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Final Strategic Plan Essay

5251 words - 22 pages

This paper will explain the components necessary for developing a new business. Topics discussed will include mission and vision statements, SWOTT analysis, a balanced scorecard and a communication plan. The hypothetical new business, O'Russells restaurant will provide examples of how to integrate these components into comprehensive business plan. When properly completed, a business plan will give a total picture of the business and where it should go in the coming years.Strategic Planning and Management in BusinessThe new business will be a neighborhood restaurant and bar called O'Russell's. The prospective owners and manager want to open a "neighborhood" style restaurant with citywide ...view middle of the document...

The plan intentionally sets goals and develops an approach to accomplishing those goals. Discipline is required to focus the plan. The planning process raises questions that can help the planners test assumptions and gather information about the present while anticipating the future conditions in which the business will operate. The planning process includes basic actions and decisions that are required to answer the basic questions of what to do, why to do it and how to go about doing it.The four functions of management are planning, leading, organizing, and controlling.PlanningPlanning is the logical thinking through of goals and making the decision as to what needs to be accomplished in order to reach the organizations' objectives."It is the foundation upon which the other three areas should be built. Planning requires management to evaluate where the company is currently, and where it would like to be in the future. From there an appropriate course of action to attain the company's goals and objectives is determined and implemented" (Rane, 2007).The planning process is continually ongoing. External uncontrollable factors constantly affect an organization. Circumstances may require adjusting a course of action in order to accomplish specific goals.Organizing"Getting organized is the second function of management. Management must organize all its resources in order to implement the course of action it determined in the planning process. Through the process of getting organized, management will determine the internal organizational structure; establish and maintain relationships, as well as allocate necessary resources" (Rane, 2007).While determining the business' structure, managers look at differing divisions, directs staff and settles on the most efficient way to handle tasks. Management then divides work, makes assignments to suitable departments and allots responsibilities.LeadingManagement oversees the performance of the staff in achieving the company's goals. This control can be gained through motivation, communication, and leadership. Effective communication is important in maintaining a dynamic work setting. "Understanding the communication process and working on areas that need improvement help managers to become more effective communicators. The best way to find areas that need improvement is to periodically ask themselves and others how well they are doing." (Rane, 2007).ControllingThe final of the four functions of management is controlling. This involves the establishment and evaluation of job performance. From this information, preventive of correction action can be designed. This process, as are the other control functions, is continuous.About the BusinessO'Russells' aspires to be a restaurant and bar with the feel of an old fashioned neighborhood establishment. By the use of a larger than typical floor plan, O'Russells will allow customers of all types to feel comfortable. From Sunday brunch for the family to post game food for...

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