Question

Strategic Management Please respond to the following with a 250-300 word response: Analyze the steps involved in developing a strategic plan for a company and determine which step is the most difficult to get right. Explain your rationale. From the e-Activity, determine how you would leverage the support provided by the U.S. Small Business Administration in planning and starting your own business. Provide specific examples to support your response.

Answer 1

Strategic Management:

Answer 1:

In order to determine the available opportunists, strategic planning is used as a tool. Different organizations use different steps for developing strategic plan in order t be successful. After going through the several steps involved I have identified that the most difficult step that I find is most difficult to get right is to create mission statement and develop organizational goals. The reason to support my opinion is that for developing mission statement for an organization and determine its organizational objectives it is important to determine organizational strengths and weaknesses. This requires to implement a vigorous research process to determine the current state of organization and where we vision it to be in the future.

Answer 2:

U.S. Small Business Administration provides financial, technical, contract and management support for running small scale business. In order to leverage the support provided by the U.S. Small Business Administration in planning and starting my own business I will utilize following support:

• By taking the advantage of Small business loans for starting my business,
• By collecting necessary information that is important for strategic planning that involves information about payroll, taxes (both state and federal).

In order to support my answer I would like to provide an example, suppose, I want to open a coffee shop in particular area of U.S. By gaining information from SBA about cost of living of locals of that area, how much tax I will need to pay, how much loan can be provided by SBA for this business, I can do strategic planning for my business.