Strategic Plan For A New Business - 1483 Words

Starting a new business is not easy especially in an industry that already has strong procedures and standards. Every manager and leader associated with a startup company knows the value of a solid business plan and its impact on the first year of operation. One of the first steps new owners take before opening its doors is to develop a strategic plan and company objectives, both long and short-term that provide a blueprint for enterprise growth. Organizational executives are responsible for generating progressive goals that increase the business’ productivity and viability. This strategic plan focuses leader on identifying the right balance of growth prospects, needed services, and innovative process improvement initiatives. Great plans can only be achieved with human capital. The strategic plan not only drives the mission, it also drives the creation of a human resources program that is focused on recruiting, hiring, developing and retaining a talented team that is ca pable of meeting the company’s priorities and goals. A robust human resource program that includes recruitment, training, compensation and performance appraisal creates a competitive advantage over the closet opponent. Company Overview El Vee Handbags is a start-up company that is committed to selling quality leather purses and accessories at a reasonable price. The target demographic is business women and teenagers. The store opened its doors on July 2014 with ten employees. El Vee Handbags is inShow MoreRelatedPlan For A New Strategic Business Plan2051 Words   |  9 Pagesand establish a new organisation, the need for a new strategic business plan is imperative. The massive majority of the newly-merged companies failed to reach both their financial and strategic goals and endure in an arguably competitive business world, because they lack of an effective plan, which will consider the tremendous changes that took place for both the acquiring and the acquired company and which will assure the smooth integration of practices and policies within the new organisation (MarksRead MoreStrategic Issues in Entreprenuerial Ventures1565 Words   |  7 PagesChapter 13 STRATEGIC ISSUES IN ENTREPRENEURIAL VENTURES AND SMALL BUSINESSES The Importance of Small-Business and Entrepreneurial Ventures A. Definition of Small-Business Firms and Entrepreneurial Ventures The most commonly accepted definition of a small business firm is one that employs fewer than 500 people and that generates sales of less than $20 million annually. According to the U.S. Small Business Administration, â€Å"A small business is one which is independently owned and operated,Read MoreBusiness Plan For A New Venture1355 Words   |  6 PagesA business plan can be used for beginning a new business, to create a more profitable business or for consideration of new services and ideas. A business plan is a written document that gives details on a business idea or venture and present the outlook of the business over a number of years. This plan will guide the business project management and operations, assist in vital decisions and measure performance. There are many types of business plans and not one of them is considered a universal planRead MoreThe Benefits and Limitations of Strategic Planning for Organizations1722 Words   |  7 Pagesand Limitations of Strategic Pla nning for Organizations It was August of 1914 and Germany had committed virtually its entire army to the invasion of Belgium and France. 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It has become a vital reason or idea to include an effective method for analysis within the strategic marketing planningRead MoreImplementing Overarching Enterprise Wide Information Technology Strategies923 Words   |  4 Pagessuccessfully execute this duty for the USPTO CIO. I have demonstrated expertise in strategic planning and I am adept in the management of complex enterprise-wide projects through strong experience in data management, information technology, cybersecurity, C4ISR, logistics, law enforcement, intelligence, statistics, and risk management. I added and simplified the governance and investment management processes surrounding strategic transformation to embed the transformation within the culture and remove itRead MoreWeek ly Reflection1188 Words   |  5 Pagesthat does not have a strategic plan in periods of catastrophic events. The problem is the train is completely off the original course after clearing the accident scene. A strategic plan with focus on long-term business objectives is important, especially in the event of a crisis. In this paper the subject is a discussion of this week’s objectives among Learning Team C. The discussion includes sustainability of long-term business operations, how global markets affect business strategy, and a long-termRead MoreMgt 521 Strategic Plan Essay example1042 Words   |  5 PagesStrategic Planning In the economy today every business has a need for a strategic plan. Strategic plans are most vital for small businesses to have a strategic plan because they comprise the majority of local businesses and are more likely not to survive. No matter if the business is small or large it is important to keep this plan updated and evaluated to the businesses current standings. Typically a plan should focus on the following two to three years when it is being created. Kudler FineRead MoreTypes Of Business Plans : Developing A Business Plan778 Words   |  4 PagesTypes of Business plans Developing a business plan is crucial to the long term success of a business. A business plan can provide direction and guidance to the organization as it grows over the years. Business plans can be written to focus on the specific requirement of the project at hand or as an outline for the business for the next few years (Moskwa, 2014). Effective business plan allows the entrepreneur or the business to think about what is necessary to run the business, such as equipmentRead MoreKudler Fine Foods – Strategic Plan1081 Words   |  5 PagesIn today’s highly competitive business environment, budget planning or forecast based planning methods are insufficient for business to survive. The firm must engage at strategic planning to clearly define objectives and built a strong internal structure in order to assess both the internal and external situation to formulate planning, implement the strategy, evaluate the progress, and make adjustment as necessary to stay on track. S trategic planning has a bad reputation. People think of it as a