September 20, 2014
Business Management Capstone Project
Week 1 Analysis
There are several different strategies that a company can use to add items such as a warehouse for storing items, hiring employees and Include shipping applications to meet the increased demand and to ship and market the products. The strategies that will be used will consist of forecasting, staffing, competition, finance, and advertising. All of these are used for a successful business.
Forecasting is a decision-making tool that aids in budgeting, planning, and estimating future growth. Forecasting helps to plan for the worst but project for the best outcome. To be prepared to at least break even in tough times, but also be ready for growth, don’t ever let your annual forecast go stale. You also need to keep your customer terms updated, and plan for discounts ahead of time if you can. All of this a part of forecasting. This will aid in the decision for the company to be able to add on a warehouse for storage as well hiring more employees.
An important aspect of forecasting is the relationship it holds with planning. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. As part of the implementation of policies and strategies, the forecasting method develops a reliable picture of the company's future environment. A SWOT analysis (strengths, weaknesses, opportunities, threats) looks at both current and future situations. The company analyzes current strengths and weaknesses while looking for future opportunities and threats.
Staffing is another important strategy in a successful business plan. Staffing is the process of acquiring, deploying, and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization's effectiveness. Focusing on and becoming known for filling jobs in certain sectors