Conceptualizing a Business, Essay Example

Mission

To become the premier interior designers of choice by creating a trail blazing lobby designs that enhance the comfort and attractiveness of our clients lobbies as well as making the clients entire premises customer friendly and a home away from home. We will endeavour to make the experience that our clients customers have in the waiting lobbies is one worth remembering full of warmth and giving the employees a feeling of environmental bonding and motivation.

Explanation

The interior design business is to be administered by increasing efficiency and reducing wastage of time. The ability to achieve this mission will be underlined by the following core competencies. One of the core competencies that our interior design business will build is filling its idle time through diversifying its products. The diversification of the products ensures that the designers will be busy or in at work at all times since different clients need different designs at different times. Idle times eats at the production capacity and the only way to maximize the productive capacity is through minimizing idle time since it leads to increase in fixed overheads per unit. (ACCA 2009)

To ensure good services to all clients company will seek utilising increased facilities and also by ensuring high quality services as well as diversifying its service offerings.  Apart from all these efforts the company will include several other design enhancement opportunities through customer consultation this includes indoor as well as outdoor designs. For example if the firm was to hold serious client consultations and make educated suggestions on design improvements, we can keep an ever improving design portfolio and a very satisfied client portfolio.

The company will also look at all client requirements and feature them. Similarly we will invest our best efforts to customer sourcing and identification of the earliest opportunities to diversify our designs. The defining quality of an entrepreneur is the ability to identify opportunities and utilize them and develop them into a business that has good returns on investment (Money matters). The entrepreneurial ability of our design business is underlined by the way we seek to identify opportunities and develop them into money making opportunities. This is underlined by our ability to identify the idle time reduction strategy and utilise it to our advantage.

Vision

Our vision will be to create a point of first call for interior design needs of all our clients and create a good customer satisfaction record. We will aim at acquiring and keeping a good client portfolio and ensuring that our clients are long lasting clients who take pride in our services and always come back for our services.

The Strategy

According to Jones (2000), strategic management as the process through which an organization formulates implements and evaluates decisions that will help the organization to achieve its long-term goals. The process involves tabling the organizations mission, vision and objectives after which policies and plans designed to achieve these objectives are developed and finally allocating resources to implement the policies and plans. Strategic management is a continuing process which evaluates and controls an organizations business, assesses its competitors and sets strategies to outcompete these competitors.

After setting these goals and strategies the strategic management will group then reassess each strategy to see  whether it can be  successfully implemented or whether it needs replacement to meet changes in technology ,a changed economic environment, new competitors, and changes in financial social and political environment (Miller and Dess 1996)

Strategic fit being the adaptability of the corporate strategy to the macro- environment in which the company operates, is at the heart of setting up and manning profitable and successful operations by the companies. The success of the adopted strategy is evaluated by the performance of the company so in question. We will therefore aim at evaluating our strategy through looking at our performance based on two key milestones namely financial returns and customer satisfaction.

Strategy implementation involves allocation and management of enough resources which include; financial, Technology support, personnel, time and operational support. At chain of command is then developed and specific tasks assigned to specific groups or individuals. In order to implement a strategy successfully, managing the process is also vital. This involves evaluating the efficiency and efficacy of the process and making changes where necessary, monitoring the results and establishing control for variances (Franklin H, 1964). For successful implementation of its plans our organization should not leak the information to competitors and there must be consistency from every individual including the management.

Our penetration strategy will be through client engage and improved people outlook strategy, this will be through holding serious client awareness campaigns. Through these campaigns we will develop a client analysis matrix through which we will analyze the client’s business needs as well as look at what kind of a design the client deserves. It is through this analyses that we will be able to understand what the client needs and seek to introduce our different designs. While the competition will seek to market their designs to the consumers we will seek to have the consumers identify their needs and it is from these needs that we will develop the designs. The other factor that we will feature in our client analysis is an explanation of how our services will impact on the clients business. We can raise this through tracking our customers and determining how our services have impacted on the client’s business performance. This can be used as a marketing point for our client’s performance

Customer needs will be addressed through to ways. First, there will always be a client engagement meeting that will be used to understand the client’s business concerns as well as the vision the have for their company. After that we will develop a client satisfaction monitoring system that will be used to follow up the client response to the products delivered to them. This will ensure that the customer’s needs are factored in every decision that is made in the process of delivering the client experience. The client will not only feel valued but also feel that his design was implemented fully and the design ownership will be a great factor in delivering this distinctive client experience.  In this way we will have sufficient client satisfaction as well as a good business name.

Reference

Miller, A and Dess, G (1996), Strategic management, Mcgraw Hill, London

Jones, R and Hill, C (1999) Strategic management: An integrated approach, Houghton Mifflin Company, New York.

ACCA (2009). Management Accounting.  BPP learning Media: Oxford

Money Matters.com. What is an Entrepreneur? .Available at http://www.moneymatters101.com/startingabusiness/whatisanentreprenuer.asp Retrieved 21 July 2009.