Strategic Planning in Buffallo Wild Wings Company, Research Paper Example

Introduction

A strategic plan is an important tool of management that can strengthen the performance of a company when used effectively. This can be achieved through systematic strategic formulation and implementation of the plan and making of effective and sound decision making. Since the inception of strategic planning, its use in the public sector had increased significantly over the last decade as compared to its early times of development when it was mainly used in private sectors (Knudsen 2002). Strategic planning is part and parcel of the package management innovations design to ‘reinvent’ an organization (Jones, 2005)

Having clearly stated the company’s mission, vision and statement, it is paramount to establish a basis of validation. This can be done by engaging the members of the strategic planning team in the exercise of scrutinizing the quality of the mission, vision and statement of the company and its effectiveness in relation to the company’s objectives and goals. This is done by having the individual member of the strategic team answer the strategic questions intended to be answered by the team then having the team sit together and draw a conclusion from their various answers. However, the final statement is then formulated by the executive leaders with the support of the facilitating team.

Data Collection and Analysis

A study of the environment is conducted by the human resource staff or a designated team with membership representing a cross section of the company in order to determine the internal and external factors surrounding the performance of the company. This is conducted through the SWOT analysis and Environmental scan. Under the SWOT analysis, the strength, weaknesses, opportunities and threats surrounding the company are studied.

Internal Factors

These are aspects that are within the company and are manageable, for example; finance, marketing, manufacturing and organization within the company (Knudsen 2002). Other factors are: Available workforce skills and demographic profiles of current employees, Necessary workforce is administered on the company’s strong-holds to maintain or even improve performance.

External Factors

These are factors outside the company and the company has no or little control over them. (Jones, 2005). These are factors like opportunities and threats to the company. Opportunities that arise should be utilized as fast as possible by the company. Such opportunities could be inform of technological advancement or the availability of information that could best be used to boost the performance of the company. Such opportunities should be used to the advantage of the company in favor (Knudsen 2002).

On the other hand, potential threats to the company are projected, and suitable measures put in place to deal with them. The threats could be as a result of government legislations that could cause financial constraints to the company or as a result of the move by the government to privatize some firms hence exposing other companies to competition.

Implimentation

After thorough analysis and drawing of a competent conclusion, the above procedures are then put into practice. The progress is then monitored so as to give a follow up of the effectiveness of the strategic plan.

Reference

Smith R.J. (1994), Strategic Management and Planning in Public Sector, Longman Harlow.

Osborne, D. and Gaebler, T. (1992), Reinventing Government, Addison-Wesley, Reading, Mass.

Khandwalla, P.N. (1977), The Design of Organizations, Harcourt Brace Jovanovich, Inc., New York.