...Running head: DEVELOPING A STRATEGIC BUSINESS PLAN DEVELOPING A STRATEGIC BUSINESS PLAN Student Name: Tutor’s Name: Submission date: Developing a Strategic Business Plan A strategic business plan is a tool developed in preparation for establishment of a new business ventures and additionally, in improving business operations. Kolter (2009) stresses the importance of this tool as a prerequisite to business modeling. However, it is likewise important to understand what constitutes a strategic business plan before attempting to develop one. A strategic business plan takes into consideration all the variables that affect business performance. This includes internal and external variables. Kaye (2007) states that a strategic business plan must incorporate all the likely variables regardless of the magnitude of effect associated with them. An effective strategic business plan can be defined as one which identifies, analyzes, and draws conclusions with respect to variables that dictate business equilibrium shift. Such a plan is constituted of three important elements, namely: resources available, market scope and business operations (Kolter, 2009). Resources determine how successfully a business operates. This includes financial resources, human resource, and material requirements. Strategic business plans help an entity in determination of staff requirements, financial obligations, and raw materials required in advance making it possible for easy budgeting...
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...Strategic Business Plan ukessays.com /essays/business/developing-a-strategic-business-plan.php Developing a Strategic Business Plan Either in the start up process or when re-inventing one's business development, the design of a strategic business plan is an indispensable step towards a successful and viable business. Strategic planning involves setting up a sound and multifaceted plan or strategy to follow over a defined time period.It can involve all aspects of the business, or just a small part of it i.e. a selected department such as the marketing department.However, this does not mean that strategic business planning is only for large scale businesses since it can also benefit the small business, especially at start up, when the business sets its first goals and establishes itself in the business landscape. Writing up a business plan is an important step of a starting business, since most lending bodies will not authorize loans in absense of a detailed business plan.Why is it important? Imagine sailing off for a voyage in the sea and not planning for resources or supplies that you might need. Developing a business plan is the only way to determine the allocation needs, personnel, utilities, marketing goals, outreach and all valuable aspects that make your business useful and unique in the sea of business. However, strategic planning is a process employed in any time period in a formal business administration, since it usually comprises of a long range planning process of...
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...Organizational structure refers to the way that an organization arranges people and jobs so that its work can be performed and its goals can be met. When a work group is very small, and face-to-face communication is frequent, formal structure may be unnecessary, but in a larger organization decisions have to be made about the delegation of various tasks. Thus, procedures are established that assign responsibilities for various functions. It is these decisions that determine the organizational structure. In an organization of any size or complexity, employees' responsibilities typically are defined by what they do, who they report to, and for managers, who reports to them. Over time these definitions are assigned to positions in the organization rather than to specific individuals. The relationships among these positions are illustrated graphically in an organizational chart. The best organizational structure for any organization depends on many factors including the work it does; its size in terms of employees, revenue, and the geographic dispersion of its facilities; and the range of its businesses (the degree to which it is diversified across markets). DEVELOPMENT OF THE TRADITIONAL ORGANIZATIONAL STRUCTURE Understanding the historical context from which some of today's dominant organizational structures have developed helps to explain why some structures are the way they are. For instance, why are the old, but still operational steel mills such as U.S. Steel and Bethlehem...
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...Strategic Business Plan Kendra Pegues BUS-485 Professor Slade 12/14/14 Cappuccino on Wheelz is going to be one of the best coffee shops around. Being that we will also be a mobile coffee shop also I think the customers are going to love it. Cappuccino on Wheelz will probably be the first coffee shop, mobile and delivery service ever. We are trying to reach out to those who are not able to get out and get the type of coffee they want and for those drinkers who be at work thinking about a latte, cappuccino or coffee. We want to better serve the city and make our customers happy so they will return and bring friends. Better service and a great location means that our customers will be happy and relaxed. When making a business we are going to need to figure out what is it going to take in order for us to please and satisfy our customers? So we are going to create a menu that once you look at it you have no other choice but to order we are going to have pastries and doughnuts to go with the cappuccino or coffee. The worry about opening a business is will the company succeed? In saying that I feel if we stay on the business side and put our customers first we would be good. We also have to understand that we are going to have competitors in operating this business. In the business world there are going to be competitors that are really going to put forth the effort in order to find out what our business is doing better that they can improve on. I think that making sure we maintain...
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...Business Model and Strategic Plan Part III: Balanced Scorecard BUS/475 February 23rd, 2015 Table of Content I . Introduction……………………………………………………………………………3 II. The balanced scorecard………………………………………………………………..3 III. Financial perspective…………………………………………………………………3 a) Market share……………………………………………………………………...4 b) Revenues and costs……………………………………………………………….4 c) Profitability……………………………………………………………………….4 IV. Customer value perspective…………………………………………………………..5 a) Customer retention or turnover…………………………………………………...5 b) Customer satisfaction……………………………………………………………..5 c) Customer value…………………………………………………………………...5 V. Internal operations perspective………………………………………………………..6 a) Measure of process performance…………………………………………………..6 b) Productivity or productivity improvement………………………………………...6 c) Operations metrics…………………………………………………………………6 VI. Research and development perspective………………………………………………6 a) Employee turnover or retention…………………………………………………..6 b) Nature of organizational culture or climate………………………………………6 c) Level of organizational capability………………………………………………..7 VII. Conclusion…………………………………………………………………………..7 Appendix A: Financial perspective………………………………………………………8 Appendix B: Customer value perspective………………………………………………..9 Appendix C: Internal operations perspective……………………………………………10 Appendix D: Research and development perspective…………………………………...11 References………………………………………………………………………………...
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...Final Business Model and Strategic Tanja Baca BUS 475 April 13, 2015 Daniel Magnole Table of Contents I. Executive Summary Pg. 3 II. Business Model and Strategic Plan Part I: Existing Business or New Business Division; Vision, Mission, and Value Proposition Pg. 4 III. Business Model and Strategic Plan Part II: SWOTT Analysis – Internal and External Environmental Analysis; Supply and Value Chain Analysis Pg. 9 IV. Business Model and Strategic Plan Part III: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives; Balanced Score Card and its impact on stakeholders; the Communication Plan Pg.14 V. Business Model and Strategic Plan Part IV: Monitoring and Control Strategies Pg.20 VI. References Pg.24 Executive Summary Pall Corporation, the world’s leading developer in filtration systems would formally like to present today the most advanced continuous glucose monitoring device; Truecose. We are working at finding the ways to better improve people’s lives with the most effective equipment. Truecose’s business model is to continue building the company’s name and trust of its customers by leading technologies in the market it serves. The company through all divisions will continue to make the “world safer, greener, better”. The acquisition of Dexcom has proven to be the most beneficial option in helping to improve new continuous glucose monitor. Pall has developed a strategic plan that has minimized risks, such as FDA regulations...
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...Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division Gregory A Osborn Jr. BUS/475 October 26, 2015 Dr. Joseph Glasgow Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service The convenience store industry is a growing market and provides everyone with ease throughout their busy daily lives. Convenience stores have a fuel offer along with a wide variety of snacks, beverages, and groceries. Some of them are now offering built to order food and drink products which is helping the industry grow and attracting more consumers. QuikTrip (QT) is one of these companies in this industry and its first store was opened in Tulsa, OK on September 25, 1958 by Chester Cadieux ("QuikTrip Corporation", 2015). QuikTrip is always focusing on improving their product and service division to generate more business. To enhance their company I have generated an idea for a new service that will also bring a variety of new product to their stores and increase their offer and sales within the company. New Product and Service QuikTrip has many competitors in the convenience store industry and some of their main ones are Wawa, RaceTrac Circle K, and 7 Eleven. Many of these companies have similar products but also have some of their own personal products to differentiate themselves from one another. Typically the attraction...
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...Final Business Model and Strategic Plan BUS475 Final Business Model and Strategic Plan A company that has a clear vision and mission statement is setup to be successful. The mission of Magellan Health is to provide its customer’s with greater insights into their health, while keeping healthcare affordable, and returning value to its shareholders. Those are three very different goals. What may benefit their customers may not benefit their shareholders. Additionally by keeping costs lost their institutional plan members may benefit but at the expense of the patients or physicians. This paper will outline the various steps Magellan will take to deliver on all three of these principles. Target Outcomes and Measuring Results The most obvious thing a business can do to be successful is to maintain its profitability. Without turning a profit and maintaining cash flow the business would be forced to close its doors. Therefore, financial objectives are one of the most important considerations. With the recent passage of the Affordable Care Act, an insurer can no longer deny coverage for pre-existing conditions. Additionally all members of the public are required to be insured by 2014 as there are penalties for, not purchasing health insurance. This influx of new additional clients has created a boon for the healthcare industry, (La Monica 2015), insurance companies will face rising costs as more people join plans with pre-existing conditions. To ensure that the risks associated...
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...Business Model and Strategic Plan Mission statements define the organization's primary objectives. Vision statements focus on its goals and aspirations. Value statements define how the work will be done. Vision, mission, and values are all important considerations when developing a strategic plan. These three factors work together to provide the business a well rounded strategic design. My business idea is a firm that manages projects. Strategic planning is a process of decisions made by an organization to set goals and to outline a course of action to achieve those goals, to grow the business and to help the business be profitable ("Dictionary," 2014, p. 1). Long term and short term goals contribute to the strategic plan. Description and Mission The business is a project management company called Properly Managed Projects (PMP) that specializes in knowledge, skills and techniques to execute projects effectively and efficiently ("Project Management," 2014). The target customer can be anyone with a temporary group activity to produce a product or service. Project management has five steps; initiating, planning, executing, monitoring and controlling, and Closing. Mission Statement Our mission is to provide professional planning on all projects. We only provide the best solutions to our customers’ situations. We make great efforts to be the most knowledgeable, skilled, and trusted company in the professional community. We seek to produce financial rewards to investors as...
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...Business Model and Strategic Plan Part I Henry Holloway BUS 475 June 29, 2015 Gregory Kosicki Business Model and Strategic Plan Part I Restoration House is a company that provides services for the restoration and preservation of historical homes and buildings. The company was established in 2001 and has worked on several projects in the suburbs of Atlanta. Restoration House has recently relocated to Collierville, TN and is looking to expand its’ business by bidding on several new projects. The company plans to develop into a leading service provider for the preservation and restoration of historical home and buildings. This means always having the best and most efficient facilities, processes and people. In order to achieve this, Restoration House will invest in pre-conferencing, equipment and customer service. The Company Restoration House began in 2001 when Henry Holloway and Jacob Lattimore began their own handy-man company, McDonough Home Repair. Seeing the beauty of old structures a desire was born to rebuild and restructure historic buildings to preserve the era of the city. Many buildings hold a great history and it becomes part of the city. To preserve that history restoration house has committed to restructuring these buildings and home but leaving their historic nostalgia in place. In 2002, the company merged with Fuller Concrete and created Restoration House. This merger has allowed the company to bid for more complex jobs. As part of its growth, Restoration...
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...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...
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...Business Model and Strategic Plan Robert Norman BUS/475 November 25, 2014 Thomas Rauter Business Model and Strategic Plan JM Family Enterprises, Inc. (JMFE) is a privately owned family company of founder James Moran. JMFE is a holding company, which encompasses about a dozen automotive related businesses. These holdings range from the largest volume Lexus retailer to Southeast Toyota distributors, which are built up of about 175 dealerships across the Southeast. JMFE also offers financial services, insurance, inspections, dealer IT products, and marketing services (Hoovers, 2014). JMFE operates by five core values, consideration, cooperation, communication, innovation, accountability, and attributes these values to what sets them apart in the industry. Innovation allows JMFE to prepare for the future by taking risks and learning from their experiences by making them better. Taking a risk for the customers fits right into the mission JMFE lives by ("Jm Family Enterprises, Inc. ", 2014). In today’s struggling economy, it is more common to have issues in the automotive industry with finance. JMFE has its finance company as a part of their in house offerings which could allow them to do something better for those struggling with credit issues stemming from the economic downfall. The crashing of the housing market in 2008 caused a domino affect with the economy, which cost a lot of jobs for a lot of people. These people are looked at as a number in the...
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...Talent Management The process of determining staffing levels aims to identify the numbers and types of employees needed to be successful in solidifying the business plans and strategies for an organization. Organizations apply several different techniques to accomplish this task. However, there are ways to implement fundamental building blocks to set a baseline for success; but due to numerous variables, a step-by-step concrete solution for determining staffing levels cannot exist. Consistent within any stage of strategic staffing, it is crucial to understand the overall plans and strategies of the business and what factors are driving staffing. As discussed by Heneman, “organization effectiveness and staffing systems exist, and should be used, to contribute to the attainment of organizational goals such as survival, profitability, and growth. A macro view of staffing like this is often lost or ignored because most of the day-to-day operations of staffing systems involve micro activities that are procedural, transactional, and routine in nature. While these micro activities are essential for staffing systems, they must be viewed within the broader macro context of the positive impacts staffing can have on organization effectiveness” (6). Managers and Human Resources must share a common understanding of the business needs and react through implementing corresponding staffing levels. Only with a common perspective between management and human resources can staffing levels...
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...Running Header: Service Request SR-kf-013 Paper Frequent Shopper Program The electronic commerce components of the Frequent Shopper Program are aspects of the Sales and Marketing Department’s strategic objectives to increase the loyalty and profitability of its consumers. Under this program, customer shopping trends are identified and rewarded. This in turn can support the objectives providing an inventory selection of specialty foods that their customers’ desire increasing the favorable of repeat shoppers to the Kudler name. In order for the program to be effective, customers are given a swipe card that contains their information in a bar-code format. The swipe card enables Kudler stores to electronically record the frequency of purchases made by the consumer refiguring the points accumulated during time of checkout. The point system can be explained as so for every one dollar spent with the store one point is accumulated for that transaction. The existing information technology (IT) database the company utilizes is identified as a “customer table” that has each customer’s mailing information regarding the demographics for birthdays and anniversaries. This will need to be revamped to include the points accrued per capita for Frequent Shopper’s cumulative transactions. When the frequent shopper has accumulated the specified range of points determined by Kudler, the reward(s) of their choosing can be redeemed at the nearest store location. The IT department is solely responsible...
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...20 Reasons Why You Need a Business Plan Written by Pete Kennedy Categories: * Business Planning 1. To prove that you’re serious about your business. A formal business plan is necessary to show all interested parties -- employees, investors, partners and yourself -- that you are committed to building the business. 2. To establish business milestones. The business plan should clearly lay out the long-term milestones that are most important to the success of your business. To paraphrase Guy Kawasaki, a milestone is something significant enough to come home and tell your spouse about (without boring him or her to death). Would you tell your spouse that you tweaked the company brochure? Probably not. But you'd certainly share the news that you launched your new website or reached $1M in annual revenues. 3. To better understand your competition. Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages. 4. To better understand your customer. Why do they buy when they buy? Why don’t they when they don't? An in-depth customer analysis is essential to an effective business plan and to a successful business. 5. To enunciate previously unstated assumptions. The process of actually writing the business plan helps to bring previously "hidden" assumptions to the foreground. By writing them down and assessing...
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