Meanwhile, Small business is a kind of business entity that is owned privately by an individual or a group of partners and that which operates with a small number of labor forces.Small business may include privately owned partnerships, sole proprietorships and corporations.
The application of Action Research methodology, appropriate for workplace based learning is reaffirmed through my collaboration with these managers in solving these two workplace problems.
Real time distilled learning is acquired through reflection-in-action during the projects and past learning is distilled through reflection-on-action which when combined makes up the total reflective learningexperience through workplace based learning.
Knowing where the businesses have come from, where they are now and where they expect to go is very important during strategic planning process (Neely, 2002).
An example of a small business entity is Ann Taylor, an American business for a group of women specializing in apparel retail chain stores.
In the process of conducting strategic planning, small organizations are preparing to meet future business challenges as they remain focused in meeting their strategic goals and objectives.
Essay About Myself In Mandarin - Thesis Strategic Planning
Strategic planning prepares small businesses to deal with the future in five steps.One of the most important functions of strategic planning is that it assists a small business organization to set the direction of its future.In this case, strategic planning is like a map clearly outlining how a business destination is to be reached (Marien, 1990).Managers aresometimes tasked with the responsibility of formulating competitive business strategies.Mintzberg (2005), once criticised managers that they 'analyse and planlike mad; they just don’t strategize'.This dissertation, which is also referred as the Summary of Learning of a professional doctorate, is intended to 'pull together all the learning that had taken place' situated at the workplace.As this doctorate is oriented towards professional practice, with its emphasis on theory informing practice and practice in turn refiningtheory, it therefore includes distilled professional learning from the past as well as the learning synthesised from the workplace based projects.The strategic planning process helps small business organizations to identify their available resources and hence plan on how to appropriately and effectively utilize the resources for maximum benefit of the small businesses.Besides, it provides a framework within which a small business organization can operate so as to realize both of its short-term and long-term objectives.Alternatively, strategic planning can be defined as a management tool used for the purpose of enabling an organization to work effectively and efficiently towards achieving its goals and objectives.The process of managing the operations of a business is referred to as strategic because it entails how best a business organization respond to the circumstances arising from a dynamic and in other cases hostile business environment.