Strategic Plan, Part I: Conceptualizing a Business

Strategic Plan, Part I: Conceptualizing a Business

Coral Nelson

BUS/475

January 16, 2012

Todd Goodling

Strategic Plan, Part I: Conceptualizing a Business

Every business starts out as an idea, observation, or necessity. When the concept of the business is in development, it is important to incorporate the strategic management process to ensure the concept becomes more than a pipedream that has failed because of poor planning. The strategic management process includes steps that develop the mission and vision statements, and creates the business strategic plan. This paper will follow the development of the mission statement, vision statement, and strategic plan for Kid’s Corner Childcare Center by using the strategic management process.

Kid’s Corner Childcare Center

Kid’s Corner Childcare Center is an idea born out of necessity. Very few daycare providers are available for those working evenings, late nights, weekends, or holidays and those providing childcare services during these hours can charge ridiculously high rates. Many parents find themselves relying on friends and relatives to watch their children or trying to juggle the budget to afford professional childcare. Both of these options can place undue strain on the parent who is trying to provide for his or her family. Kid’s Corner Childcare Center may relieve these issues just by opening its doors.

The Strategic Management Process

The strategic management process 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 II & Robinson, 2009, p. 3). There are nine steps to the strategic management process and they are as follows:

1. Create the mission and vision statements. These include the purpose, value, and goals of the business.

2. Conduct an internal analysis on conditions and capabilities.

3. Analysis both immediate and remote external factors.

4. Analyze the company’s options...