The second part of the business plan is identifying
the critical issues. This is probably the second biggest failure point beyond not doing
an effective situation analysis, which causes businesses to pursue the wrong targets or
to underestimate threats, such as the impact of $100 a barrel oil. One of the keys of the
start is doing what most people refer to as a SWOT analysis, which we’ll talk about later.
It really has to do with really facing the brutal facts and not adjusting to things that
are going to make our strategy either success or a failure. The second one is an assessment
of our current strategy. How effective have we been? What should we keep? And lessons
learned that we can carry forward. Also, we need to do an assessment, at this point, of
what are the critical issues that have to do with our management and Board. Do we have
the talent on board? Do we have the talent available to do what we need to do? And finally,
and most important, is the idea of organization alignment. Can our company do the strategy?
Do we have the people that we need to have? One of the key aspects of successful companies
is they hire to their strategy.