Bus599: Crafting and Executing Strategy

Topics: Strategic planning, Strategic management, Management Pages: 5 (1690 words) Published: December 12, 2012
Crafting and Executing Strategy
Bristal Stanfield
Dr. Fidelis E. Harrison
BUS 599 Strategic Management
October 18, 2012

Crafting and Executing Strategy
In today’s economy, there have been issues that cause Americans to grow weary of their tomorrow. One of the most important economic issues today is jobs. Job growth has moved at a slower rate than ever before. Unemployment is now and has been higher in past few years than it has been in a many years. Business owners and future business owners need to create stronger job markets in order to improve the struggling economy. An important factor in creating a business that will strive and have longevity is through strategic planning. Strategic planning is defined as an organization's method of defining its strategy or direction and making decisions on allocating its resources to pursue this strategy. In my opinion, a strategic plan is the makeup or the lifeline of the company’s success. This assignment will explain the importance of a strategic plan for my personal business. Also, create a mission statement and vision statement for my company and tell how these are vital to the company’s success. This assignment will also establish 5 key objectives for the company’s operational, financial, and human resource aspects of the business and how they support the mission and vision statements. Christian Jabacs is the name of my business. Christian Jabacs is an online clothing boutique for women established by me, Bristal Stanfield and my sister Aquanda Stanfield in 2008. This business was discovered as we realized our love of fashion and the impact that it had on other individuals. The details of the online clothing boutique will be discussed in detail throughout this assignment. Importance of a strategic plan

A strategic plan is the blueprint or layout of the business. In order to decide the path of the organization, it is necessary to understand its current position and the different options available in order to pursue a particular plan. In constructing a strategic plan, I must consider exactly what I plan to do, who will be my target market, and how do I make this plan work. These are all important questions that should be asked when constructing a strategic plan. I understand the importance of a strategic plan when starting or reconstructing a business because I have tried operating a business without a strategic plan and it failed. This is important in order to know where the company is now and where it is going. Strategic plans are important in any business because they can help a company understand their mission or purpose. They can also help companies prepare for the future. There was a saying I heard often as a child, “If you don’t know who you are, you don’t where you are going.” I find this saying very true in business as well as life in general. It is very important to have a plans and goals because they lay the foundation for a desired future. Strategic plans outline the steps to achieve a desired future for a business. This plan will also serve as a roadmap for employees to know the business owner vision for the organization in the future and it also keeps everyone on the “same page”. Strategic plans also help organizations anticipate and manage change. If the organization expects some change to occur they can proactively determine how to deal with the change. This is a much more effective tool than just waiting on change to happen and then simply reacting to it. Reacting could cause organizational issues in the business. This plan can also serve as a report card for the company. The company can look at the plan and see what the forecasted goals were and compare them to the actual success of the company. This will determine where improvement is needed or if changes or adjustments should be made to the plan. The report card will always encourage the company to reinforce the need to commit to continuous improvement. These are all...
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