In this day and age planning is key to any business startup, especially during these tough economic times. As we prepare a plan for any business many factors arise including the strengths, weakness, opportunities, threats and trends in any business planning. Let’s explore deeper to analyze the very important factors.
Strengths: Internal positive aspects that are under control and upon which you may capitalize.
Good examples of internal strengths are:
Company culture (e.g. known for promoting people from within)
Company image (e.g. positively viewed by local community)
Work experience (e.g. established methodologies for handling large projects)
Strong technical knowledge within your field (e.g. hardware, software, programming languages)
Specific transferable skills (e.g., communication, teamwork, leadership skills)
Personal characteristics (e.g., strong work ethic, self-discipline, ability to work under pressure, creativity, optimism, or a high level of energy)
Good contacts/successful networking
Interaction with professional organizations
Every organization has some strength. In some cases this is obvious, in other cases it is a matter of perspective. Regardless of the size of the company there will be strengths, if you are a global tier one supplier with facilities on four continents or a small mom and pop shop. The larger company could have a monopoly on the supply of a product and that is strength, because it is obvious. The mom and pop shop has the ability move fast to stay ahead of curve; this is a strength that is a good example matter of perspective.
The Term Paper on Business and Work Environment
Business and Work Environments A trade union is a cohort of people involved in similar work or working in the same industry who have banded together for their mutual benefit in matters connected with work. Trade unions exist to collectively represent and protect workers by improving the quality of their working lives. In the workplace, both employees and employers have rights and responsibilities ...
It is clear that FedEx’s commitment to operational planning is a key component of the organization’s current and longstanding success. However, the company’s operational planning strategy is not without its weaknesses. FedEx has helped to create an expectation of the company as more than an overnight shipping heavyweight. It says so on the company’s website.
Every generation expects easier access to more of what the world has to offer. More products and services. More information and ideas. More people and places.
FedEx helped create that expectation. And we deliver on it millions of times a day, providing the access to transform possibilities into reality. While our early days are legendary, today’s FedEx has grown up into a $27-billion network of companies, offering just the right mix of transportation, information, document management and supply chain solutions. (2005, FedEx.com).
Because FedEx has expanded as quickly as new technology has been made available, the company has opened itself up to a public, whose increasing demands, insist upon the bar being raised constantly. This amplified demand, while great for business, makes it difficult for the company to get a handle on its operational planning, because quite simply, there’s more to plan for.
Increased planning and organizing means more overhead, and an increased chance that, if one component is not perfectly executed, the organization will feel the effects quickly and for an extended period of time. As stated, FedEx has introduced and variety of transportation services, e-business solutions, as well as a host of new shipping tools and products. Each line of business is like a separate company within the FedEx organization. Often customers require products and services from each of the FedEx branches, which means the operational planning for each individual branch must account for the others. FedEx decision to embrace the latest technology and to implement said technology within their operations, combined with the continuous customer expectation that FedEx will always do what it takes to meet their needs, requires that the company spend a great deal of its operational budget on upgrades and new technology investments. This operational planning weakness can only be overcome with increased profits, a fact that FedEx has demonstrated a firm understanding of.
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There are many possible threat factors that can interfere with the planning procedures at a company’s operational level and can put their reputation in jeopardy in the event that an operation management incorrectly handles a potential threatening situation. The FedEx Corporation at this level encounters a seasonal threat every year, the Christmas holiday rush which contributes to increased package deliveries. This increase of package volume will activate the threat planning process, enabling operational management to identify the threat, provide and implement plans of alternate actions avoiding major disruptions in the operation function.
Their plan may include a temporary increase in personnel and possible training sessions, consideration to rerouting the channels of distribution, or flights to a particular region or even seek alternate transportation needs while remaining within his budget. The weather conditions at this time of the year also increases the possibility of daily operational threats that may incur, a winter snow or rain storm in a given part of the world or region would trigger a threat that would disrupt normal daily functions. Labor and contract disputes, limitation of planned flights, world conflicts or tariffs imposed by other countries would also pose a threat to this level of operation and impact normal delivery services to a global delivery corporation.
Also, when planning any business strategy, it is important that you understand the industry in which your business exists. There are several tools available to better aid in gathering and organizing information that is helpful in organizational planning. One of these tools is the S.W.O.T.T.
Nutrition Company Business Plan
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analysis. As part of this analysis for FedEx one must look at the different financial and industry trends to be able to make informed business decisions.
Analyzing the financial trends of your company is one of the internal factors that an organization can use to help make future business decisions. At FedEx, their revenue has steadily increased for several years and they have established a strong brand name and image. According to the FedEx website (www.fedex.com), they have established long term financial goals for the company. These goals are as follows:
Grow revenue by 10% per year
Achieve 10% operating margin
Increase EPS by 10% – 15% per year
Increase cash flow
Increase returns
The fact that FedEx has these goals gives an indication that their management is looking at the financials of their company and more then likely, they are tracking the trends within the organization.
In addition to tracking the financial trends within the organization, which is helpful because those trends can be controlled by management decisions, it is valuable to a company to track and understand the different marketing trends within their industry. As for the industry that FedEx is in, the main trend impacting the industry is the increased international business transactions that are taking place throughout this country and throughout the world. This increase in potential business for FedEx is important to understand for the development of the operational planning needs of the company. Knowing the trends that exist help pinpoint the strategic steps that need to be taken to ensure that your organization is able to support the market and keep up with the ever changing environment.
To keep operations running smooth and strong Federal Express will be purchasing ten new A380s by 2011. This air craft will allow Fed Ex to meet the expected load for capacity in “key international markets with fewer flights” (Fed Ex para.3).
This will lead the company to high effectiveness and save on a great deal of costs. “The A380 has a longer range and superior efficiency” (Fed Ex para.5) then the planes Fed Ex uses now. The new plane also has a larger capacity. Major changes will not be necessary or made to accommodate the new air craft. This new form of operations will also create thousands of new jobs not only in the U.S., but around the world.
Galvor Company Business Plan
Case 10-3: Galvor Company Background Galvor Company was founded in 1946 by owner, and president M. Georges Latour. The company had acted as a fabricator, buying parts and assembling them into high quality, moderate-cost electric and electronic measuring and test equipment. Latour had always been personally involved in every detail of the firm's operations as in most family businesses. Fiscal ...
As we can see any level of business planning have certain factors that affect the outcome of the plan or project, but as business professional we need to analyze each factor to produce the most favorable outcome.
References
Batemen. (2003).
Management: The New Competitive Landscape, 6th (p.6-29).
The McGraw-Hill Companies
FedEx (2005).
Retrieved from the web on February 6, 2005 from www.fedex.com
