Strategic plan Essay Sample
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Strategic plan Essay Sample
Final Strategic Plan and Presentation
Strategic Management is an important process in operating a business and is defined as “the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives.” Creating a mission and vision as part of a strategic plan is the first step and is vital to an organization to be successful and competitive. Strategic plans assist with the creation of goals to direct the company in everyday functions as well as for future growth. Strategic Management develops, implements, and monitors the strategy to meet the business vision and mission. A strategic plan is important to the success of Omarlee’s Early Learning Centers because the business would just be getting started. The business needs direction to lead it to success. When a company does not know where they want to go, management would be meaningless. Strategic planning identifies where the company is heading. These four functions support the mission and vision that was created during strategic planning. Business Background
Omarlee’s Early Learning Center is a small early learning childcare facility licensed by the State of New Jersey and seeking accreditation by the National Association for Education of Young Children (NAEYC). Omarlee’s is located in a middle-class neighborhood and operates from the hours of six in the morning to nine in the evening Monday through Saturday. With six classrooms, Omarlee’s provides childcare and early learning services for infants six weeks old to children five years old. Omarlee’s offers a nurturing learning environment with indoor and outdoor activities that will stimulate child development based on each child’s individual needs. Omarlee’s will prepare children ages four to five years old for entrance into elementary school. Omarlee’s offers affordable monthly rates and accepts families qualified for childcare financial assistance. Omarlee’s receives various state and federal grants allowing the facility to offer affordable rates. Mission
Omarlee’s Early Learning Center’s mission is to partner with families, teachers, and the community to provide a safe and nurturing environment which promotes and supports education and development for all children. Omarlee’s Early Learning Center’s goal is to provide an excellent childcare and education experience. Members of the Omarlee Family can expect an excellent facility for every child to learn and grow as well as a competent, trustworthy, educated, and loving staff. Omarlee’s respects diversity and builds relationships based on respect and consideration. Omarlee’s Early Learning Center aims to provide a stimulating, secure, affordable, and developmentally fitting setting for children ages six weeks to five years of age. Our focus is to offer a stimulating education experience that encourages each child’s social, cognitive, and physical development.
Our goal is to support and encourage every child’s desire to learn. Omarlee’s Early Learning Center is seeking national accreditation and is licensed by the New Jersey board of licensing. Omarlee’s strives to provide a home-like environment in which all children are shown love and encouragement to work at their own level. Omarlee’s is committed to the families served and provides support and encouragement, encouraging parents to participate actively with the development of future leaders. Omarlee’s believes open communication between parents, staff, and teachers is the best way to build a strong relationship, providing families with numerous ways to stay involved in their child’s learning process. Teachers, staff, and center administrators will maintain clear communication with parents about their children.
Omarlee’s Early Learning Center’s vision is to provide affordable, quality early learning programs to families of all backgrounds. Omarlee’s understands that each child deserves to learn and grow at his or her own pace. The responsibility of the organization is to provide the resources and environment that will give every child the opportunity to develop to his or her greatest potential at his or her own pace. At Omarlee’s children receive the support and respect needed to establish strong foundations for the future. All of this is done at Omarlee’s while providing a safe and nurturing environment that is exciting and stimulating for children. Omarlee’s makes learning fun and exciting as one of the ways to develop each child’s potential. The other is by focusing on children’s cognitive, social and physical development, which are the three key educational elements for child development. Omarlee’s realizes that selecting the best quality childcare and child development program is the most important decision a parent will make. It is essential that children are protected, loved, and having fun. Omarlee’s is very devoted to providing each child with an enriched learning atmosphere that encourages societal and emotional growth and promotes a robust educational base for the future. Omarlee’s looks forward to all of the new families becoming a part of the team.
Values, ethics, and social responsibility are important considerations when creating a strategic plan for any business. Omarlee’s main value is the main corporate value is to provide an excellent childcare and education experience for children ages six months to five years old. Placing the individual needs of each child as a top priority will help develop a strong relationships and a positive image. In order for Omarlee’s to achieve the organization’s mission, it will require collaboration among the staff and families. Ethics are also important to consider when dealing with very expensive equipment. Ethical violations will have negative impact on Omarlee’s image and reputation and could cause the organizations demise. The company also strives to provide a safe, nurturing, and loving environment that exceeds all state licensing requirements this will have a positive effect on the children enrolled and promote a positive image. Omalee’s mission statement is the core of the organization’s entire purpose. This statement expresses the values and beliefs of Omarlee’s founder. This mission statement should inspire staff and provide a focus and direction for the business, and should guide employees in making decisions and establish what the organization does. Mission statements are crucial for organizations to prosper and grow. The mission and vision statement will guide the business to be successful and stay focused. The mission and vision statement guide the organization and staff in creating short-term and long-term goals.
The mission statement encourages Omarlee’s to strive to deliver a quality service while striving for national accreditation. Omarlee’s strategic direction is guided by the organization’s mission, vision, and values. These three factors assist with defining individual and organizational goals. The mission outlines the organization’s purpose and how it plans on delivering its services. The vision statement illustrates how the organization aims to be in the future. Omarlee’s values illustrate the organization’s priorities. Strong values will make sure that Omarlee’s makes sound choices that consider the families enrolled and the community’s best interests. Omarlee’s Early Learning Center is motivated to be successful and grow in the future. Strategic planning is crucial in achieving this goal. A strategic plan makes it easier for the organization to achieve its goals.
Any person planning on starting a business should perform a detailed study of the market to determine the business’s likelihood of succeeding. Performing a SWOTT analysis is an important step when evaluating all scopes of the market that are essential for the success of the business. ASWOTT analysis is also an important tool when assessing the strategic position of a business. A SWOTT analysis can help a business like Omarlee’s Early Learning Center learn about the prospective business’s strengths, weaknesses, opportunities, threats, and trends. Omarlee’s management can evaluate the factors related to the long term success and various obstacles the business faces by performing a SWOTT analysis. Strengths
Strengths of Omarlee’s are internal factors that the business does well. The one main strength that Omarlee’s has is that the center is open longer hours than the competition. Another factor that sets Omarlee’s above competitors is the prime location within walking distance to the train station. This makes the center an appealing option for an external strength is that single parents, working married parents, and especially commuters to New York City in need of childcare. Another strength is the sophistication and effectiveness of the center’s fun and exciting teaching methods. Omarlee’s Early Learning Center is licensed by the State of New Jersey. The center also offers excellent training opportunities to staff to assist with maintaining the required licensing and class credits required to maintain an excellent and qualified staff. Omarlee’s also receives state funding to help subsidize costs for families and the center. Another strength is that Omarlee’s Early Learning Center will be contributing to the community by providing a quality early learning experience that will produce enriching results among the children enrolled in Omarlee’s. Weaknesses
Omarlee’s weaknesses are issues that may prevent Omarlee’s form being as successful as it can be. One weakness is the lack of image in the community because the business just starting. Another weakness of Omarlee’s Early Learning Center’s is not being able to forecast service demands to be able to properly staff the center relative to the state required teacher to child ratio. Omarlee’s also faces the chance of a high employee turnover rate and the chance that the budget may make it difficult to maintain a qualified staff. Omarlee’s also lacks the high-tech camera monitoring throughout the premises. Another weakness is that Omarlee’s is not yet NAYEC accredited. Opportunities
Omarlee’s Early Learning Center has many opportunities. There is a possibility to earn revenue because many families are seeking affordable quality childcare. Because there is a high percentage of the community is not aware of the Omarlee’s services that means there is a large number of possible new clients. Parents who work in New York City and live locally in New Jersey will need the extended hours that Omarlee’s offers to allow for ample travel time to and from work without the stress of rushing to pick up children from a center that closes at earlier hours than Omarlee’s. Because the center is in close proximity to the train station those that commute to New York City will find Omarlee’s is a convenient location to pick up and drop off children without being out of the way. Once enrollment starts to increase the business’s revenues will increase.
The threats of Omarlee’s Early Learning Center are the competition. Competition that threatens the enrollment of children is companies that offer childcare in-house. Competitors that have more accreditations or offer more financial assistance is also large threats to the success of Omarlee’s. All childcare centers face the possibility of a lawsuit even highly accredited centers. There is also the chance of not being able to find and maintain qualified staff members as well as the threat of a possible high turnover rate. Another of Omarlee’s Early Learning Center threats are the existing reputable childcare centers that can invest and become more competitive than Omarlee’s Early Learning Center. SWOTT ANALYSIS
•center is open longer hours
•prime location (walking distance to the train station)
•appealing option for single parents, working married parents, and commuters to New York •sophistication and effectiveness
•fun and exciting teaching methods.
•licensed by the State of New Jersey.
•excellent training opportunities for staff
•require licensing and class credits for staff.
•receive state funding to help subsidize costs
•will be contributing to the community Weaknesses
•lack of image in the community
•business just starting.
•inability to forecast service demands
•chance of a high employee turnover rate
•budget may make it difficult to maintain a qualified staff. •lacks high-tech camera monitoring throughout the premises. •not yet NAYEC accredited.
•possibility to earn revenue
•high percentage of community not aware services
•large number of possible new clients.
•commuters need the extended hours
• increase revenues with increased enrollment
•companies offer childcare in-house.
•competitors with accreditations
•offer more financial assistance
•possibility of a lawsuit
•not being able to find and maintain qualified staff members •possible high turnover rate
•existing reputable childcare centers that can invest and become more competitive
A SWOT analysis identifies a business’s strengths, weaknesses, opportunities and threats to assist in developing a strategic plan. It is necessary to recognize weaknesses and threats that Omarlee’s faces in order to create a plan of action to counter those threats and correct weaknesses. A SWOT analysis will assist with supporting Omarlee’s mission and vision as well as the goals set by the business.
A balanced score card is a valuable method for evaluating strategic plan objectives. Omarlee’s Early Learning Center will implement the balanced scorecard method as a critical piece of the strategic plan. The strategic plan can be analyzed using a scorecard for four perspectives. The first is the financial perspective, includes strategic objectives in areas such as market share, revenues and costs, profitability, and competitive position. The second perspective is the customer value perspective, which includes strategic objectives in areas such as customer retention or turnover, customer satisfaction, and customer value. The third perspective is the process or internal operations perspective, which includes strategic objectives in areas such as measure of process performance, productivity or productivity improvement, and operations metrics. The fourth and final perspective is the learning and growth (employee) perspective, which includes strategic objectives in areas such as employee satisfaction, employee turnover or retention, level of organizational capability, nature of organizational culture or climate, and technological innovation. (BUS475 Course Syllabus).
To begin the balanced score card process it is necessary to define objectives and benchmark goals and initiatives for each perspective. The scorecard for Omarlee’s will list each objective in a table type format to assist the
business in the strategic plan development. The SWOTT analysis on Omarlee’s Early Learning Center will influence the balanced scorecard and the strategic plan development. The balanced scorecards will lead Omarlee’s Early Learning Center in developing realistic and manageable goals in each of the four business perspectives.
Increase revenueRevenue should increase a minimum of 50% during the first yearThe company should see a quarterly increase for the next year. This goal can be achieved for seeking out new families to enroll. Lower business expensesBusiness expenses should reduce by 10 – 25% over the next year. The company should see an overall decrease over the entire year. Seek new families to enroll and secure more state and federal funding Increase amount of money received through state and federal grants Total Grants should increase by 10-15% over the next year. Increase funding by increasing enrollment Apply for all applicable state and federal grants Customer Value Scorecard
Objectives Measures Targets Initiatives
Train employees to focus on exceptional custom teaching methods and techniques.Employees should be able to demonstrate high level of experience. Require employees to obtain certain certifications within first year of employment. Offer course financial assistance and/or trainings to employees who need certifications. Establish and maintain clear and open communication with parents to build trust and strong relationshipsParent satisfaction should remain high and issues and concerns should be resolved immediately. Parents will refer other families to our services Conduct surveys and open houses to understand family needs and address concerns to create an environment that is safe, secure, fun, loving, and educational. Offer an exciting and educational curriculum to the childrenChildren development at their own, yet appropriate pace. Offer individualized curriculum based on each child’s development Assist children in reaching milestones and instilling good morals and healthy habits while
developing a trusting relationship Learning and Growth Scorecard
Objectives Measures Targets Initiatives
Encourage an environment that encourages employee growth. Achieve a retention rate of 75% or higher for the first half of the year. Maintain this retention rate for the next half of the year. Conduct surveys to identify improvement opportunities. Secure and develop a health benefit plan for staff Allow staff the opportunity to purchase healthcare through the business. This program is for long employees that have been employed for 30 days or more. Present health benefits as an incentive for staff to stay. Participate in community events to build a positive image. Participate in a minimum of two community events the first year. Increase community event involvement 100% in the second year of business. Note an increased awareness business and an improved image. Increase community involvement and community awareness of the business Internal Operations Scorecard
Objectives Measures Targets Initiatives
Implement a system for tracking child development and methods that are effectiveChildren must be observed for a period of time to determine current abilities to measure development. Track child activities and development daily over their entire enrollment. Involve parents in child development activities and celebrate milestones. Set short-term enrollment benchmark goals Short term enrollment should be within 20% of main competitors The company should be consistently increasing enrollment Determine standards metrics from competitors. Develop a website to promote the business.Internet exposure should grow at least 10% per year.Website traffic can be measured using softwareInvesting in web technology promote the company and communicate with enrolled families
The balanced scorecards provide Omarlee’s Early Learning Center with a structured analysis of its goals. First, financial goals ensure the company is gaining capital and spending it efficiently to promote business growth. Next the customer value perspective ensures that Omarlee’s is communicating with parents to ensure satisfaction with the curriculum, facility, and the care provided to their children while identifying places to improve parent satisfaction. Improvements will encourage referrals and success. The learning and growth perspective focuses on staff satisfaction and maintaining a certified and highly trained staff. Last, the internal operations perspective identifies improvements the business can make to improve efficiency and ensure success. A balanced scorecard will lead to a successful and well thought out business strategic plan.
Omarlee’s believes that families play an essential role in our programs; therefore it is important to build a positive relationship with the families as well as the children. Family involvement Omarlee’s practices and encourages regular communication, family involvement through volunteering in the center and the community. Omarlee’s has an open-door policy and welcomes parents and families to visit their child in the classroom. Parents and families are welcome to assist in classroom activities, read to children, and to chaperone any field trips. Omarlee’s also schedules conferences with families to discuss their child’s development and progress. Omarlee’s sends electronic monthly newsletters to families to keep them posted of the center’s happenings, including scheduled events, class plans, and snack menus. Omarlee’s also posts information on bulletin boards outside each classroom for families to keep up-to-date of the center’s happenings. Omarlee’s also provides individual daily reports to all families on their child’s daily activities.
Omarlee’s Early Learning Center’s marketing strategy includes advertising as well as strategic relationships with education and child related organizations within the community. Omarlee’s aims to run advertisements in community newsletters, local newspapers, and on the local community websites. These advertisements main purpose will be to increase visibility about the center’s services. Omarlee’s also aims to partner with the local hospital, public schools, private schools, community center, and churches. By building relationships with these organizations within the community, Omarlee’s will build on their reputation as well the possibility for new families enrolling Strategy
Omarlee’s Early Learning Center’s strategy will promote enrollment, acquire and maintain a qualified staff, increase state and federal funding, improve technology, and increase revenue. First Omarlee’s needs to develop a budget to start operating. Omarlee’s needs to develop a handbook for staff and a handbook for families in order to communicate policies, procedures, and expectations. Omarlee’s will also develop a basic website with plans to improve the website as enrollment increases and an image is established within the community. Once the primary goal of enrollment is reached Omarlee’s may start applying for more financial assistance to help with subsidizing programs which will also encourage more enrollment. Omarlee’s also aggressively seek NAYEC accrediadation to improve chances of funding, improved image, and increasing enrollment. Omarlee’s will review the developed strategy and revise it as necessary after six months during the first year of operations and annually following the first year of operations. Omarlee’s will improve technology during the second year of operations if not sooner. Conclusion
Omarlee’s Early Learning Center should be successful with the development of a strategic plan and strategic management. By following the guidelines in strategic planning Omarlee’s could grow to its fullest potential. Though the start-up process may seem lengthy with focus to achieve the set goals, Omarlee’s should start to see results. Omarlee’s mission and vision statements, SWOT Analysis, and scorecards, assist with the ease of developing a solid plan to achieve the center’s goals. Omarlee’s also has to be able to adapt and change the strategy as necessary especially as requirements and standards in the industry change.
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