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Strategic Plan Part 1: Conceptualizing A Business

1125 words - 5 pages

Strategic Plan, Part 1: Conceptualizing a New Business

Strategic Plan, Part 1: Conceptualizing a New Business
A strategic plan is vital to conceptualizing and developing a new business built for success. This paper is Part 1 of my strategic plan to open a new bar/restaurant in downtown Greenville, SC. I am currently one of 4 people that run a local adult sports league. The idea for opening this bar/restaurant stems from the fact that we have multiple sponsor bars that we send our 2000+ players to after sports and events. Opening a bar that is solely focused on the sports league players guarantees an already established client base. The bar will be called GSB- Greenville Sports Bar and ...view middle of the document...

A vision statement “presents a firm’s strategic intent designed to focus the energies and resources of the company on achieving a desirable future” (Pierce II & Robinson, Jr., 2009, pp 37). The vision for the establishment is to be the only the bar/restaurant that sports league members want to go to after sports and events. Also want the bar/restaurant to become the venue of choice for different events that the sports league puts on. GSB will focus on product and service quality and selection based on the ever changing needs and desires of our customers. We want to provide a laid-back atmosphere in which you can walk in the door in shorts and t-shirt and always see a friend.
Guiding Principles and Values (Culture, Social Responsibility, Ethics)
Social responsibility and ethics are important to any company trying to enter a market and trying to sustain a powerful presence in a certain market and location. Greenville Sports Bar will operate based on its’ core values and ethics that include respect for our customers’ needs and desires, providing quality service, product and experience, and creating a culture in which everyone who visits the bar feels like family. GSB will also value and respect our employees, identify their strengths and weaknesses, and coach and train them in order for them and our customers to receive the best experience possible when they attend our establishment. We will focus on exceeding customer expectations by listening to employee and customer feedback and implementing innovative and new ways to meet requests and fix problems. We will operate our business in an ethical, honest manner in which we remain committed to our standard of providing high quality service and products to our patrons while providing an outstanding work environment for our employees. We will take responsibility and be accountable for all commitments, actions, risks, and decisions made by our company and personnel. Our guiding principles will be financial focus and customer satisfaction. We will focus on being profitable for all stakeholders and on exceeding customer expectations to ensure profitable growth.

Competitive Advantage
A competitive advantage is created by a company when they can do something that drives customers to their business over their competitors. This could include providing lower costs, delivering services or products faster, or offering...

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