A prospective business idea which I would be interested in pursuing is the idea of opening a coffee shack style business which specializes in the sale of canned energy drinks. The energy drink business is growing strongly, and much success has been realized in the ventures of drive through coffee stands. IE: Starbucks and Allann Bros.
Strategic planning 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 and Robinson 3) The first part of strategic planning is to devise a mission statement, and then to analyze the companies conditions and capabilities, as well as external factors which exist. It is also critical to examine and align with resources which are available. Another part of strategic planning is to evaluate options and keep them in line with the company's mission statement. Setting long-term and short-term goals is a key part of strategic planning.
Finally, proper implementation and follow-up evaluation will help ensure the decisions are appropriate and effective.
A strategic plan will be very important for the prospective energy drink stand because it will be necessary to analyze which brands are successful, and determine which demographics to market the drinks toward. Determining a location will be a big part of the strategic plan. Long-term and short-term goals will help the energy drink stand know if growth is achieved or prime operating conditions, such as location, are being met. Monitoring the growth of the company as it pertains to our goals may provide us with feedback which can be used to evaluate the current business position and indicate any changes which may be needed such as: product, location, advertising.
An extremely critical part of starting a business, including an energy drink stand is planning. Planning is...