August 13, 2012
Strategic Plan, Part I: Conceptualizing a Business
Creating a business is a difficult task that requires essential strategic management. “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, 2009, p. 3). In creating a business, the owner needs to know where he or she wants to go and why. That is the vision of the organization. In addition, the organization requires a mission, which is a statement of what is the purpose of the organization existence, what the company does, and the most important it specifies the goals and objectives of the company. Personal and professional values such as ethics is fundamental in starting a business. Knowing what is good and wrong and applying it builds loyalty and trust. For the success of any new business, it is important to determine the correct vision, mission, and values of the organization to determine his or her strategic direction.
Oscar G Castellanos is a young entrepreneur who is planning to start a new business. Oscar loves the mortgage industry, and he is planning to open a mortgage company. One important step in starting a business is creating a mission statement. According to "Center For Business Planning" (1994-2012), “The mission statement should be a clear and succinct representation of the enterprise's purpose for existence. It should incorporate socially meaningful and measurable criteria addressing concepts such the moral/ethical position of the enterprise, public image, the target market, products/services, the geographic domain and expectations of growth and profitability “(para. 1). Oscar’s mission or goal of the company is to provide mortgage solutions to a diversity of customers around California, by providing an experience professional team with different cultures and languages, but following the same principles, values, and beliefs of the corporation, which is developing trust, loyalty, and demonstrating commitment and integrity to customers. Oscar’s goal is to create a diversified professional educated team. Oscar is planning to hire people from different cultures that speak different languages. Men and women from different ages will be hired. All employees should speak English. In addition, Oscar wants to have employees, who can speak Spanish, French, Standard Chinese or Mandarin, and Islamic or Hindu. All employees should follow the same Code of Ethics of the company, and should perform his or her duties based on the values and principles of the corporation. The company will provide the best mortgage solutions for customers seeking for the purchase of a home, refinance of previous home, consolidation of debts, selling his or her property, short sales, and fixing customer’s credit to qualified him or her in obtaining a more competitive mortgage loan. The products that the company will offer are Conventional, FHA, VA, USDA, Commercial, and Jumbo loans.
For any new business, the vision plays an essential role. Kennen (2006), “ A vision statement should be a clear, motivating message about what your organization wants the future to look like” (para. 1). Like previously mentioned, in creating a business, the owner needs to know where he or she wants to go and why. Oscar’s vision statement is mortgage solutions for a small planet of diversified customers. Oscar knows California is a large state, but his goal is to one day control the mortgage industry in California and make it seem like a small planet. Hiring diversified personnel will be an advantage to help legal customers from different ages, sexes, and cultures in seeking for the...