strategic management assignment 1
1.Develop an argument supporting the importance of a strategic plan for the success of the defined business.
2.Create a mission statement for the company explaining how the mission will be essential to the company’s success.
3.Create a vision statement for the company explaining how the vision statement supports the company’s mission.
4.Establish five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business and justify why each of these objectives is essential to the success of the business.
5.Justify how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment.
The business I am going to profile is called Rental Ready. I actually tried to open this business as my own in the late 1990’s and the name is registered to me. The premise of the business is to work with realtors, landlords, property owners, and city inspectors on rental properties. We would get the properties ready to rent when a tenant moves out, work actively with landlords to fix broken items, work with real estate management companies to also get rentals ready they manage and own, and lastly work with owners who section 8 their properties and receive hit lists from yearly inspections. I have extensive experience in all repairs pertaining to rental properties from owning 20 units myself in the 1990’s and early 2000’s. Strategic planning is an activity that give focus to the business. It is used to focus energy, allocate resources, give direction, and ensure all employed for the company are all working toward the same goal (Balance Scorecard Institute). I believe the reason I failed in this business is that I didn’t have a plan. I was just winging it as I went. I didn’t understand the importance at the time of having a written document which I could read over, modify, fall back on, and use to keep me pointed in the
2.Create a mission statement for the company explaining how the mission will be essential to the company’s success.
3.Create a vision statement for the company explaining how the vision statement supports the company’s mission.
4.Establish five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business and justify why each of these objectives is essential to the success of the business.
5.Justify how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment.
The business I am going to profile is called Rental Ready. I actually tried to open this business as my own in the late 1990’s and the name is registered to me. The premise of the business is to work with realtors, landlords, property owners, and city inspectors on rental properties. We would get the properties ready to rent when a tenant moves out, work actively with landlords to fix broken items, work with real estate management companies to also get rentals ready they manage and own, and lastly work with owners who section 8 their properties and receive hit lists from yearly inspections. I have extensive experience in all repairs pertaining to rental properties from owning 20 units myself in the 1990’s and early 2000’s. Strategic planning is an activity that give focus to the business. It is used to focus energy, allocate resources, give direction, and ensure all employed for the company are all working toward the same goal (Balance Scorecard Institute). I believe the reason I failed in this business is that I didn’t have a plan. I was just winging it as I went. I didn’t understand the importance at the time of having a written document which I could read over, modify, fall back on, and use to keep me pointed in the