Strategic Planning Essay

967 words - 4 pages

Strategic Plan, Part I: Conceptualizing a BusinessA successful business requires strategic management and planning. Every business begins with the expectation of success and the key to that success lays in strategic planning. One particular business model is a drink, snack, and study shop with gift shop located within the area of colleges. THE SHACK fulfills this business model. As with any successful business, strategic management and planning is essential to the success of THE SHACK. Consideration for funding and return on investments is important in strategic operational planning. Another element of consideration is defining necessary resources and attaining them. Success of THE SHACK is dependent upon the four functions of management including planning, organizing, leading, and controlling.Strategic Management and PlanningStarting up a business begins with strategic management and planning. What exactly is strategic management? According to Pearce and Robinson (2009), "[Strategic management is] the set of decisions and actions that result in the design and activation of strategies to achieve the objectives of an organization." The basis of strategic management begins with a mission and vision statement. These two statements go hand-in-hand and play critical roles in communicating the business plan to stakeholders, informing of the strategy development, and developing measurable goals and objectives. Management uses these statements as tools to gauge the effectiveness of their current strategy plans.Strategic planning is the key to success for THE SHACK. Management may use the mission and vision statements to set in place measurable action plans that will accomplish the goals and objectives. Management may evaluate the performance results in comparison to the set goals. If the results are not up to standard, a different plan or tactic may be formulated.A Business ModelA business model consisting of a drink and snack shop with a study room and a gift shop defines THE SHACK. This shop is located in college areas where students are within walking distance. THE SHACK will sell a variety of healthy drinks and snacks along with typical drinks and snacks. The Shack will also sell various gift items including items with the local college names. Within The Shack is a study room, where students are able to access wireless internet and printers. The study room has segmented study areas with table and chairs and couches and chairs. This provides students a comfortable atmosphere to study.Funding Options and Return on Investment DevelopmentWithin a marketing plan, it is important to include financial planning. Small businesses may use different funding sources such as personal investment, equity financing, or lines of credit. Personal investment is risky funding. There is a possibility of business failure and thereby risking the owner's personal financial health. Equity financing involves another's financial investment which makes them co-owner in the...

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