MANAGEMENT PLAN

Management Plan for the Meeting Fairy

Management Plan for the Meeting Fairy

Management Strategies of Meeting Fairy

Most small businesses start out without any clearly thought out business strategy. While a large number, of such businesses fail, a few might succeed, because they happened to adopt the right success, and, growth strategy. Since, Meeting Fairy is also a small business, so they will need a business strategy which is going to meet their requirements. Usually, this is a process of learning through doing, with plenty of mistakes, an approach that can prove wasteful. Small businesspersons adopt the above approach because they do not have the know-how for business strategy development. Though a big-sounding word, strategy is a commonsense way of going about something. In this assignment, the significance and elements of business strategy would be the major requirements of the business plan.

Business Strategy Elements

Strategy development involves looking at ground realities and formulating an approach that can achieve desired results in the context of these realities. It follows that strategy will differ from context to context. Readymade strategies rarely work, and, this is the main problem with strategy development; businesses have to take pains to observe, think and plan. All businesses need:

1.Marketing Strategy to ensure that they can get a profitable volume of orders for what they offer, at a remunerative price.

2.Technology Strategy to select the most appropriate technology, obtain the requisite know-how and implement it in their business.

3.Operational Strategy to carry out operations at low enough costs while ensuring that they can deliver a quality product or service to their customers.

4.Human Resource Strategy to hire, train, develop and retain people who are equipped to handle the varied tasks involved in running the business with the required degree of competence.

This is the reason why Meeting Ferry will need to define their business strategy for meeting the requirements of various departments. A business strategy is then going to assist them in meeting their goals and objectives in a proper way. A significance of business strategy adopted by Meeting Fairy will be discussed in the following paragraphs (Busenenitz, 1997).

Significance of Business Strategy

As mentioned at the beginning, when an entrepreneur enters a business without formulating coherent strategies in advance, you have to learn through trial and error. This is a wasteful process that often leads to failure of the business before the businessperson has learnt how to run it successfully. On the other hand, developing your marketing, technology, operational and people strategies in advance can help you avoid fundamental errors. Such a desirable outcome is possible only if your business strategy development is an objective exercise. If the strategy is based on subjective feelings and preconceived notions, that resulting business plan can turn out to be unsound and even impractical. Sound strategy is based on an understanding of realities and workable ideas on how to achieve results in the context of these realities. The development of a sound business strategy typically starts with a business model that spells out in terms how a ...