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Strategic Plan Paper

Autor:   •  June 27, 2016  •  Research Paper  •  2,777 Words (12 Pages)  •  448 Views

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     Strategic Plan Paper

Team A – Nathan, Edward, Cristal and Cathy

MGT 498

May 5, 2016

Eric Kingsbury


     Strategic Plan Paper  

Every successful corporation needs a plan, but not just an ordinary business plan. It is critical for the success of any business to create and implement a strong strategic plan. Planning in general involves a vision, a mission, and creative thinking, however planning under a strategic motion will include a direction as well. A travel plan so to speak of, not your typical travel plan but plans for where the company wants to go. Without knowing where one wants to go, one cannot create a plan to get there. The strategic plan functions as a design for getting the company where it wants to be, similar to how a blueprint in construction functions as the directions or the how for building something. In this paper, Team A will create a strategic plan for Riordan Manufacturing. This plan will explain why Riordan needs a strategic plan and the role ethical and social responsibilities play in Riordan’s plan. Team A will also discuss competitive advantages, competitive strategies, innovation and sustainability for Riordan. In addition, the paper will look at the different measurements, dynamics, and influences needed for business continuity. Although, every business should have some sort of business plan, some will find a greater success because of their ability to design a strategic plan (Pirraglia, 2016).

Why a Strategic Plan

        Riordan Industries, Inc., which is the parent company to Riordan Manufacturing, is not only a fortune 1000 company with Global Operations, but also an industry leader in the field of plastic molding. Without a strong strategic plan, Riordan Industries, Inc. and the company’s subsidiaries run the risk of losing everything. Remaining successful in business requires a company to develop, implement, and re-define a strategic plan for the company. A strategic plan will help an organization set direction and priorities for the company. This is important so everyone is on the same page, employees will understand and know exactly what is required of them and in what order of priority each task should be completed in. The strategic plan will also help simplify decision making for the company’s leadership team. Often the leadership team within an organization might have difficulties saying no to new ideas or initiatives. With a clear strategic plan in place the leadership team no longer needs to feel badly about turning down ideas since the company has already identified the activities which are priorities for the businesses success. Another important reason Riordan should have a strategic plan is to drive alignment. Often companies have really good employees who strive every day to do his or her best, but are working in areas which have very little impact on the company’s overall success. By driving alignment a company can connect effective employees with tasks he or she is not only good at but will also drive the business plan towards company success.  And finally, a most important reason for any company to create a strategic plan is to communicate the message (Wilkinson, 2011).

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