BUS 475

1272 WordsDec 13, 20136 Pages
BUS/475 Strategic Plan Larry Myers October 21, 2012 Strategic planning is an important and vital part in running an organization for a variety of reasons. Strategic planning provides structure for all of the benefiting parties, whether it is the shareholders, executives, upper management or part time employees. Strategic planning allows everyone to be on the same page as far as where the organization is headed, it also helps employees understand the overall direction the organization. Part of the strategic planning process is utilizing all the tools necessary to make informed and educated decisions. At “Spot Fix”, we plan on taking advantage of all the tools necessary to run a business. Using these…show more content…
“Definition of SWOTT analysis” http://www.investopedia.com/terms/s/swot.asp Strengths (Internal) Weaknesses (Internal) First Business of its kind Nature of the company allows insurance companies to save money Convenient for the customer Need dependable employees in the beginning Need licensed and experienced mechanics Marketing for a new industry can be hard when there is nothing to compare it too. Limited Finance Consumer Acceptance Threats (External) Opportunities (External) Not everything can be fixed outside of a mechanic shop Consumers may be weary to the new idea Slow start may cause business to go under. High overhead because of the need for Parts right way. Competitive advantage Teaming up with insurance companies Chance to team up with auto parts stores Only company of its kind for a few years, creating a monopoly on the market. Declining Economy Trends (External) Changes in Economy Changes in automobile industry Another diagram that can be helpful in the strategic planning for Spot Fix is called the balanced scoreboard. There are four major quadrants of a balanced scoreboard, they include Financial, Customer, Internal Business and Learning and Growth. The theory behind a balanced scoreboard is the four quadrants need to be analyzed and the correct data is inputted into the corresponding quadrant. The data needs to be

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