Final Strategic Plan 1

Final Strategic Plan

 2

Final Strategic Plan

Introduction

Mission, vision, and value in a business offers guidance theories to make organization’s
strategic plan. “Strategic planning is creating a vision of the future and managing toward that
expectancy. It's operating under a mission statement umbrella that focuses the organization's
effort. It's an effective process for aligning short term decisions with your long term goals”
(Develop strategic plan , 2013). Companies make their corporate, business, and tactical
strategies as well as goals. The business I chose is “L’s Shoes” and I will be going over the
mission, vision of this business. It will additionally focus key values through mission and vision
statement. All these tools put together will lead to a strategic plan for my business to succeed.

Analysis
The business plan entails establishing a small shoe store business in my neighborhood
that people will love to go to and will use as their first pick to buy their shoes. I will call it “L’s
Shoes” which a simple name. I will sell shoes for everyone and all ages. I will have a
membership card that is free and on each purchase the customer will earn points. Each quarter
customers will earn coupons and or discounts to nearby restaurants/stores and up 10 dollars
off on their next purchase at L’s Shoes. This will motivate my customers to come back.

Mission Statement

 Industry: Shoe industry

 Product: Shoes
 Service: Shoes for everyone and all ages.
  Customers: Offer stylish and comfortable shoes for everyone at affordable prices. Good
for the neighborhood and convenient for customers.

Mission Statement: Offering a shoe store to the community that everyone will love. Develop
strong relationships with customers to make them feel comfortable and welcomed.

Vision

The mission of L’s Shoes is to be a help to the community. Offer something that no other
local businesses do not have which is great service at a good price. Make the customers that
they are not only buying shoes but also feel appreciated.

The Vision Statement of L’s Shoes is as under:

Sell stylish and comfortable shoes at an affordable price.

Values and Guiding Principles

L’s Shoes key importance includes keeping their customers. We value them and reward
back to them with their loyalty. L’s Shoes provides a welcome atmosphere with whoever walks
in and our customers is our number one priority. Providing a shoe store in a small town nearby
everyone and make them feel they don’t need to go anywhere else. A variety selection of shoes
for all ages for female and male. Our shoes provide comfort and quality that will last for a long
time. Each purchase will give back to the customers and the neighborhood.

Organization’s Strategic Direction

 L’s Shoes supposes to achieve growth expansions in the approaching times. L’s Shoes
desires to achieve maximum profits and establish competitive edge over competitors. Local
businesses will consider developing relationships with L’s Shoes business to benefit their
business. They desire to affiliate the name of L’s Shoes with speed, accuracy and knowledge.
Customers can have a fairly easy access to the Store and/or on the L’s shoes internet site and
can have excellent to the shoe selection they want and need.

The L’s Shoes aspires to:

 Team up with local business for example local restaurants or clothing stores for the
advertising of L’s shoes.
 To improve their share of the market via getting assistance from popular internet sites
and employing skilled employees with great customer services.
 Carry out marketing on social networking web sites for example Twitter, Facebook, and
Instagram.

Satisfying Customer’s needs and Achieving Competitive Advantage

L’s Shoes will provide something that other businesses do not have locally. The business
will open up in a small town in the downtown area. The downtown area has small clothing
boutiques, restaurants, bakeries and ice cream shops. This will be a perfect location for the
business because when people walk around the area they will feel intrigued to go into L’s
Shoes. Inside of L’s Shoes will be colorful paintings of historic events that happened in the small
town. There will be a big old shoe sculpture in the middle of the store as well. The town that L’s
shoes will open up is known for their old shoe factories and the town has a lot of shoes
sculptures around to keep that historic memory alive. L’s shoes will not only provide that but it
will be a competitive advantage against others businesses because we will be only one that
provides that. When they first come in it will have that comfort and visual of shopping
something not in just any shoe store but something that is part of the town.
It will also benefit other businesses in the area because; L’s Shoes will provide discounts
and coupons to local businesses and that will motivate to go there which will earn more
business for them as well. This will develop good partnership with local business and good
marketing for L’s Shoes.
L’s shoes will also have a store website where people will have the ability to see the
selection and future shoe releases so they will have an idea what they want to buy before
arriving. L’s shoes will have social media pages to find customers not only in the town but in
surrounding areas as well to build more customers.

Conclusion

“Why is it important that your organization develops vision and mission statements like those
above? First of all, because these statements can help your organization focus on what is really
important. Although your organization knows what you are trying to do to improve your
community, it's easy to lose sight of this when dealing with the day-to-day hassles that plague
all organizations. Your vision and mission statements help members remember what is
important as you go about doing your daily work” (The community tool box, 2013)

Mission and vision statement of a company are reliant of company’s customized values.
To achieve success in operation L’s Shoes will need to come up with a mission and vision
declaration which is solid and long lasting. This subsequently will assist in inspiring workers and
assist company to produce and preserve a good reputation out there. The full analysis of this
document demonstrates that mission and vision statements certainly perform an important
role in the expansion and growth of a company.
Strategic Plan, Part II
Introduction

`SWOTT examination is a crucial systematic device utilized for evaluating the elements
both external as well as internal which have an influence over the company. In existing business
conditions firms use SWOTT to assess their market standing regarding share of the market,
competitive edge as well as complete feasibility. SWOTT examination offers a company with
upgraded information about its achieved and achievable weaknesses and strengths, possible
opportunities, dangers as well as risks and business trends. The main elements of SWOTT
examination can be split under the heads of external as well as internal elements.
“A SWOTT (strengths, weaknesses, opportunities, threats and trends) analysis can help
you identify and understand key issues affecting your business, but it does not necessarily offer
solutions. You should be aware of the limitations as well as the benefits of a SWOT analysis
before you decide to conduct one. Knowing what you can reasonably expect to achieve will
make the SWOT analysis more useful for your business, and will save you time” (Benefits and
Limitations of SWOTT analysis, 2013)

This paper describes an in depth evaluation of elements external as well as internal

which can have an effect on the business of L’s Shoes. Because of this evaluation administration
of L’s Shoes can evaluate the main elements which can influence the feasibility, establishing
competitive advantage as well as stakeholders’ satisfaction for the company.
External Environmental Analysis

A lot of outer elements might have an influence over L’s Shoes ability to accomplish its
objectives as well as goals. To be successful, L’s Shoes will need to find out an appropriate
strategy which can maintain the business anticipations in the real situations and also to keep L’s
Shoes expectation with the provisions exterior environment can provide. The exterior factors
incorporate: legal as well as regulating elements, economic elements, sales strategy, and socio-
cultural elements.

Legal and Regulatory factors:

“The legal and regulatory environment plays an important role in the success of innovation
based economic development. The relative importance of taxes and regulations among other
regional factors, such as availability of skilled workforce, is frequently overstated. Nevertheless,
regional tax and regulatory burdens—real or perceived—can affect the location and resource
allocation decisions of companies and should be accounted for in regional economic analysis”
(Legal and regulatory environment, 2013). It is very important that L’s shoes have this in place
accordingly so the business will not be in position to put the business at risk. Legal issues is a
very delicate situation in the business world. L’s shoes will make sure that this will not happen
and will chose the right strategy to keep everything in line. Although, it is a small business there
is still a lot in stake and legal issues will be handled correctly.

Economic factors:
 The expansion as well as progress L’s Strategy business will also get influenced with the
customer’s needs and styles that they like the most. But L’s Shoes will need to take into account
that at present world economy is experiencing a downfall, market variability as well as
downturn. The administration of the company can set strategies after watching the economical
trend as well as economical tendency for the future.

Socio-cultural factors:

The exterior element, socio -culture of targeted audience also impacts the company.
With changing styles and seasons and what the customer desires it is important that L’s Shoes
provide that. Customer wants whatever that is in style available and affordable. L’s Shoes caters
to this requirement of consumers by offering the latest shoe fashion for everyone at a good
price and a company website which provides what they want.
.
Internal Environmental Analysis

To get better understanding of the inner elements a comprehensive analysis is required

of company’s design, key skills, systems Process, as well as strategies.

Structure:

A shoe store business structure is usually the same as a retail store. It will include the
department heads that ultimately control their area of responsibility. The department
designations may include operations, finance, sales, marketing and human resources.

Core competencies:
 Core competency of L’s shoes is related with a shoe store that the community will love
and it will keep the history alive and give a little something back for the people to enjoy. As
businesses are transforming greatly with differing market conditions L’s Shoes will have to
continuously upgrade its core competencies in order to have competitive edge over the
competitors.

Systems process:

The good point for L’s shoes is having good customer service and offering the latest
shoe style in a manner that it will create higher profits and help with other business in the
community. To accomplish this task company will need to receive products from the factory at
a timely manner, skilled staff and is well qualified in customer service. L’s Shoes can use its
procedures so it will benefit everyone. The company also requires introducing training and
development programs for the workers so they can improve their skills and well knowledge in
fashion.

Strategies:
The best strategy for L’s Shoes is a sales strategy. First L’s shoes should create sales plan
that will all the sales and goals documented to stay on progress with everything. Having a sales
goal that is specific and measureable based on the nature of the product. For example, selling
50 units in 30 days and sales activities which are the tactics on how to make the sale. The sales
plan will include the target account which is how to reach the customers if it is through social
media, the local restaurants or flyers in the neighborhood. It is also very important to set
timelines to meet all the goals to the sales strategy.
 The company’s objective, perception, and value statements have a direct influence over
the corporate and business strategies of the shoe store. The strategy will be productive for the
company when the individual targets of workers are in line along with the general company
objectives. L’s shoes will focus on the sales, customer service, and keeping their business for a
long period of time.

Conclusion

For a good company it’s necessary to evaluate both its exterior as well as interior
elements. L’s shoes goal is to maintain their success and keep their business going long term. It
is necessary for the firms to appreciate that all these points are interconnected and can't be
evaluated on individual basis. For example the exterior regulations and rules influence the
interior organizational design as well as strategies. The assessments must be made from holistic
point of view to get better outcomes as well as advantages. Additionally the significance of
continuous evaluation of points must be understood since it helps to stay ready for suggested
or sudden alternation in surroundings.
 Appendix 1

SWOTT ANALYSIS TABLE

Factors Strength Weakness Opportunity Threat Trend

External Factors
Small sum of Unreliable Excellent Present Opening a
starting money is opportunity of international
expansion of business in the
required; fewer developing a economic
funds are needed Online brand name slowdown. community.
for executing daily and thus
business;
functions. higher
Economic Influence of economic
development
international
by supplying
economic values to
depression. customers.

Rules may or
Rules as well as Lenient rules as Clients are No fix/reliable
may not
laws will assist in well as more rules for become more
rigid.
improving regulations. conscious of scams.
Legal & Regulatory
company’s the rules and
strategic plans. may have more
trust.

Internal Factors

Efficient It needs Big Danger of Effective

modifications failing is
Strategy formulation & massive capital to get higher, in case formulation &
execution of plan investment. competitive it doesn't execution plan
advantage via examine all
 is designed as the beneficial aspects of the contributes in
strategy. company such
base for the competitive
as financial
company and growth. position, share
accomplishment. of the market &
development.

A well developed Ineffective Business will In case Increasing

tendency for
design will boost design can be able to important organizational
performance, result in decline watching its processes are structure in
customer
each division and in expansion organization as ignored in that service and
every worker will and well as case it can sales.
Structure know specifically developmental operational lead to loss of
what is expected risks. services. business.
from them. It will
also contribute to
swift decision
making.

Successful and Higher money Excellent Prospective Specific

financially lasting requirement chance for opposition methods are on
processes can and regular increasing from workers. progress.
Systems/ result in business requirement of company’s
Processes expansion. training. business and
upgrading
operational
procedures.
 Rapid and Huge Skills can be In case the Market is
responsive competitive created and rival can expanding for
specialized expansion from updated nullify organizations
services that is both small as regularly. competitive having a special
Core cost effective for well as big advantage. competitive
Competencies clients. participants can advantage.
result in swift
loss of
competitive
advantage.

Introduction

`SWOTT examination is a crucial systematic device utilized for evaluating the elements
both external as well as internal which have an influence over the company. In existing business
conditions firms use SWOTT to assess their market standing regarding share of the market,
competitive edge as well as complete feasibility. SWOTT examination offers a company with
upgraded information about its achieved and achievable weaknesses and strengths, possible
opportunities, dangers as well as risks and business trends. The main elements of SWOTT
examination can be split under the heads of external as well as internal elements.
“A SWOTT (strengths, weaknesses, opportunities, threats and trends) analysis can help
you identify and understand key issues affecting your business, but it does not necessarily offer
solutions. You should be aware of the limitations as well as the benefits of a SWOT analysis
before you decide to conduct one. Knowing what you can reasonably expect to achieve will
make the SWOT analysis more useful for your business, and will save you time” (Benefits and
Limitations of SWOTT analysis, 2013)
 This paper describes an in depth evaluation of elements external as well as internal
which can have an effect on the business of L’s Shoes. Because of this evaluation administration
of L’s Shoes can evaluate the main elements which can influence the feasibility, establishing
competitive advantage as well as stakeholders’ satisfaction for the company.

External Environmental Analysis

A lot of outer elements might have an influence over L’s Shoes ability to accomplish its
objectives as well as goals. To be successful, L’s Shoes will need to find out an appropriate
strategy which can maintain the business anticipations in the real situations and also to keep L’s
Shoes expectation with the provisions exterior environment can provide. The exterior factors
incorporate: legal as well as regulating elements, economic elements, sales strategy, and socio-
cultural elements.

Legal and Regulatory factors:

“The legal and regulatory environment plays an important role in the success of innovation
based economic development. The relative importance of taxes and regulations among other
regional factors, such as availability of skilled workforce, is frequently overstated. Nevertheless,
regional tax and regulatory burdens—real or perceived—can affect the location and resource
allocation decisions of companies and should be accounted for in regional economic analysis”
(Legal and regulatory environment, 2013). It is very important that L’s shoes have this in place
accordingly so the business will not be in position to put the business at risk. Legal issues is a
very delicate situation in the business world. L’s shoes will make sure that this will not happen
and will chose the right strategy to keep everything in line. Although, it is a small business there
is still a lot in stake and legal issues will be handled correctly.
Economic factors:

The expansion as well as progress L’s Strategy business will also get influenced with the
customer’s needs and styles that they like the most. But L’s Shoes will need to take into account
that at present world economy is experiencing a downfall, market variability as well as
downturn. The administration of the company can set strategies after watching the economical
trend as well as economical tendency for the future.

Socio-cultural factors:

The exterior element, socio -culture of targeted audience also impacts the company.
With changing styles and seasons and what the customer desires it is important that L’s Shoes
provide that. Customer wants whatever that is in style available and affordable. L’s Shoes caters
to this requirement of consumers by offering the latest shoe fashion for everyone at a good
price and a company website which provides what they want.
.
Internal Environmental Analysis

To get better understanding of the inner elements a comprehensive analysis is required

of company’s design, key skills, systems Process, as well as strategies.

Structure:
 A shoe store business structure is usually the same as a retail store. It will include the
department heads that ultimately control their area of responsibility. The department
designations may include operations, finance, sales, marketing and human resources.

Core competencies:

Core competency of L’s shoes is related with a shoe store that the community will love
and it will keep the history alive and give a little something back for the people to enjoy. As
businesses are transforming greatly with differing market conditions L’s Shoes will have to
continuously upgrade its core competencies in order to have competitive edge over the
competitors.

Systems process:

The good point for L’s shoes is having good customer service and offering the latest
shoe style in a manner that it will create higher profits and help with other business in the
community. To accomplish this task company will need to receive products from the factory at
a timely manner, skilled staff and is well qualified in customer service. L’s Shoes can use its
procedures so it will benefit everyone. The company also requires introducing training and
development programs for the workers so they can improve their skills and well knowledge in
fashion.

Strategies:
The best strategy for L’s Shoes is a sales strategy. First L’s shoes should create sales plan
that will all the sales and goals documented to stay on progress with everything. Having a sales
goal that is specific and measureable based on the nature of the product. For example, selling
50 units in 30 days and sales activities which are the tactics on how to make the sale. The sales
plan will include the target account which is how to reach the customers if it is through social
media, the local restaurants or flyers in the neighborhood. It is also very important to set
timelines to meet all the goals to the sales strategy.

The company’s objective, perception, and value statements have a direct influence over
the corporate and business strategies of the shoe store. The strategy will be productive for the
company when the individual targets of workers are in line along with the general company
objectives. L’s shoes will focus on the sales, customer service, and keeping their business for a
long period of time.

Conclusion

For a good company it’s necessary to evaluate both its exterior as well as interior
elements. L’s shoes goal is to maintain their success and keep their business going long term. It
is necessary for the firms to appreciate that all these points are interconnected and can't be
evaluated on individual basis. For example the exterior regulations and rules influence the
interior organizational design as well as strategies. The assessments must be made from holistic
point of view to get better outcomes as well as advantages. Additionally the significance of
continuous evaluation of points must be understood since it helps to stay ready for suggested
or sudden alternation in surroundings.
 Appendix 1

SWOTT ANALYSIS TABLE

Factors Strength Weakness Opportunity Threat Trend

External Factors
Small sum of Unreliable Excellent Present Opening a
starting money is opportunity of international
expansion of business in the
required; fewer developing a economic
funds are needed Online brand name slowdown. community.
for executing daily and thus
business;
functions. higher
Economic Influence of economic
development
international
by supplying
economic values to
depression. customers.

Rules may or
Rules as well as Lenient rules as Clients are No fix/reliable
may not
laws will assist in well as more rules for become more
rigid.
improving regulations. conscious of scams.
Legal & Regulatory
company’s the rules and
strategic plans. may have more
trust.

Internal Factors

Efficient It needs Big Danger of Effective

modifications failing is
Strategy formulation & massive capital to get higher, in case formulation &
execution of plan investment. competitive it doesn't execution plan
advantage via examine all
 is designed as the beneficial aspects of the contributes in
strategy. company such
base for the competitive
as financial
company and growth. position, share
accomplishment. of the market &
development.

A well developed Ineffective Business will In case Increasing

tendency for
design will boost design can be able to important organizational
performance, result in decline watching its processes are structure in
customer
each division and in expansion organization as ignored in that service and
every worker will and well as case it can sales.
Structure know specifically developmental operational lead to loss of
what is expected risks. services. business.
from them. It will
also contribute to
swift decision
making.

Successful and Higher money Excellent Prospective Specific

financially lasting requirement chance for opposition methods are on
processes can and regular increasing from workers. progress.
Systems/ result in business requirement of company’s
Processes expansion. training. business and
upgrading
operational
procedures.
 Rapid and Huge Skills can be In case the Market is
responsive competitive created and rival can expanding for
specialized expansion from updated nullify organizations
services that is both small as regularly. competitive having a special
Core cost effective for well as big advantage. competitive
Competencies clients. participants can advantage.
result in swift
loss of
competitive
advantage.

Strategic Plan, part III

Introduction

The paper relates to the methods which organizations use in creating as well as
executing methods. Specifically this paper would discuss the method of balanced scorecard
method which is extensively getting used by big as well as small companies. To elaborate the
concept papers would cope with the use of the idea to the business design of an organization
known as L’s Shoes. As soon as the organizations’ importance, objective, perception and profits
are evaluated after that the strategic plan of balanced scorecard can be developed considering
them. The document would also concentrate on the contingency planning, danger elimination
and moral dimensions of the developed plans.
The Balance scorecard

The BSC (balance scorecard) method can be shown as a method which evaluates the
efficiency of the company through four main areas i.e. economical, client, inner business
procedures and research and development.

These four areas can be described keeping in consideration the organization’s objective,
perception and value declaration as:

1) Financial

L’s shoes would have to concentrate on developing a competitive edge for itself through
allocation of correct adequate sources as well as through keeping a client database so as to
decrease the element of danger by a mechanized process.

The organization would concentrate on boosting its share of the market through diverse
methods such as online promotions, advertisements on the local newspaper/magazines and
local businesses. To be able to attain the 10% quarterly rate of growth organization will
need to be creative in promoting the latest styles and offering things that other nearby shoe
stores does not offer.

2) Customer
 In any kind of business client is respected the most in the company and achieving client
satisfaction is essential for any kind of company. Some of the L’s Shoes objectives would
concentrate at:

Strong customer relationship is essential for any kind of company success. L’s Shoes
main priorities are their customers because they are ones who will keep the business going. The
business will concentrate on building and maintaining solid relationships with its dedicated and
prospective customers. This could be achieved by solid promotional customer rewards,
promotions, and the local convenience. These methods would assist L’s Shoes in accomplishing
its goal of 18% increase of customer base.

3) Internal business processes

L’s Shoes can find out the functionality of its functions and procedures utilizing this
scoreboard. Some of the main focus goals for the shoe store would be:

In order to boost sales and enhance customer base the shoe stores would concentrate
on upgrading its marketing methods by advertising in electronic as well as print media.

Make more efficiency in the store. A way of doing this would be motivating workers to
work more and provide more customer service skills.

L’s Shoes would develop and create devices to evaluate and keep an eye on the workers
efficiency. These devices could be a combination of fiscal as well as non fiscal structure of
performance assessment.

4) Research and development

 L’s shoes would launch employee incentive and growth programs so as to keep its
valuable workers. The main focus of goal would be to keep the turnover ratio per annum below
7%.

L’s shoes thinks that employee efficiency levels can be enhanced leading to
accomplishment of overall organizational goals in case the objectives of people are achieved.
The store will concentrate on devising SMART goals keeping equilibrium between
organizational objectives with that of personal.

Conclusion:

In conclusion, before using the above described viewpoints L’s shoes would need to
evaluate the consequences related to them for example moral viewpoints. They would also
need to concentrate on creating a contingency or a backup plan. This would assist to reduce the
danger involved with these alternatives. In case any of these flops organization would have a
backup plan to reduce the probable damages. The best alternative to select would be which
satisfy all dimensions i.e. overall organizational turnover, element of price and satisfaction for
the clients and stakeholder profit.

Final Strategic plan

This part of the paper consists of adding to the paper the strategic and tactics toward

implementing and realizing the strategic objectives, measures, and targets for the company. Then

mentioned for paper three methods to monitor and control the company’s proposed strategic
plan. Last in paper recommended actions needed to address the ethical, legal, and regulatory

issues facing the company and how to improve corporate citizenship within the company.

When a company wants to reach the objectives and intents a plan needs reaching through

short and long-term goals, and desired success. This sets the guidelines to accomplish a

company’s purpose for one’s business. To reach those goals an organization needs to include the

following in the strategic planning:

1.) Mission and vision statements

2.) Short and long-term goals and objectives

3.) Values

4.) Strategy

External and internal analysis needs conducting before a strategic plan for the company becomes

set. This analysis should include the following:

External Analysis

a.) Legal and Regulatory factors

b.) Economic factors

c.) Socio-cultural factors

d.) Environmental

Internal Analysis

a.) Structure

b.) SWOTT analysis (strengths, weaknesses, opportunities, threats, and trends)

c.) Core competencies

d.) System process

When a company needs to monitor and control the proposed strategic plan, first by

making sure the vision statement becomes set, through creating advertisement schemes for the

surrounding areas needs accomplishing. Also by putting up fliers in public areas such as local

restaurants, gas stations, and laundry mats, to name a few may help in gaining new customers.

Last by going online and creating a company web page this also may help in monitoring and

controlling some aspects of the business strategic business plan.

Next making sure the company’s mission is clearly understood and accepted by the

company and public needs accomplishing by-weekly meetings for managers to discuss new plans

created for the business and making sure everyone is focused on the customer needs. By

monitoring and controlling next the company may create monthly meetings so as to maintain

fresh new employee ideas that may help to gain public awareness for the company. Last the

company employees and managers need to remember the customer comes first in any decision

made by the business. The strategic plan for the business needed timelines handled, this requires

weekly meetings held to discuss new products, and conducting by-monthly meetings to

communicate to the employees any new changes made toward the company by the head of the

business.

L’s shoes will make sure that the company will be strategically prepared in sales so the

company know where is at all times. Having a sales goal that is specific and measurable will

keep things organized and intact. It is very important that employees are aware of the businesses
objectives. L’s shoes main focus is to meet the customer needs by building long lasting

relationship and be financially successful in the community.

References

(2013). Retrieved from Develop strategic plan : http://www.ustyleit.com/Strategic_Planning.htm

(2013). Retrieved from The community tool box:

http://ctb.ku.edu/en/tablecontents/sub_section_main_1086.aspx