The small business I would like to start would be a candy store. This paper will define strategic management, planning and explain why a strategic plan is important to the success of this business, and explain the four functions of management relative to creating and implementing a strategic plan.
Strategic Management is the groundwork for a company's vision and allows a company to be ready to capitalize on opportunities. Strategic management is a process of evaluating a company's mission, establishing the company's design, developing the company's organization and relationships, and guiding the company's plan to execution to ensure that the management is consistent with the company's strategy. Strategic management also enhances or protects the company's interests and defines the way a company wants to expand or focus. Strategic management if often overlooked and should be the first step in defining a company's core values, mission, and product focus (Fazzini, 2008).
Strategic planning is so important to the success of my business. Its size is what makes strategic planning so important because it means growth from small to a thriving international corporation. This is basically a growth plan. Meaning where wells it be 3 years from now or 5 years or 7 years from now. First he or she must focus on gathering data about the internal and external environment of their company. He or she must also consider outside socio-cultural factors and inside factors, including management style and workforce (Strategic Planning, 2007).
One of the most important factors is having goals for your company. Make sure your goals are attainable and reasonable; follow the SMART rule - specific, measurable, attainable, realistic, and time-bound. By following this rule, it makes goals attainable.
By being the owner, I have the yeah or nay when it comes to decisions. However, in...