...Strategic Plan for Business Growth Morgan Cameron MGT450 Uchenna Nwabueze 12/21/2015 In order for any organization to have the opportunity for growth, a strong strategic business plan must be put into place. There are certain things that one must understand thoroughly in order to put a strategic plan together that will ultimately be effective. Some of these key factors that must be understood is the current position in the market, how to put together a SWOT analysis which identifies the strengths, weaknesses, opportunities, and threats of the organization, and finally a method to measure the success of the strategic plan needs to be put into place. This essay will address each of those issues in order to put together a strategic plan for growth of the defense contractor known as Northrop Grumman. Northrop Incorporated was founded in 1939 by John K. Northrop, and within its first year of business they produced their first aircraft, the N-3PB patrol bomber for the Norwegian air force. Over the years the company would produce multiple state of the art military aircraft. In 1989 they designed, developed, and produced the world famous B-2 stealth bomber, which they received a honor from the United States Air Force for in 1991. In 1994 Northrop Incorporated purchased the Grumman Corporation and officially changed their name to Northrop Grumman. Just earlier this year Northrop Grumman won the contract to build Americas next stealth bomber, the B-3 bomber (northropgrumman.com...
Words: 2339 - Pages: 10
...year ever, he certainly wouldn’t be encouraging her to leave. Would he? Maher got a cup of coffee in the company’s first floor kitchenette and deliberately took the long way back to his office, through the design room. As always, the atmosphere was upbeat, but these days he also thought he could detect a sense of purpose that had never before been a part of Waterway’s organization. Founded in 1963 in Lake Placid, New York, Waterway had started out as a small, high- quality canoe maker. Over the years, it had built a good reputation all through the North- east and had acquired a base of customers in the Pacific Northwest as well. By 1982, Water- way was comfortably ensconced in the canoe market nationwide, and it had maintained a steady growth right up until 1990. Then, at the insistence of a friend who was the head of a major dealer and expedition company, Maher had decided to venture into kayaks. His friend HBR’s cases, which are fictional, present common managerial dilemmas and offer...
Words: 8434 - Pages: 34
...Business Planning I. Introduction A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are attainable and etc. Its primary value is to evaluate the viability of the potential projects and to analyze the business prospects. It may also contain background information about the company such as mission, vision and how suitable and feasible the project is, to the company. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. A business plan will be useful to a company in many ways. Firstly it will clearly identify and focus the company objectives using suitable information and analysis. Also it can be used as a selling tool when dealing with lenders, investors and banks. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that pays big dividends in the long term. Business planning is very significant because it is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward. ...
Words: 1148 - Pages: 5
...Business Planning Name Institutional Affiliation Part A – Written or Oral Questions Q. 1 Skilled labour is an important element of any business. At Lifestyle Architects, Peter Drew, the owner of the business will poach a qualified human resource manager from competing firms to specialise in hiring of employees. Due to the stiff competition between Lifestyle architects and its competitors in terms of acquiring employees, our company will offer internship opportunities to college and university students. Afterwards, these students will be provided employment opportunities based on their commitment and skills in the company. Fresh graduates will be beneficial to our company because they are quick to learn and are innovative. Besides hiring our interns, the company will target to poach skilled employees from our competitors. These employees will bring to our company new ideas of doing business offering Lifestyle Architects a competitive edge over rival companies in the real estate sector. Q.2 The human resource manager using a competency model will test the performance management systems at Lifestyle Architects. The competency model is vital in articulating knowledge, behaviours and skills valuable for achieving the organisational objectives. In this regard, competency models will be used to assess our employees by utilising job analysis methods. These will include observing employees in their workplaces and interviewing employees before offering them jobs. Additionally, we will...
Words: 1689 - Pages: 7
...An executive summary summarizes, or reviews the main points of, a longer document or report for a reader that does not have time to read the entire report. An effective executive summary analyzes and summarizes the most important points in the paper or report, and will often make a recommendation based on the analysis. Executive summaries are “stand alone” documents that are almost always read independently of the reports they summarize. When preparing to write an executive summary, ask yourself the following questions: * Who will read your executive summary? Sometimes your executive summary may have an “intended” audience: your professor might require you to write it for a CEO, department head, or supervisor, for example. On other assignments, your audience won’t have a specific identity, but always keep in mind that the reader of an executive summary needs to know all of the important information in the main document without reading the actual document. Even if you know that your instructor will be reading everything that you submit, write the executive summary as a “stand alone” document. * What is the main document’s main topic, theme, or idea? Most reports have a “thesis” or central point that they are seeking to communicate. Try to sum this up in two or three sentences. If you are having trouble with this, imagine that someone has asked you, “what’s this report about?” and that you have to explain it in only a few sentences. Once you’re able to say what the main...
Words: 2824 - Pages: 12
...of fruit (10%) due to poor harvest pushed up the variable costs increasing the level of output required to break even. 2. To what extent might drawing up of a detailed business plan guarantee success of Just Juice Ltd? It encouraged Bill and Anne to conduct primary market research to identify whether a market existed for smoothies business planning allowed them to identify potential problems such as times of cash flow shortage Bill and Anne were inexperienced entrepreneurs so the business plan helped them to think through their idea in detail and to be more objective about it Drawing up a business plan was essential to gain the £50 000 loan from the bank he plan did not identify the likelihood of a new competitor entering the market as actually happened The business plan made assumptions about the future prices of fruit and vegetables which proved incorrect following the 10% price rise The quality of research will determine the value of business plans was Bill and Anne sufficiently thorough? Businesses, and especially this one, operate in dynamic and changing markets making it impossible for any planning to guarantee 3. State two non-financial items that the Bank Manager would have expected to see in the business plan for Just Juice Ltd before agreeing to the loan. The business idea The entrepreneurs, qualifications and experience Resources required Staffing requirements Market research results (primary and secondary) 4. Explain one reason...
Words: 395 - Pages: 2
...Business Plan I. Business Name : Katy Berry Ice Scramble Address: Marcelo H. Del Pilar National Highschool Ownership and Management: Aquitania,Angelika Marie G. – Operation Manager Angelo,Jea Nikole T. – Store Assistant Cruz,Diane Cristel P. – Secretary Garcia,Jasmine G. – Cashier Barawidan,Miccaella B. – Marketing Vargas,Crystal Marie G. – Auditor Aggalot,Deverlyn P. – Treasurer David,Jocil Marie T. – Silent Partner Fajardo,Eloisa Shane Q. - Service Crew Guardiano,Christine J. - Service Crew II. Capitalization ( cost of business) – ₱ 15,000 III. Financial Position : A.Capital Adequacy: (Indicators in Thousands ) Total Assets 15,000 Total Liabilities N/A Total Network 15,000 B. Liquidity Networking Capital : ₱ 10,000 C. Profitability ( Indicators in Thousands) | For One Month | For One Year | Sales Matrix: | 1,0005 x 20 =100 10 x20 =20015 x 20 =30020 x 20 =400 = 1,000 | 20,000 | Sales Growth Rate | 5 % | 5 % | Net Income | 2,000 | 24,000 | Net Income Growth Rate | 5 % | 5 % | Return...
Words: 295 - Pages: 2
...ITALIAN RESTAURANT BUSINESS PLAN HISTORY The location is only 1/4 of a mile away from Gravois Bluff's, the largest land moving project to put in a major shopping complex in the state of Missouri. The rent is half the retail shops in Gravois Bluff's, yet the location offers the same opportunity for sales. The recently completed highway 141 offers hundreds of thousands of local residents, shoppers from outside the area, and travelers that use this new highway. With this high concentration of customers there are no Italian restaurants in Fenton and a tremendous need for an upscale family restaurant that offers items for both the children and adults. This turnkey operation seats 170 customers and is the perfect size for a PHC family operation. With the current leasehold improvements and quality kitchen equipment it would take very little to upgrade this operation to the legendary PHC winning formula. The growth in numbers of high income families in the Fenton area is projected at over 30%. There is a need for a family fine dining restaurant in the Fenton area. PHC would be the perfect neighborhood restaurant in the perfect neighbourhood. The Pasta House Co. in Fenton will be the second location for Dennis Boldt, who has operated a successful franchise unit in High Ridge, Missouri for 20 years. The Pasta House Co. based out of St. Louis, and now has over 34 successful company and franchise locations in the United States and Mexico. PHC Fenton will have a prime location, great...
Words: 7395 - Pages: 30
...been impacted by the global economic crisis? · What excites you about being an entrepreneur? · What concerns you about being an entrepreneur? How have entrepreneurs been impacted by the global economic crisis? Entrepreneurs have been hit since the downward slope of the economy. The banks have stopped and/or made the loan process more stringent to receive funds and to continue business. Some entrepreneurs found investors to receive funding where they were able to get around receiving loans from banks. · What excites you about being an entrepreneur? The exciting attributes of being an entrepreneur is setting your own standards. Creating jobs for the community and putting resources back in the community served. Leaving a legacy for the next generation and giving young people an opportunity to learn a new skill and concepts. · What concerns you about being an entrepreneur? The concerns revolve around not having the resources to continue running the business. The product or service rendered is no longer needed and not having the technology to advance. The business failing because of bad decisions that were made. 1. The global economic crisis has negatively impacted many entrepreneurs. Those who began their businesses during better times have found themselves in severe financial trouble. However, the downfall in the global economy has also presented a new opportunity like never before for individuals to become entrepreneurs. Although many...
Words: 19502 - Pages: 79
...Trend Setters Hair Studio Hair and Beauty Salon Business Plan PAGE Start your own business plan » (/create_your_business_plan.php?link=create_top-b) BLACK FRIDAY SALE: Save 62% on the #1 Business Planning Software Sign Up Now (http://www.liveplan.com/?pm=LIVEPLAN12MONTH_62AB) 1 (executive_summary_fc.php) « PREVIOUS PAGE () NEXT PAGE » (COMPANY_SUMMARY_FC.PHP) 2 (company_summary_fc.php) 3 (products_and_services_fc.php) 4 (strategy_and_implementation_summary_fc.php) 5 (management_summary_fc.php) 6 (financial_plan_fc.php) 7 (appendix_fc.php) Executive Summary Trend Setters is a full-service beauty salon dedicated to consistently providing high customer satisfaction by rendering excellent service, quality products, and furnishing an enjoyable atmosphere at an acceptable price/value relationship. We will also maintain a friendly, fair, and creative work environment, which respects diversity, ideas, and hard work. Our Mission: To supply services and products that enhance our clients' physical appearance and mental relaxation. Our Motto: "The Trend Begins Here!" The timing is right for starting this new venture. Patiently searching for six months for the perfect location, one was finally found. The demand from the owner's clients, as well as the ambitions of the owner to one day start her own salon, and the procurement of highly professional and qualified beauticians to support the salon, has made this business one of great potential. Curley Comb, co-owner with Roller Comb, Jr...
Words: 878 - Pages: 4
...Business Plan Background Jane and John had a good idea, a good sense of their market, and a good location. They were great salespeople, and yet they were not making a profit. The reason was that they did not plan their business all the way through. When you are serious about your business or when a lot of money of your own or someone else's is at stake, creating a business plan is perhaps the most critical activity you can undertake. The plan is important, but what is even more important is the understanding you get from the planning process. The following pages will help you understand the thinking behind business plans and how to make and present your own. A business plan is a document designed to detail the major characteristics of a firm--its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes with an emphasis on the firm's present and future. There are two circumstances under which creating a business plan is absolutely necessary. One is when outsiders expect it. This is called external legitimacy. Creating a business plan is the acknowledged best way to build external legitimacy for your firm. When you are seeking outside support--whether financial or expert--you do a business plan to signal your professionalism and how serious you are about the business. Investors, whether they are venture capitalists, informal investors (called angels), bankers, or your two great aunts, are going to expect...
Words: 10997 - Pages: 44
...communication, no motivation, no profitable growth. Most Plans Sit in Binders on Shelves •On-going (life-style) way of doing business vs. quick fix prescription •Built in flexibility •80 to 500 rooms •Limited-service or full-service •Easily understood-Initially coached by mentor/facilitator •"Baton" eventually passed to General Manager •Driven by people - not - procedures •Involvement = Commitment •Replaces top-down diagnosis & prescription •Prepares staff to deal enthusiastically with CHANGE •Provides essential elements of self-evaluation and periodic monitoring of performance •Improves productivity •Lowers turnover •Increases market share •Improves product quality •Improves guest service •Collects critical data & information •Provides an individual hotel-level “Strategic Business Plan” Elicits personal dedication of management group via plenary and individual coaching sessions. Personal roles in process causes personal stake in outcome. •Planning stage •Implementation stage •Monitoring for success •Looking ahead- discovering strengths, weaknesses, opportunities,& threats •Looking around - collecting relevant data on competition, trends, market share •Alternatives & decisions- establishing priorities •Assessments - what needs to be done, by whom, and ….by when. •Producing the marketing plan •Constructing the financial plan (Budget) •Sharing the vision •Setting...
Words: 258 - Pages: 2
...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development process. The...
Words: 55792 - Pages: 224
...using integrated molding technology' to manufacture motorcycle seats. In 1998, its annual revenue was over $ 15 million and employed 154 associates. The company has its offices and manufacturing plant in Hollister, California with a major showroom in Daytona Beach, Florida. Since its inception, Corbin-Pacific has identified product needs and designed stylish products to fill these needs.New products had fueled the growth and profitability of the company. The company is very well managed. Its employee turn over ratio is low; there are no layoffs and compensation package given to its employees is one of the best in the industry. Company's marketing strategy is product driven. There is a lot of emphasis on mass customization. Internet is being used by the company for its marketing and online selling of its products. Company's financial position is strong. It is supporting Corbin Motors financially and is providing a base for its research and development. This business plan is based on a Case Studyconducted by Harvard Business School (1999). A standard business plan outline (Berry, 2004) has been followed. 1.2 Mission The company's mission is to produce best motorcycle accessories in the...
Words: 1162 - Pages: 5
...Creating a Business Plan By Kannitha, BBU student, Aug 2013 Table of Contents Table of Contents 2 Executive Summary 3 1. Introduction 4 2. Findings 4 2.1 Business plan definition 4 2.2 The important of business plan 5 2.3 Business plan writing technique 7 2.4 Major aspects of the business plan 7 2.4.1 Introduction Page 8 2.2.2 Executive Summary 8 2.4.3 Business Description 9 2.4.4 Products and Services 10 2.4.5 Marketing Plan 11 2.4.6 Competition 13 2.4.7 The Management Plan 13 2.4.8 The Financial Management Plan 14 2.4.9 Risk Assessment 15 2.5 Readers of the business plan 15 2.6 Failure of business plan: 15 3. Lesson learnt 16 4. Conclusion 17 5. Recommendations 18 6. References 18 Executive Summary Business plan is considered as an important and it actually serves as a compass for the direction of business for the future. Having a plan will also help business people to achieve the things they want to achieve. A business plan is not just a document, but it is a holistic analysis of a company, the environment it operates in, and a road map to achieving success. Business planning is an essential element of running any successful business. Business plan formulation would need to consider on many aspects and ensure that business would be success. Those include introduction, executive summary, description of business, management and organization plan, marketing and...
Words: 5983 - Pages: 24
