Strategic Planning in Business

Added on - 21 Feb 2021

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PLANNING THE FUTURESTRATEGY OF YOURBUSINESS
Table of ContentsIntroduction..........................................................................................................................................3TASK 1................................................................................................................................................31.1 Business plan for new sector.....................................................................................................3TASK 2.................................................................................................................................................42.1 SWOT analysis for hospitality business....................................................................................42.2 Different barriers of growth.......................................................................................................4TASK 3.................................................................................................................................................43.1 legislation relate to employee's of company..............................................................................43.2 Legislation relate to staff...........................................................................................................53.3 Recruitment process for a business............................................................................................5TASK 4..............................................................................................................................................54.1 Manage staff in a business.........................................................................................................5TASK 5.................................................................................................................................................65.1 Options for growing a new business..........................................................................................6CONCLUSION....................................................................................................................................6REFERENCES.....................................................................................................................................8
IntroductionPlanning is the central function for an organisation which pre-decides activities for anorganisation. The term strategy refer to method by which a company will be able to accomplishtheir goals. A well planned strategy helps the company to achieve all the determined goals . Theorganisation chosen for this organisation is Marks & Spencer which is well known retail companyof UK. As for this report company want to introduce their business in Hotel industry. For thisplanning and strategy for new business is cover that help M&S to establish their business incompetitive market.TASK 11.1 Business plan for new sectorThis section will be focusing on the business plan of new hotel for Marks & Spencer.Executive summary-Mark & Spencer is multi-channel store of company. They offer food,clothing and life style products to customer. As in present scenario company found opportunities inhospitality sector. For this company develop strategy to make establish their business in hotelindustry(Channing, 2013).Business description-Marks & Spencer want to develop their business in hospitality sector.In this circumstance company expand restaurant, food store etc. With this existing customer ofcompany loyal for new business.Market analysis & strategy-Research and development predict all scenario that impact onbusiness. With this company analysis factors by which they develop and create more effectivestrategy that help to overcome from upcoming threats.Daily operations- Some major activities that are operate by company on daily basis toperform their roles or task is necessary. It help M&S to record their daily transaction which help toadopt that are necessary to produce high result.Financial project- In final stage different ways are explored by which company raise funds.With this company combine all resources and offer them in market. For this M&S hire experts toprovide effective services to company.BasisMarks & SpencerBulgariServicesCompany is new in hospitalitybusiness. It is difficult todevelop sequential process forprovide effective services tocompany.Bulgari hotel is existing playeras this experience help them toprovide effective services tocompany,.Employee'sEmployees that work for M&Sdoes not aware about serviceindustry it increase cost ofcompany.Individuals which work forBulgari has proper knowledgeabout hospitality service.1.2 Business performance indicatorsOutput indicator-In this company focus on different factors. It help company to match theirexpected result with output result(Cheng and Krumwiede, 2012). Like Marks & Spencer developbudget for their new business and control extra expenses.Actionable indicator-For different business it is important for M&S to give direction to its
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