Strategic Plan for a Virtual Business

Strategic Plan Part 3 Requirements
Author's Name
The Institutional Affiliation
Course Number and Name
Instructor Name
Assignment Due Date
"Strategic Plan Part 3 Requirements"
Coaching for Risk Identification and Mitigation Tactics. Virtual and small businesses face cybersecurity and market competition, which it addresses (US Small Business Administration, 2023). The plan is indicated below.
Risk Category

Description

Mitigation Tactics

Timeline

Responsible Person

Cybersecurity Vulnerabilities

Risks of data breaches

1. Transaction security audits
2. Software updates
3. Premium encryption

Quarterly audits; Updates every month

IT Security Team Lead

Technological Failures

Service interruptions due to software bugs or outages

1. Regular technical maintenance
2. Implementation of reliable cloud storage for data backups

Maintenance bi-weekly; Backup daily

IT Operations Manager

Market Saturation

Increased competition in the online coaching sector

1. Tailored coaching offerings
2. Highlight track records of success to differentiate from competitors

Ongoing: Review semi-annually

Marketing and Sales Manager

Regulatory Changes

Unexpected alterations in digital governance affecting operations

1. Hiring digital business lawyers.
2. Regular monitoring and adaptation to new regulations

Monitor monthly Updates as changes occur.

Legal and Compliance Officer

Reputation Management

Potential for amplified negative reviews harming credibility

1. Proactive monitoring of feedback
2. Quick resolution of client issues
3. Consulting reputation management experts

Monitoring daily; Issue resolution within 48 hours

Public Relations and Customer Service Team Lead

Table 1: Coaching 4 Success Risk Management and Mitigation Strategies
Type of Insurance. "Coaching 4 Success" understand...