Scenario: You have been asked by your instructor to write a memo to them about how you plan to use a business plan for your business.InstructionsCreate a memo outlining how you plan to use and the importance of a business plan for your business. Conduct research on business plans and include the following in the memo:Determine and describe what aspects of the business plan are important.Outline how you would use them in your business.Provide your recommendation from your research on how a business plan can be beneficial to your business.Provide attribution for credible sources.
Strategic Mind Map
Limited capital
Strategic
Positioning
EFE & IFE
Increased consumption of
wheat flour, bakery
innovation, new competition.
IFE (quality products, owner
commitment
Limited business capital
Execution Steps
Set
priorities,
get
adequate resources, set
SMART goals, create
framework, assign tasks,
establish
clear
communication,
track
progress and performance
Product
differentiation
The business-toconsumer (B2C) business
model
Brand recognition
Monthly sales
Key
Performance
Metrics
Customer satisfaction
Short & Longterm Goals
expand
Improve productivity and website traffic
return on Investment (ROI)
Business Model
The selected business model is the business-to-consumer model. This is an ideal business model because it will help considerably
lower operational costs. The business-to-consumer business model is ideal for my business as it will help me communicate directly with
potential customers. It also facilitates greater accessibility and wider market reach.
Strategic Position in the Market
The business achieves its strategic position in the market by offering unique and highly differentiated products. This makes it easier to
remain competitive and ensure consumer loyalty in the long run. Product differentiation helps the business to refine its intended audience
and create additional value to ensure brand loyalty.
Internal factors effects and external factors effects (EFE & IFE)
The internal factors effects include increased wheat flour consumption, bakery innovation, and new competition. The increased wheat
flour consumption is high, making our products quite favorable among the target audience; bakery innovation has also increased product
differentiation. Although there is new competition in terms of online marketing, my business will integrate powerful social media
strategies to compete favorably. Some of the external factors effects include quality products, owner commitment, and limited business
capital. My business is a startup, and the limited capital will undermine my ability to market rigorously, provide discounts and hire
enough staff.
short and long-term goals
The short-term goals include increasing productivity and website traffic within the first six months. With higher productivity and website
traffic, the business will gain more traction, make more sales, and ensure profitability. The long-term goal is to expand. I intend to tap
into different parts of the country and eventually make the business a global brand.
Key performance metrics
The essential performance metrics include return on investment, monthly sales, and customer satisfaction. Measuring these metrics wil
help evaluate the business performance and success.
According to Bryson, Edwards, and Van Slyke (2018), strategic planning is an elaborate process where an organization’s leaders
identify goals and objectives and define the organization’s vision for the future. In this regard, the company will use the strategic planning
process to set proper goals and objectives and identify a vision that aligns with these goals. The strategic planning process will be used
to align organizational resources for optimal outcomes. Besides, it will help build the company’s competitive advantage and helping to
attract potential clients who would contribute to higher profit margins and increased brand recognition (Bryson, 2018). The strategic
planning process will be used to determine key strengths, weaknesses, opportunities, and available resources for business growth. The
strategic planning process will be used as a roadmap that helps in aligning the company’s functional activities to accomplish the set
goals and objectives. I could use this in the proposal to attract key stakeholders who could contribute to the growth and success of the
bakery business. Another recommendation is to use the strategic planning process to develop plans that facilitate the achievement of
long-term goals for the company.
References
Bryson, J. M., Edwards, L. H., & Van Slyke, D. M. (2018). Getting strategic about strategic planning research. Public management
review, 20(3), 317-339.
Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational
achievement. John Wiley & Sons.
.

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