March 29, 2010
This paper will describe a small business I may want to start, define strategic management and planning, and explain why a strategic plan would be important to the success of this business. Also, it will explain the four functions of management relative to creating and implementing a strategic plan. Strategic management & Planning
In a competitive business world, it is important to have your business prosper for it to overcome the challenges it may encounter. The direction (and future) of a small business has extreme challenges in an economy that lags, but can be overcome with the right strategic mananagent ideas and planning.
A small business that I would like to start would be a financial business that would provide short-term capital to small working and expanding companies. I believe this business would provide profits in an economy that has been ailing small businesses. Small businesses would welcome my services since they can not (or find it difficult) to finance their business when banks are not giving them the capital they need to remodel or have their business survive.
Strategic management is planning your business at the highest possible level. This would be the duty of the company’s leader (or leaders) to focus on building a solid structure to that business (All business, 2010). This “structure” will be “hinged” on the effort of each employee that is hired. Also, strategic management helps answer what are the objectives of the business, the best procedure in achieving these objectives, and what are the resources that are needed to make that happen (All business, 2010).
Strategic planning determines the direction that an organization will be headed over the next year or more, and how it will arrive there (McNamara, 2010). Usually, the process is throughout the organization and focuses on a major function as...