Essay on Assignment 1: to Build or Buy

1694 Words Jun 20th, 2014 7 Pages
Assignment 1: To Build or Buy
Student
Professor:
Business 402- Small Business Management
February 1, 2014

The small business that I chose to compete with is a barber shop that I frequently visit. This barber shop is located in the small town of Charles Town, WV. This Business is called Sharp Cutz Barber Shop. Sharp Cutz is surrounded by several different types of businesses such as schools, grocery, and retail stores. Sharp Cutz was owned by a different barber previously, but the owner moved to a different part of the State to resume his business. Sharp Cutz is owned and operated by a single individual and offers competitive prices when compared to similar businesses in the area.
Business at Sharp Cutz is
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I would complete the strategic management process, which includes nine steps. They include developing a clear vision then translating it into a meaningful mission statement, assessing the company’s strengths and weakness, scanning the environment for significant opportunities and threats facing the business, identifying the key factors for success in the business, analyzing the competition, creating company goals and objectives, formulating strategic options and selecting the appropriate strategies. In order for the business to be successful I would need to translate strategic plans into action plans, and establish accurate controls.
1. Vision and mission statement- The company vision statement “To help customers feel better about themselves through a great appearance”. The mission statement “To provide quality services while successfully satisfying the needs of our customers”.
2. Assess the company’s strengths and weakness- I would do an assessment of the company’s strength and weaknesses. Some of the company’s strengths are a good solid customer base, earning a profit, expenses are low, and it is profitable year round. Weaknesses include not opening on time, not following posted opening and closing times, and excessive waiting times due to only having one worker.
3. Scan the environment for significant opportunities and threats facing the business- Some of the threats facing the business are similar

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