideal customer?

Where is your ideal customer located?

What needs does your ideal customer want your product or service to fulfill?

If you did any research when you developed your business plan, you may already have
this information. If not, talk to your salespeople and your customer service staff. These
are the employees who engage with your customers on a daily basis, and their
feedback will give you valuable insights about your customers and prospects.

After you've done your market research, you should know everything you can about:

your competitors

current market trends that affect your business

a comprehensive listing of your products and services

your distribution channels and networks

any demographic data that describes your potential (and current) customers

Fill any gaps by talking with your employees and researching publications from trade
and professional associations specific to your industry.

The Executive Summary

This is the first thing someone sees when they read your marketing plan but it is the last
thing you write. The Executive Summary outlines all the major points of the plan itself, so
anyone in management can pick up the plan and get an idea about your vision.

Market Overview
Once you've gathered market research, it's time to prepare your Market Overview
section. Begin this section with a description of your market as it currently stands. Define
your market and discuss your customers' needs and any other market factors that might
affect your customers' purchasing patterns.

What are the characteristics of your target market? What's the size of your market in
dollar figures? Include any relevant demographic details. If you have more than one
target market, describe the product lines associated with each one. This section should
also include information about:

Products/Services. What are your current products and services? How do they fulfill your
target market's needs? How well have your products been selling? Include details
about sales, prices and gross margins.

Competitors. Who are your competitors? What strategies are they using and how are
they positioning themselves in the market? How successful are they at what they do?
What kind of an impact do they have on your business?

Distribution. How is your distribution network set up? What channels do you have
working for you? What are your sales trends? Are any recent major developments
affecting your distribution channels?

Market Analysis

Once you have a basic overview of your current market situation, it's time to take a
closer look at your market environment.

Examine the current market trends you've outlined. First, identify those trends that might
present you with challenges. How will these challenges affect your business? Be as
specific as you can. Once you have the specifics down, consider what you can do to
reduce the impact of these threats. There will also likely be market trends that provide
you with opportunities or benefit you in some other way. Identify these trends and
describe the positive impact they could have on your business and how you can take
advantage of them.

Marketing Objectives

Now that you've described your current market situation and analyzed how various
aspects of it affect your business, it's time to set your marketing objectives. Where do
you want your business to go? Think of your marketing objectives as answering the
crucial questions: What is my plan going to accomplish? Why will it work? Some
examples of common marketing objectives include:

Expanding in a territorial or geographical area.

Promoting a new product launch.

Landing a significant new client.

Increasing sales to particular clients.

Make it SMART

It's a good idea to make each objective conform to the SMART goal criteria. SMART =
Specific, Measurable, Attainable, Relevant and Timely. Marketing is where creativity
meets data. To align both you need clear, measurable objectives. Specific objectives
are more effective because you can define the steps you need to complete to win. To
make objectives specific, start with knowing what success means for you. Maybe it's a
certain number of new leads, a defined increase in revenue, walk-in customers, or
social engagement (more likes, re-tweets, pins, etc.). Quantify goals as much as
possible. This makes them readily measurable. This will help you better evaluate the
strategies and tactics you implement.

Marketing Strategy

In the Marketing Strategy section you'll answer the question "How". This section is all
about execution, evaluation and correcting course.

There are a lot of strategies out there (far more than can be covered here). No matter
which approach you take, it must push your objectives forward and – ultimately – drive
revenue.

Let's Talk About the Four Ps:

In marketing parlance, marketing strategies fall within what's known as the four Ps:
product, price, place (distribution) and promotion. For a typical small business,
promotion will form the bulk of your strategy. Some common promotion strategies
include:

Advertising

Personal selling

Public relations

Sales promotions

Direct marketing and direct mail

You'll also have to decide how to implement each strategy. Take advertising, for
example. Most small businesses explore the range of advertisement channels available,
such as:

Internet

Social media

Newspapers

Television

Radio

Kiosk-based advertising

Outdoor advertising

Transit advertising

Now is a good time to get creative! At the same time, make sure you watch costs and
check that the strategies you embrace are measurable. After all, stuff like airplane
banners are great, but not if they sink your whole marketing budget.

Ask yourself, what's the best way to get your message in front of your target market?
Does your ideal customer spend a lot of time on social media? Are they using mobile
devices? Are there particular events or activities which are a big draw? Once you know
where your target market can be found, you can brainstorm the most effective ways of
reaching them.

Marketing is about creating a conversation with people and measuring that

conversation to see how well it's working. As you start executing your strategies keep
that top of mind. What is that conversation for you? What is it for your customers? How
does that conversation change tone, or meaning, as the marketplace changes?

Implementation

This is the section where you get down to the practical nuts and bolts of your marketing
plan. You want to address how you'll implement your strategies and achieve your
objectives by breaking things down into action steps or smaller goals.

You already did a bit of this when you considered the implementation methods you
would use for each marketing strategy. Here you'll simply break things down further and
provide yourself with an actionable roadmap.

Think of these action steps or goals as addressing the "Who", "What" and "When" of your
strategy. As you outline the steps to achieve your marketing objectives, decide who will
be responsible for each specific action or goal, what will be done and when it will be
done.

When you combine all of these elements together into a single push, you get what's
known as a campaign. A campaign can run for a finite amount of time or it can
continue until your message seems to lose its energy (you'll know when the response
numbers start plummeting). Ideally you'll develop individual campaigns tailor-made for
each of your objectives.

Be specific about dates and schedule each of the different tasks. The more specific you
are, the more likely the action steps you've outlined will be executed.

Marketing Budget

Your marketing budget is another crucial component of your plan. It will outline both
the expected costs of your strategy and the expected revenues. As with other sections
of the marketing plan, it's a good idea to involve staff members who will be responsible
for various action steps in your budgeting decisions.

You should also be as comprehensive as possible when you're estimating the costs
associated with each of your action steps. This helps prevent unpleasant surprises in the
future. And while external costs are often the most apparent, it's important to
remember internal costs as well, such as the time required of your staff to implement
particular action steps.

Once you have your budget in place things may start to feel inflexible. Remember,
despite having a fixed budget, you still have wiggle room—you can always re-evaluate
how to allocate your budget.

Measurement/Controls

The final part of the plan is the Measurement/Controls section and it may be the most
important. The Measurement/Controls section provides you with a detailed method of
monitoring your progress to see how well you are doing. Remember, marketing is where
creative ideas and data meet – this is the where you'll address how you're going to get
all of that data.

The first thing you want to measure is your return on investment (ROI) by coming up with
ways to continuously measure your financial progress. Your ROI can be an effective
indicator of a strategy that isn't working. Some marketing strategies present a challenge
when it comes to calculating ROI but that doesn't mean they aren't without value.
Social media campaigns, for example, are difficult to measure because the path
someone takes from liking your post, or sharing your tweet, to buying your product isn't
a straight line.
You'll have to get creative when you measure these strategies and remember revenue
isn't the only metric to measure: brand awareness, engagement (how long and how
often someone interacts with you), and building your business' reputation are
invaluable.

Plan out how you'll approach the measurement of results. Be concrete: use projected
and actual numbers and compare them regularly. While intuition and experience can
be helpful in assessing a given strategy, measurement and controls provide you with
crucial evidence to back up your gut feelings. Reporting also plays a big role in this
section. Monthly reports and regularly scheduled meetings to discuss results will go a
long way in helping you determine what's working and what's not.

Be sure this section includes a summary of how you will make changes in response to
what your tracking tells you.

2. Presented below is the Human Resource Development Plan of F&J Company which
considers the different aspects of human resource management that promotes
competitive advantage of the business.

F&J COMPANY HUMAN RESOURCEMANAGEMENT AND DEVELOPMENT PLAN

EXECUTIVE SUMMARY

As F & J COMPANY continue to pursue its objectives, the need to establish a

more strategic Human Resource (HR) Development Plan that responds to the
organization’s need to achieve its business objectives amidst increasingly difficult
economy becomes apparent. HR Management and Development Programs are
important in keeping the employees aligned with the goals of the organization. It helps
attract the needed talents and keep them motivated in pursuing performance
excellence.

The main purpose of this plan is to equip managers with tools and devices that
will help them make informed decision in hiring, training, career planning, promotion,
performance management, appraisal and other HR-related activities that can give the
company a competitive advantage. While competitors struggle with maintaining an
experienced and motivated workforce, the F & J Company can focus more on
productivity and increased sales when its HR department plays an integral role in the
workforce development. Human resources can ultimately help locate, hire, train and
maintain a finely tuned and productive workforce.

A Properly written HR strategy also takes into consideration, all the appropriate
laws on employment so as not to have any problem concerning unfair labor practices.
It is also necessary for the policy to contain detailed and implement-able procedures
on key policies. It helps people understand these policies and motivate them to refer to
it and abide by it.

PROGRAM OBJECTIVE

Develop and implement a Human Resource Management Development Plan for F &
J COMPANY X that promotes competitive advantage of the business.

GENERAL STRATEGY

1. Alignment of all HR Activities with Strategic Organizational direction

HR shall play a significant role in contributing to organizational success by participating

in strategic planning activities. HR should be able to identify the needed adjustments in
HR strategies to make them responsive to the needs of the organizations. These
adjustments should reflect in how HR sets up its strategies for recruitment, training,
performance management, career and succession planning, employee compensation
and benefits design, performance appraisal and HRIS implementations.

2. Creation of COMPANY X’s HR Philosophy and Principles

The Organization’s HR Philosophy and Principles or the organization’s statement of its

beliefs or attitude towards its human resources. They guide the managers in the
creation of necessary policies and in their HR-related decision making.

HR PHILOSOPHY, PRINCIPLES AND OBJECTIVES

Consistent with its Mission Statement, COMPANY F & J believes in creating, developing
and sustaining a well-rounded, highly qualified and competent workforce for
performance excellence, service delivery and competitive advantage.

To achieve this, F & J COMPANY will be guided with the following Principles:

1. Help people realize their potential to achieve excellence in performance and

service delivery
2. Uphold integrity and transparency in the organization and concern for the interests
of its people

3. Initiate and respond to change

4. Practice fairness, meritocracy and physical, mental and spiritual fitness

5. Recognize and promote the aspirations of its people, especially the rank-and-file

6. Nurture and ensure respect for the individual

HR SUBSYSTEMS AND STRATEGIES

RECRUITMENTAND SELECTION

OVERVIEW

Knowing the type of person to hire, finding them and hiring them are critical to the
success of the organization. Manpower planning is the process of analyzing the
organization’s human resource needs under changing conditions and developing
activities necessary to satisfy these needs. It is a dynamic management process of
insuring that at all times the company or its units has in its employ the right number of
people, with the right skills and assigned to the right jobs where they can contribute
most effectively to the productivity and profitability of the company. Recruitment and
selection is concerned with the efficient acquisition and maximum utilization of the
company’s human resources in order for the company to attain its goals and
objectives.

Strategies

1. Strategic integration of recruitment and selection with long-term business

objectives so that strategic demands of the organizations can be
translated into an appropriate recruitment and selection specification.
2. Use competency models to find the right people for the job.

PROPOSED ACTIONS

1. Establish resume database

1.1. Establish linkage with Universities and Colleges Placement Office

1.2. Develop “on-the-job” training design with schools

1.3. Attend job fairs and on-campus recruitment

1.4. Attend to University Career Orientation Programs

 1.5. Explore new technologies in candidates sourcing i.e., web and social media

2. Institutionalize the Competency-based Recruitment System

3. Propose budget and procure the Psychological /Personality Tests

4. Prepare Merit Selection Plan to strengthen internal control and compliance

TRAINING AND DEVELOPMENT

OVERVIEW

Increasingly high performing organizations today are recognizing the need to use best
training and development practices to enhance their competitive advantage. Training
and development is an essential element of every business if the value and potential of
its people is to be harnessed and grown. By definition, training and development refers
to the process to obtaining or transferring knowledge, skills and abilities needed to carry
out a specific activity or task. Critical to COMPANY X’s success is the ability of
employees to deliver products and services that meet the ever-changing needs of the
clients. In order to do this, employees must be competent in their work and capable of
adapting to changes brought about by advancement in processes and technology.
Promoting a culture of quality and customer orientation also requires that employees
are properly equipped to meet and exceed standards.

Strategies

1. Adopt a strategic approach to training and development wherein

training and development initiatives will become more targeted,
measurable and effective.
2. Identify, design and deliver training programs to employees to make them
capable of delivering in accordance with business strategy.
3. Offer the necessary competency development to succeed in current
roles and in moving up in the organization.
4. Provide the necessary assessment of readiness to move up to the next
level.

PROPOSED ACTIONS

1. Training programs should be need-based and competency-based

2. Appropriate types of training programs should sufficient
3. List of trainings should be available and updated
4. Announcement of trainings available should be have enough time before the
schedule
5. Training for next in rank is strictly observed
6. Appreciation from the COMPANY X management (as a whole) on the importance
of Human Resource Development and Management
7. There should be sufficient budget allocated for training
8. Conduct monitoring and impact evaluation of training results
9. Conduct echo training

PERFORMANCEMANAGEMENT

OVERVIEW

Performance Management Systems contribute a lot to organizational effectiveness. A

properly conceived system used by thoroughly trained managers will help individuals
align their objectives and actions, driving the skill and capability requirements with the
core values and goals of the organization. It will also help managers identify needed
intervention to help their staff acquire the necessary competencies to do their jobs
better.

Strategies

1. Implement a performance evaluation plan that links the performance of

the employees to the strategic goals
2. Sets expectations on competencies that must be demonstrated to ensure
delivery of expected results
3. Identifies competency gaps that may be used for the development of
training and development interventions
4. Used to assess readiness of staff to move to the next level in the
organization

PROPOSED ACTIONS

1. Implement the strategic performance management (SPM) approach.

2. Prepare COMPANY X Awards and Incentive System
3. Incorporate performance-based incentives

EMPLOYEE COMPENSATION, WELFARE AND BENEFITS

OVERVIEW

This subsystem covers employee compensation welfare, safety, relations and benefits.
The main objective of compensation policy is to give the right rewards for employee
performances, their skills, competencies, their knowledge and experience to attract
and retain them. Towards this end, HR needs to devise ways to ensure that employees
feel that they are take care of and their concerns are properly addressed.
Strategies:

1. Strategic compensation and reward management to facilitate the alignment of

compensation and reward policy with business
2. compensation practices to gain a cost/efficiency competitive advantage,
3. Rewards the demonstration of desired competencies
4. Rewards good performance
5. Attracts people with the right set of competencies.
6. who use

Proposed Actions

1. Take a data-driven approach so that the pay and benefits are allocated
to only those positions and workers that produce the greatest return.
2. Have variable pay rewards system based upon the individual and team
performance to their contribution towards the achievement of
organizations business objectives.

CAREER AND SUCCESSION PLANNING

OVERVIEW

Having a functioning succession and career development strategy helps an

organization prevent disruptions when supervisory or managerial positions are vacated.
Through this plan, managers are able to prepare employees to succeed when they
assume higher responsibilities. It also helps employees create a clear path towards their
desired position in the organization

Strategies:

3. Uses the competency models needed to move incumbents up in the

organization.
4. Describes the necessary training at each level thereby providing
incumbents with a roadmap for traversing their way through the
organization.

PERFORMANCE APPRAISAL

OVERVIEW

Performance appraisals are viewed as one of the most important tools in the
management arsenal. Appraisal system complements the emergent strategic planning
emphasis in all areas of the company. The appraisal reviews assist executives in
clarifying and articulating objectives and expectations for themselves and their
employees. They give a realistic assessment of the business strengths, weaknesses, and
future requirements. As such, the company is now able to better utilize its human
resources than pat anytime, in the past.

Strategy

1. Establish a program of positive consequences and feedback wherein appraised

poor performance will be change to good performance in order to achieve
result that is tremendous gain in cost reduction and improved efficiency.

Proposed Action

1. Prepare a performance appraisal tool to measure the performance of

employees and conduct performance appraisal.
2. Prepare employee evaluation forms and conduct evaluation.

HUMAN RESOURCE INFORMATIONSYSTEM

OVERVIEW

HRIS or Human resource Information system helps managers perform HR-related

functions in a more effective and systematic way using technology. It is the system used
to acquire, store, manipulate, analyze, retrieve, and distribute pertinent information
regarding an organization's human resources. Human resource and line managers
require good human resource information to facilitate decision-making related to
recruitment and selection, training, career and succession planning, performance
management, managing employee benefits etc.

Strategy:

1. Provide managers with all relevant information to make human resource

management-related decisions.

Proposed Action

1. Develop and utilize a Human resource Information system

Change Management

In order to ensure effective implementation of the programs the following

measures shall be employed
 Iterative strategy – Consultant together with HRD shall consult with line
managers or their representatives throughout the change process to
ensure usefulness of all HR management devices.

Development of Risk management plan to ensure that potential negative

impacts of changes are identified and managed.

Development of Communication plan to ensure that there is back and

forth communication between employees and the program proponents.
This is essential to the success of any HR program. It also ensures that
employees are not only aware of the new expectations but also
equipped to contribute to the new program according to expectations.

Program proponents will use orientations, workshops and comprehensive

training to ensure that managers do not only appreciate the new
programs, they actually know how to use them.

Regular program evaluation to ensure continuous improvement of HR

subsystems shall become component of all HR strategies, policies and
procedures.

3. The current global trends and its implication to existence and development of local
business are the following:

Digitalization - the use of digital technologies to change a business model and provide
new revenue and value-producing opportunities. It is a disruption to traditional business.

As technology and digital marketing tools continue to improve, businesses will have to
adapt to trends in marketing and consumer behavior and reconsider and experiment
with their business models in order to successfully compete and survive in this
digitalization era. The Internet offers opportunities for businesses, which substantially
reduce their costs by digitizing their business and by having easy access to global
market, also for customers to obtain information on the desired product, to compare
prices and also to save time by online purchasing of the product. Thus, businesses
should analyze very well the opportunities produced and dangers generated by
digitalization. Among the global trends under digitalization which have implications on
the local businesses are the following:

E-Commerce - the ease and convenience of online shopping is something

consumers value, thus for retailers and local businesses to survive, they need to
reorganize their business model to adopt e-commerce.
 Social media marketing - Social media has become a crucial addition to every
brand’s marketing strategy. Platforms such as Instagram, Facebook and Youtube
will continue to improve advertisements and analytics, thus, it will be easier for
local businesses brands to reach their target consumers and it will be an
important way for brands to maintain relationships and build a community of
loyal customers.

Remote Workforce – one of global trends affecting international business. This trend
tackles massive change in how employees work, through the lens of increasing their
productivity and engagement. Borderless working aids collaboration globally, and
enables workforces to become increasingly flexible and agile.

Due to the increased connectivity and more advanced methods of communication,

like video calls, webinars, FaceTime, and Skype which allow employers to have face-to-
face meetings with employees who are not physically present and allows employees to
complete work assignments from just about anywhere; businesses are now able to hire
people who do not live on the same continent and pay them. This is good for small
businesses who are looking for an accessible and capable workforce because they
have a wider talent pool to choose from, and because they do not have to pay tax
returns for the people who work in a different country.

The Internet of Things (IoT)- used to refer to Internet-enabled devices that are all
connected through a single, remotely accessible network which enables these things to
connect and exchange data, creating opportunities for more direct integration of the
physical world into computer-based systems, resulting in efficiency improvements,
economic benefits, and reduced human exertions.

Local businesses should consider the implementation of the internet of things since it will
help businesses to innovate faster and transform assets into intelligent devices that
provide real-time insight into the business and its customers. Further, smart devices will
be able to track and record patterns of consumer behaviors and possibly even learns
from them, making intelligent product recommendations and customizing searches in
new, innovative ways. Businesses can start taking advantage of this by using these
data-based insights to come up with more effective advertising, and get to know their
target demographics on a more specific, qualitative level. Moreover, it will also have
effect on inventory tracking and management and also, it tends to favor productivity
and efficiency of the business.

Green Products – Globally, our climate is changing; thus, businesses will need to adapt,
not only for their own bottom line but also for the common good.

The consumers now care about businesses that are socially responsible and sustainable.
Thus, local businesses need to consider the buying preferences of the consumers
specially the millennials who are increasingly likely to buy into businesses that feature
environmentally friendly products and packaging and to those who are socially-
conscious and are adapting their products and values accordingly. Businesses must
take into account the environmental impact of their normal operations.

Overall, local businesses that are attentive to the global trends and changes will be
able to quickly implement new tools and strategies for greater success and improved
customer interaction.

4. SWOT Analysis will help in clearly defining the strengths, weaknesses, opportunities
and threats in order to develop goals and objectives that are on point and tied to the
overall mission of a business and to identify the strategies that will create a firm specific
business model that will best align an organization’s resources and capabilities to the
requirements of the environment in which the firm operates. Using a SWOT Analysis, you
will be able to diagnose your business through understanding your business better,
addressing and reversing the weaknesses, preventing and overcoming threats,
capitalizing and maximizing response on opportunities, taking advantage of your
strengths and developing business goals and strategies for achieving them.

However, when you are conducting a SWOT analysis, you should keep in mind that it is
only one stage of the business planning process. A SWOT analysis may be limited
because it doesn't prioritize issues, doesn't provide solutions or offer alternative
decisions, can generate too many ideas but not help you choose which one is best,
and can produce a lot of information, but not all of it is useful.

Thus, SWOT Analysis is instrumental in strategy formulation and selection and it is best
when used as a guide, and not as a prescription. For complex issues in your business,
you will usually need to keep a watch on the overall business environment and conduct
more in-depth research and analysis to make decisions.