From: Nicole Wars
To: Steve Wilford
Date: March 20, 2022
Subject: Strategic Plan
Summary
A strategic plan must incorporate a vision statement, mission statement,
and S (specific) M (measurable) A (aggressive) R (realistic) T (timely) goals.
Strategic planning and development will involve an articulated plan,
strategic differentiation, organizational alignment, and organizational
transformation (Virtual Strategist, n.a.). As stated by Kryscynski (n.a.), a clear
strategic plan can be achieved when focal questions that include, where a
business competes, what unique value does a business offer, what
resources and capabilities does a business utilize, and how does a business
sustain value can be answered.
What is right with this strategy?
Creating the strategic plan is a good start for Paul’s Discount Tires and
Repairs. While using the SMART goals to analyze Paul’s strategic plan three
were addressed. The specific goal of continually to provide the lowest cost
discount tires, minor repairs, exceptional customer service, and quality work
did align with the plan. The commitment of providing services over 10
years is a measurable time frame and is realistic to achieve. Although, there
are specific, measurable, and realistic goals stated to obtain a good position
of success the business must achieve all SMART goals (Leading
Strategically, p. 42-44). In addition, Paul’s Discount Tire and Repair plan has
been articulated as to where they are going over the next ten years and the
strategic differentiation is identified that they provide the lowest cost tires
and repairs to the retail customers in the city.
What is wrong with this strategy?
Continuing with the SMART goals, although the measurable and realistic
goals were stated they could be stronger and more strategic to the plan.
Paul’s Discount Tire and Repairs needs their goal(s) to be aggressive so
there is a notable challenge to the business (Leading Strategically, p. 42-44).
The plan should have a time-bound goal so a deadline can motivate the
business to meet and achieve the goal(s). Cutting cost wherever necessary
may not align with Paul’s 21year rooted culture it brings to the business
while upholding their exceptional customer service and quality. In addition
to Paul’s smart goals, the plan must start aligning the organization by
focusing on short term goals that can be achieved now and who will be
responsible for ensuring the business meets these goals (Virtual Strategist,
n.a.). The organizational transformation within the business will also need a
process in place to manage the overall strategic plan as stated by (Virtual
Strategist, n.a.).
Will we sustain it with this strategy?
Paul’s Discount Tire and Repairs will not sustain with the current strategy
plan. Paul holds the competitive advantage in the market in the city, but
over the next ten years the market will prove to advance. The plan
addresses the unique value it brings to the market by achieving the lowest
cost of tires and repairs. According to Kryscynski (n.a.), the business will
need to focus innovation and what resources and capabilities that are
utilized to maintain their competitive advantage.
What is one thing we could do to improve on this strategy?
Paul’s Discount Tire and Repair needs to direct focus on the development
of a vision statement to illustrate where the business is headed in the future
(Leading Strategically, p. 41-42). A mission statement as explained in,
(Leading Strategically, p.41-42), should be established explaining to Paul’s
stakeholders why they should support the business. For Paul’s Discount
Tire and Repairs to maintain the competitive advantage they should begin
research on expanding business locations outside of the city.
Conclusion
Overall, Paul’s Discount Tire and Repair has a good start to a strategic plan.
Their SMART goals should be reevaluated and strengthen to achieve a
successful business position. Focus on creating a vision and mission
statement to set a foundation for the business to build and grow. Begin
thinking of innovative ways to maintain your core values and competitive
advantage in the market by researching ways to expand business beyond
city.
References
Davide Kryscynski. (n.a.).
What is Strategy?
You tube.
https://www.youtube.com/watch?v=TD7WSLeQtVw
VirtualStrategist. (n.a.).
What is strategy planning? How to develop a
process.
You tube.
https://www.youtube.com/watch?v=-gcNK-1IaiQ
Saylor Foundation. (2014).
Leading Strategically
Chapter 2
. Mastering
Strategic Management.
https://leocontent.umgc.edu/content/dam/equella-
content/bmgt495/Chapter2Leading_Strategically.pdf
