Strategic Planning for Small Business
|✅ Paper Type: Free Essay||✅ Subject: Business|
|✅ Wordcount: 1960 words||✅ Published: 12th Sep 2017|
Numerous surveys have revealed that breakfast is often skipped among Kiwis (Hills, 2012; Impact PR, 2016). Similarly, others have been making poor breakfast choices like leftover party food, pizza, fish & chips, ice cream, and even beer (Impact PR, 2016; NZ Herald, 2016). Despite the widespread awareness of the important benefits of breakfast, it is quite alarming to see that many people still forego the need to make time for breakfast. These attitudes and habits towards breakfast are apparently influenced by a hectic lifestyle and poor time management. However, various surveys conducted in the past confirmed that nearly half of New Zealanders acknowledge breakfast as the ‘most important meal of the day’ (Hills, 2012). It is at this point that a business idea comes to mind: to provide value by satisfying a need (Hartnett, 1998, as cited by Sweeney & Soutar, 2001). In this case, it is the need for a good, convenient breakfast. Through an entrepreneurial endeavour supplemented with the collection of the right information, this idea can become a business opportunity (Massey, 2005). Although a business opportunity does not guarantee success, this business idea requires the support of a business strategy so that it gains a reasonable chance to become a successful operation (Oliver & English, 2012) in the near future.
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The aspired future state of a business or any organisation is described in the vision (Srivastava, Franklin, & Martinette, 2013; Duygulu, Ozeren, IÅŸÄ±ldar, & Appolloni, 2016). This statement provides a starting point (Kantabutra & Avery, 2010) and a sense of direction for the business, hence, it should be clear, appealing and compelling (Srivastava, Franklin, & Martinette, 2013; Hill, Jones, & Schilling, 2014). The business idea comes with an ambitious but altruistic goal, hence, the vision statement:
“To cater to a multi-cultural society that does not miss breakfast.”
This above statement satisfies a number of definitions of vision. It is easy to understand, and represents the ‘fundamental purpose’ of the business (Srivastava, Franklin, & Martinette, 2013, p. 50). According to Kantabutra and Avery (2010), strategists have proposed numerous characteristics a powerful vision should possess, but these can be summarised as being concise, clear, stable, challenging, inspirational, and future-oriented. This bold vision not only indicates a long-term standpoint of the business (Hubbard, Rice, & Galvin, 2014); it also offers an inspiring image of the ‘big picture’ (Alter, 2001) which is a more desireable situation in the future.
The mission statement is perceived to be a crucial factor in formulating business strategies that are sustainable (Duygulu, Ozeren, IÅŸÄ±ldar, & Appolloni, 2016). It describes the organisation’s aim, the reasons for its existence, and what it is trying to accomplish (Duygulu, Ozeren, IÅŸÄ±ldar, & Appolloni, 2016), all of which are extremely valuable in establishing the organisation’s major goals (Hill, Jones, & Schilling, 2014). This business idea will be guided by the mission statement:
“Enriching busy Wellingtonians through a delightful breakfast to-go.”
The above mission statement is expressed in a progressive structure to connote the ongoing process and continuous improvement in developing this business. It is also customer-oriented (Wellingtonians) and does not focus on the products (breakfast items) alone. This broad approach acknowledges the possibility that there will be shifts in demand in the future and the main purpose of the business may need to be served in diversified ways (Hill, Jones, & Schilling, 2014). Ultimately, the mission statement establishes what this business intends to excel at (Hubbard, Rice, & Galvin, 2014) which is the provision of an enriching and delightful breakfast.
The lifestyle preference this business wants to achieve is very evident in the product it aims to serve. The proponents of this business idea are relatively young adults who also constantly miss breakfast due to the demands of both work and studies. Values reflect the underlying behaviours, attitudes and outlooks held and used by the organisation in its operations and activities (Hubbard, Rice, & Galvin, 2014). The proponents believe in the value of good health and nourishment – a realisation that fundamentally produced this business idea. Innovativeness, the ability to create or adapt to, and implement new ideas into practice and new products (as cited by Lebedeva & Grigoryan, 2013), is another essential value preferred by the proponents which should also be integrated into their personal lifestyle. Innovativeness will be a good basis for organisational behaviour once the business becomes operational as innovation is a key factor for survival in a dynamic environment. In the future, the personal values of the business stakeholders should ideally be aligned with the value statement of the organisation by encouraging participation in its development (Alter, 2001).
Social responsibility is integrating environmental and social concerns, apart from the financial aspects, in the strategic decisions of the organisation (Massey, 2005; Hubbard, Rice, & Galvin, 2014). The simplest ways to practice social responsibility are by reducing energy consumption (i.e., during food production) and using recyclable food containers. In friendly and creative ways, customers will be reminded to recycle plastic items and dispose of food scraps responsibly. Donating food items to a charitable organisation (i.e., The Free Store, Kaibosh) is also highly considered, and will depend on the size of orders and calculated profit margins. Due to the small size of this business, the proponents will be open to collaborations with other small enterprises in various community involvements.
Core values are the inherent principles that guide an organisation’s actions which eventually become the distinct features of the business entity (Lencioni, 2002). This potential business start-up will possess the following core values:
- Deliver a healthy breakfast on time.
This business idea was formed out of poor time management and a busy lifestyle, hence, time plays a major factor in its implementation. It is extremely important to ensure that the food items are available at the right place and at the right time. In line with the over-arching vision to ‘not miss breakfast’, orders must always be on the agreed time of pick-up. Additionally, this core value also highlights the importance of a ‘healthy breakfast’ which means ingredients are carefully selected, ethically sourced, and hygienically prepared.
- Listen to serve better.
As a start-up business, what the customer has to say will determine its fate. During the first few weeks of operations, suggestions and comments will be proactively collected from customers through the website or direct interaction. Comments particularly about the food taste, variety and options will be taken into account for the subsequent servings.
Alter, S. (2001). Managing the double bottom line: a business planning resource guide for social enterprises. Washington DC: Pact Publications.
Duygulu, E., Ozeren, E., IÅŸÄ±ldar, P., & Appolloni, A. (2016). The sustainable strategy for small and medium sized enterprises: the relationship between mission statements and performance. Sustainability, 8(7), 698. doi:10.3390/su8070698
Hill, C. L., Jones, G. R., & Schilling, M. A. (2014). Strategic management theory: an integrated approach. Stamford, CT: Cengage Learning.
Hills, M. (2012, 18 September). Busy lifestyles keep Kiwis from breakfast. Retrieved from NZ Herald: http://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=10834771
Hubbard, G., & Beamish, P. (2011). Strategic management: thinking, analysis, action (4th ed.). New South Wales: Pearson Australia.
Hubbard, G., Rice, J., & Galvin, P. (2014). Strategic management: thinking, analysis, action (5th ed.). Melbourne: Pearson Australia.
Impact PR. (2016, March 16). New Survey Reveals Kiwis Fast Food Breakfast Habits. Retrieved from Scoop Independent News: http://www.scoop.co.nz/stories/CU1603/S00317/new-survey-reveals-kiwis-fast-food-breakfast-habits.htm
Kantabutra, S., & Avery, G. C. (2010). The power of vision: statements that resonate. Journal of Business Strategy, 31(1), 37-45.
Lebedeva, N., & Grigoryan, L. (2013). Implicit theories of innovativeness: cross-cultural analysis. Search (Working Paper), Moscow.
Lencioni, P. M. (2002, July). Make Your Values Mean Something. Retrieved from Harvard Business Review: https://hbr.org/2002/07/make-your-values-mean-something
Massey, C. (2005). Entrepreneurship and Small Business Management in New Zealand. Auckland: Pearson Education New Zealand.
NZ Herald. (2016, March 16). Most important meal of the day? Kiwis swapping breakfast for fast food. Retrieved from NZ Herald: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11606305
Oliver, L., & English, J. (2012). The small business book: a New Zealand guide for the 21st century (6th ed.). Crows Nest, NSW: Leith Oliver and John English.
Srivastava, M., Franklin, A., & Martinette, L. (2013). Building a sustainable competitive advantage. Journal of Technology Management & Innovation, 8(2), 47-60.
Sweeney, J. C., & Soutar, G. N. (2001). Consumer perceived value: The development of a multiple item scale. Journal of Retailing, 77, 203-220.
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