Action and Business Planning

This chapter explores the process of planning, implementing, and evaluating short-term and long-term business objectives and goals. It begins with using the PESTLE framework for examining external factors influencing the business environment and continues on to outline three common tools for a situational analysis of the business: SWOT, TOWS, and SOAR. It focuses on using situational analysis to develop goals and SMART objectives for taking business action, and how to select and track key performance indicators to measure success and challenges. This chapter uses examples and mini cases to share how a variety of creative entrepreneurs observe and act upon trends and plan for the future.