The strategic plan for the first company is to grow 2.5 million dollars. The strategy helps an organization plan long-term actions to achieve the major objectives throughout the company. The key factors in a strategy include the market, product and the organizational development strategic alliance. The weakness of Tina’s plan is that it might not be enough change to drive 2.5 million in gross revenue. She may need more ideas to get her to 2.5 million.
The strategic plan for the second company is to help improve the competitive performance throughout the organization. Ying’s strategy has three broad strategic options that help her collect receivables in a timely manner that should lead to accessible profits for the company. Ying is thinking outside the box to find a way to work with the locals who are out to sea for months on end and may have bills to pay while at sea, or may be short on cash because of the remote environment and lack of available jobs year round.
Tina and Ying’s strategic plans have many things in common. Both took similar approaches to begin their strategic plans by providing company background, mission statement and values, etc. This approach provides readers information gradually, and makes the transition smooth. Both Tina and Ying also focused on the environmental analysis for their chosen organizations. However, there are many things different in Tina and Ying’s strategic plans as well.
In Tina’s environmental analysis, she focused more on the organization’s external environment, especially the threats posed by the organization’s competitors. Ying analyzed her organization’s external environment from three aspects, remote, industry, and operation. As for the internal environment, Ying applied SWOT analysis to identify the organization’s strengths and weaknesses. Another major difference between Tina and Ying’s strategic plans lies in the implementation plans.
In Tina’s implementation plan, she took a departmental approach, which means different department will have different objectives, tactics, action items, milestones, and tasks. Ying’s strategic plan focused on reducing accounts receivable days, which is a business office function, thus the implementation plan targets the business office specifically. The Selected Strategic Plan
Choosing a strategic plan is difficult due to the writer being a participant. However in this situation Ying has already laid the foundation for the selection. Tina’s paper is a bit more robust when it comes to a strategic plan for the company in general. Tina has worked in all departments of her company in her fifteen years of service, which allows a broader insight of the company’s needs.
However, though Ying is focusing on just one department within the hospital, changing the cash flow will help the hospital considerably. Unfortunately, the hospitals leadership team could take the money earned by the receivable department and invest it elsewhere if it is not part of a bigger plan. Ying’s paper is well written and shows great understanding of her department and its needs. Justification
ADO is a small company with a need for an increasing workforce. To continue to support the resources brought on to grow different departments, the company must bring more cash flow to the bottom line. Team D believes that Tina’s plan covers a larger scope, and with a few more tweaks will have a better chance of attaining the interest of investors. Giving investors insight to the company helps promote trust. A level of trust is necessary because investors want to make a strong return on investment. Investors must feel that a company not only has a the inspiration of an idea but also the methodical diligence of execution. Conclusion
Members of Learning Team D learned not only how to develop appropriate strategic plan, but also a key to the success of any team project is cooperation and collaboration. Through the journey of this team project, members in Team D have helped one another, and made progress and improvement with one another. It was truly a successful team work.