Final Strategic Plan Essay

4456 words - 18 pages

Final Strategic Plan PAGE \* MERGEFORMAT 3
Running head: FINAL STRATEGIC PLANFinal Strategic PlanGerald CooperUniversity of PhoenixIntegrated Business TopicsBUS/475Michael EsquivelFebruary 23, 2009Final Strategic PlanThe importance of strategic planning and management in business cannot be overlooked due to the unstable business markets that we live today. Leaders within organizations must understand planning and strategic management and have the vision to look forward to anticipate change within their companies to maintain a competitive edge. The small business that I would like to start is a web-based business. The reasons are fast start-up time, lower cost out of pocket, tax advantages, and low overhead. Working home along with my children also presents a great advantage. Working from home over the web will also give present the flexibility to build clients until I am ready to move to a bricks and mortar based facility away from my primary residence.Strategic Management and Planning is a set of decisions and actions formulated to align people and resources together with the purpose of ensuring the future success of the organization. Strategic Management and Planning involves, planning, directing, organizing, and controlling the company's strategy. Strategic management, consist of three processes that entail corporate business, functional level planners, and support personnel (Pearce & Robinson, 2004).In today's business environment a strategic business plan is indispensable due to the high failure rate of small businesses. It has been determine that small businesses without a business plan are most likely to fail. A strategic business plan will help the organization define its mission and vision, giving the organization a sense of purpose and direction. In addition a strategic plan will help the organization asses its strengths and weaknesses, and develop short-term strategies that are compatible with long-term objectives. A strategic plan will balance the use of resources, people, structures, and technologies in order to achieve company goals with the least amount of risk.Four Functions of Management Planning is the first function of the management process, as without effective planning one cannot effectively organize, control or lead the organization. Planning is used as a tool to help identify potential opportunities and threats as well as to reduce long-term risks. Planning is also used to more effectively establish goals and objectives for long-term success and ensure that the organization use all its resources toward achieving its goals."Organizing is the second function of management. Management must organize all its resources in order to implement the course of action that was determined in the planning process. Through the process of getting organized, management will develop the internal organizational structure; establish and maintain relationships, as well as allocate necessary resources" (Erven, 1999).Leading is stimulating...

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