My company is embarking on its first ever strategic analysis and planning session and I’ve been asked to help the team start with a “SWOT analysis.” I am not sure how to do a SWOT analysis or where to begin.
Needing a first step in Amarillo
A first-time strategic analysis and planning process can be intimidating. It’s hard to start with a blank sheet of paper to stimulate meaningful outcomes. But, as with many business planning processes, there are tricks of the trade to help you get off to a productive start. One of the best strategic analysis tools is a SWOT analysis.
Our company is looking for a new ERP system. My CEO just informed me that I am leading our ERP system selection process as well as participating in the implementation team once we find the right fit. I’ve purchased accounting software in the past but selecting an ERP system seems like a BIG job. Can you give me some tips to help in the process?
ERP System Searching in Idaho
First, let me congratulate you. Obviously, your CEO believes that you are capable of leading the team through the ERP (Enterprise Resource Planning) system selection. You’re right—ERP system selection and implementation is a big, and important task. You’ll need to do plenty of homework to select the best system for your company.
Recently, a Project Manager in St. Louis asked me about due diligence and acquisition integration. They were coming into the acquisition process with no previous experience. First, we addressed the due diligence process, but the other piece of the acquisition comes during the integration. Integration project management and planning is vital during this step.
Informing the Project Manager that the company is targeting an acquisition puts the manager in a positive place; this means there is time to prepare for the integration. Keep in mind, while targeting and completing the transaction aren’t the same, if the CEO is actively seeking acquisitions, it’s likely a transaction and integration will happen eventually. So once you get the heads up, you should start considering the integration plan.
Your company made an acquisition. Now what?
Now comes the easy part – NOT!! Successful post-acquisition integration is more of an art than a science, but a solid implementation plan is critical.
Management is currently targeting an acquisition and I’ve been told I will be in charge of the project plan for the acquisition due diligence and subsequent integration of the business. This is a new experience for me and I am not sure where to start.
Finance Manager in St. Louis
It is wise to seek help during the acquisition process. The good news in your question is that management is just targeting an acquisition.
To acquire or not acquire, that is the question. Before you set your acquisition strategy, you need to explore the reasons and benefits. For smaller companies, facing a decline in organic growth often opens the conversation of an acquisition. Even if an acquisition opportunity drops in your lap, setting a solid acquisition strategy is important. Start the process by exploring questions on the “why” and the “what” of the acquisition.