Importance of Strategic Planning and Management in the Business Environment Paper Qiana Simmons University of Phoenix Importance of Strategic Planning and Management Small Business Plan The business venture that I have selected is a Sport’s Bar Franchise. The reason I picked the Sports Bar Franchise is because I have wanted to open up my own Sport’s Bar for about the last two years. I have been curious to know what does it take to open up a Sport’s Bar and with doing this project and learning about strategic planning and management I believe I will learn a little bit of what I have been trying to figure out.
The goal for my Sports Bar is to be a successful business that provides a fun and relaxing atmosphere for its customers. The name of the Sports Bar will be Q’s Sports Bar. The hours of operation are from 12pm to 2am 7 days a week. The Services that Q’s Sports Bar has to offer are food, drinks, big screen TV’s for watching sports and entertainment for its customers. Q’s Sports Bar will also be offering an after five social daily that have daily drink specials including a buffet from 5pm to 7:30pm.
The atmosphere of Q’s Sports Bar is different from the atmosphere of a club and that is the reason people go to a Sports Bar is because it is more laid back and it is not a lot of commotion. Q’s Sports Bar is ideal for the working adults that want to wind down after a long day at work and just want to come and relax and have a piece of mind. The targeted customers are anyone over the age of 21 years old. The reason the customers age has to be over the age of 21 is because Sports Bar’s are places that sell alcoholic beverages and people under the age of 21 is not allowed.
Some Sports Bars allow people under the age of 21 to be escorted in by an adult but now days it is hard to say whether the person escorting a person under 21 is the parent and that is what makes it hard for owners to feel safe when they let a person under 21 inside. At Q’s Sports Bar 21 is the age requirement and there is no exceptions ID’s will be checked upon entry. The services of Q’s Sports Bar are provided by highly trained staff that are trained that a customer is there top priority and that serving customer’s is what makes Q’s Sports Bar a success.
Definition of Strategic Management & Strategic Planning Strategic management is the art, science and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long term objectives. Strategic management is the highest level of managerial activity. Strategies are typically planned, crafted or guided by the chief executive office of an organization and then approved or authorized by the board of directors, and then implemented under the supervision of the organization’s top management team or senior executives.
Strategic management provides overall direction to the organization and is closely related to the field of organizational studies. Strategic Planning is an organizations process of defining its strategy, or direction and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis and PEST analysis and technological analysis.
The reason strategic management and strategic planning would be needed with my plan of opening a sports bar franchise is because when opening a business of any sort and the outcome that you are suspecting is to be a success you will need to have thought out plans and a specific management team to be able to uphold your plans that way nothing will fall through the cracks and put your business at risk for failure. The Four Functions of Management
The four functions of Management are planning, organizing, directing and controlling. The base function is to plan because it is the foundation area of management meaning it is the base upon which all the areas of management should be build. Planning requires administration to assess where the company is presently set and where it would be in the upcoming years (Pakhare 2007). Organizing is the subsequent function meaning it is the second function of the management functions.
Organizing means getting prepared and that means management must organize all its resources well before in hand to out it into practice. The third function is directing and with directing this helps the management team to assist their staff in achieving the company’s goals and also accomplishing their personal or career goals which can be powered by motivation, communication, department dynamics and department leadership.
The fourth function is to control and it is the last function because it includes establishing performance standards which are of course based on the company’s objectives. It also involves evaluating and reporting of actual job performance (Pakhare 2007). Reference Pakhare, J. (2007). Management Concepts-The Four functions of Management. From http://www. buzzle. com