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In order for the business to be launched in the most successful manner, there are six steps that have to be adhered to. The first thing that the business ought to do is to move beyond the tenets or boundaries set out in the business plan. The constrained imposed on the business by the plan are insufficient in the development of the successful business. The planning models that can be used is the apprentice model whereby one has to get the experience of the business environment from the industry (Robbins & Coulter, 2005).
The second approach of getting the perspective of the market is the hired gun approach, which relies on the expert advice from the management. The third approach used in gaining perspective on the management approach is the ultra-lean school of the hard knocks. The method espouses the need of rapidly testing the alternatives and adjusting to the environment and new market requirements. Therefore, the business pan offer the road map while the above tactics are the sources of direction and action for the business (Schermerhorn, 2005).
Rapid testing and refining of the methods leads to the removal of the associated costs that would otherwise affect the mode of operation and the associated viability of the approaches and interventions.
The second step focuses on the testing of the idea in the market in order to understand the ways of ensuring that the market is satisfied. The idea could be novice or too new in the market, premature ideas ought to be left until the times when it is viable to implement them. The third steps calls for adept understanding of the market and associated dynamics. Understanding of the market enables the business managers to come up with the right planning approaches and interventions (Robbins & Coulter, 2005).
Adept understanding of the market also leads to the development of perspective on the interventions that would be best suited to give the company the competitive advantage. Feasibility of the idea ought to be tested according to the market dynamics. The business has to understand the customer in terms of the needs and the preferences. This aspect makes it possible for the management to come up with the right interventions of fulfilling the needs of the market.
The fourth step entails the allocation of the right cash resources to the business to ensure that it is successful (Robbins & Coulter, 2005). Allocation of the resources ought to be done by looking for the investors and trade credit where applicable (Schermerhorn, 2005). Loans and venture capital investments are also viable sources of funding. Sure sources of the business funding are important in that the business can operate without the hitches that arise from the shortages of funds. The final step calls for the selection of the right business structure that will lead to the quickest attainment of the business objectives as outlined in the business plan.
A business ought to operate on a clear plan (Hellriegel & Slocum, 1982). The feasibility study and business plan act as the main sources of the direction for the business. Feasibility study is important in that it will outline what is attainable in the business and what is unrealistic. It also sets out the limitations of the business growth and development given the market in which it operates (Schermerhorn, 2005).
The business plan offers the direction for the organization. The direction offered by the business plan is also a control for the business actions. An action undertaken by the officials in the organization ought to be contributing directly to the attainment of the business plan. If the case is the opposite, the action is not justified and it ought to be neglected.
Entrepreneurs can seek out funds from different people. The main sources of the business funding for the new ventures is the loans from the banks and other financial institutions, angel investors, venture capitalists, savings and donations from the family and friends (Hellriegel & Slocum, 1982). This means that the sources of funding can be either officially sourced or sought out from the network of social interactions that the business owner has.
The goodwill of the entrepreneur and the potential of the venture is one of the main foundations used in the assent of the decision to offer the finances for the new venture or not (Hellriegel & Slocum, 1982). Therefore, the ability to find the funding is directly related to the goodwill and reputation of the entrepreneur.
Planning for the business startup often assumes two phases. In one phase, short terms plank are developed and they are concerned with the normal daily operations. The short terms plans include the daily sales volume, the need for temporary labor and improvements on the customer relations (Hellriegel & Slocum, 1982). The long-term plans are concerned with the future development of the business. It may include the expansion strategy and the development of the capacity of the employees.
The planning of the company is the main determinant of success. This aspect manifests in the story of the development of Walmart whereby what started out, as a small family business is now the largest company in the world by the virtue of sales and workforce (Schermerhorn, 2005).
Hellriegel, D., & Slocum, J. (1982). Management. Reading, Mass.: Addison-Wesley Pub. Co.
Robbins, S., & Coulter, M. (2005). Management. Upper Saddle River, NJ: Pearson Prentice Hall.
Schermerhorn, J. (2005). Management. New York: J. Wiley.
Wal-Mart mission statement
Wal-Mart is a retail giant with stores that are scattered worldwide; the store sells merchandise, pharmaceuticals as well as groceries. Sam Walton opened the first Wal-Mart store in the year 1962, and as of 2014 Wal-Mart has become the largest retail company based in the United States. The mission statement of the company currently is to save people money, so they can live better. The company also has a purpose which states that ‘if we work together, we will lower the cost of living for everyone….we will give the world an opportunity to see what it is like to save and have a better live.
Mission statement of Wal-Mart
The mission statement of Wal-Mart is to ‘Help the society save money through quality products while providing employment to persons in the society’. This mission statement sounds more like a true mission as compared to a slogan. In the hierarchy goals, the mission captures the organization’s distinctive character. The mission statement states what the company is willing to do to the society and how it intends to do it. This statement therefore, is better than the vision statement and is more concrete than the vision. This mission is an expression of hope to the millions of people that are jobless and the people that are hoping to better their lives by proclamation of the statement. The mission statement is supposed to encourage the employees of the company to produce more products and become a source of change in the society. The mission statement can therefore be described as a living document which encourages high performance in the company. It encourages each sector of the production chain to do better and maximize their performance.
In fact, studies of different mission statements often confirm the full potential of the directional strategy which is rarely achieved and is effective service delivery as well as supportive strategies which are designed to contribute to the mission accomplishment. It has 7 essential components; products and services, philosophy, concern for survival, concern for public likeness and employees. Therefore, this mission statement can be said to have a core purpose of the business and addresses few stakeholders. The primary aim of this mission is to create a public image and give the customers and the whole society a feel of what the company does. This mission provides the different values of the company in the statement.
The mission statement targets customer offering them what can be described as ‘quality products’. It also appeals to the market and promises them of the quality products, and giving them an opportunity to save money and consequently better their lives. Secondly, the mission statement indicates the products that are being sold and it is build around the retail business. It is imperative to note that this mission statement does not specify the geographical area because Wal-Mart is an international company and intends to increase its international presence. The mission statement also identifies the organization’s philosophy and it includes beliefs such as making life better for people by selling goods at lower prices as well as providing employment to many people. It allows the company to create a self image for itself in order to gain self image.
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2013). Strategic management of health care organizations. San Francisco, CA: Jossey-Bass.
A team leader usually provides direction, instruction, and leadership to a group for the main purpose of achieving a key result and aligned results (Huszczo, 2004). This is what Wal-Mart president and CEO Mike Duke has been doing to Wal-Mart he has been steering the company towards sustainability and profitability. Wal-Mart has made a target to achieve the use of 100% renewable energy. This involved to drive the production and procurement of 7 billion kWh of several renewable energy globally every year. This is an increase of about 600 percent from the 2010 levels. The company intends to reduce the kWh per square that is required to power the buildings that Wal-Mart owns globally by around 20% as compared to the 2010 levels. The leader has argued that the enabling sustaining will be extremely important in order to ensure that the company goes forward in its strategy of becoming green and reducing the pollution on the environment.
The leader should do further consultations with other managers and other stakeholders in order to better the strategy (Pope, 2008). He should also go ahead and ensure that there is a democratic way in which the stakeholders and the different managers can voice their opinions regarding the sustainability in the company (Kelly, 1998). This will give the leader an expertise of what to do and the managers and other stakeholders will feel that they have been represented in the overall decision.
The leader should schedule several meetings and include different employees from different departments. This also includes junior employees as well as experts in the sustainability field. This will be important as it will ensure that the team dynamics are increased. Further, the use of democracy will ensure that every person makes his or her opinion without favor.
Kelly, G. (1998). Team leadership: Five interactive management adventures. Brookfield, Vt:Gower.
Pope, S., & Blyth, E. (2008). Team leader workbook. Amherst, Mass: HRD Press.
Huszczo, G. E. (2004). Tools for team leadership: Delivering the X-factor in team excellence.Palo Alto, Calif: Davies-Black Pub.
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