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Strategic Management Essay

820 words - 3 pages

A small business selling services to plan weddings is something that is my dream. Having a strategic plan and goals could turn that dream into a reality.Strategic management and planningStrategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflecting a company's awareness of how, when and where it should compete; against whom it should compete; and for what purposes it should compete. (Pearce, Robinson 2004) As an owner of a wedding planning business the first thing, after choosing a name, that needs to be accomplished is to identify company's purpose. A mission statement will describe the purpose of the company, what services will be provided, the companies philosophy, and goals.(Pearce, Robinson 2004) The mission statement is a living statement and may need to be changed to meet the needs of changing times. Once the mission statement has been formulated goals to be reached to accomplish the mission must be selected. Specific strategies and approaches must be implemented to reach each goal. The company's internal and external environment needs to be assessed, and specific action plans to implement each strategy need to be identified. Once the plan is implemented it will need to be monitored and updated as needed. According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company's strategy-related decisions and actions. (Pearce, Robinson 2004)The Importance of a strategic management & planningIn order for the company to succeed as a business it has to be well thought out and planned. 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 plan will define what the company is, and what it can and will become. Strategic planning will also identify how employees are expected to act, the strategies needed to realize the vision, and will provide the measures of success to determine if the vision and strategies have been realized.(Bus475 2009) The employee's will know what is expected of them and that they play an important role in the future success of the business.As a new business it will be affected by external factors both positively and negatively, because of these external factors the management/owner must adjust its course of action and have strategic objectives. Setting strategic goals and objectives and implementing a plan...

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