This applied project includes an analysis of a traditional and contemporary method of strategic planning from the lens of a small business owner. Larger corporations generally have access to resources not available to the small business owner, some of which can be directed toward strategic planning. The failure rate of small businesses is 50% within the first year, but failure can be avoided by having an effective strategic plan in place (Small Business Administration, 2017). This paper addresses how small business owners can formulate and implement a modern strategic plan. Traditional strategic planning models are used to cast a wide net by assessing threats and opportunities of a firm. Of these traditional methods, Michael Porter's five forces is commonly cited (Porter, 1979). The literature review for this project includes a summary of a traditional, structuralist method of planning, the five forces framework, along with a reconstructive method---blue ocean strategy (Kim & Mauborgne, 2005a). The result of the literature review and review of value innovation is a recommendation for a toolkit that incorporates traditional and new methods that a small business owner can put into practice.