Importance Of Strategic Planning And Management In The Business Environment

589 words - 2 pages

The small business that I would like to start is a Pet Shop to sell and deliver small breed dogs, and to sell pet food, supplies and personalized gift baskets. The Pet shop will also provide its customers with small dog's spa, canine obedience training and routing vaccinations.Strategic Management and PlanningStrategic 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. In addition, 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)Strategic Plan ImportanceIn 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 ManagementPlanning 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...

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