The A-Team was contracted by Cango to provide recommendations for the management team to help improve their operations so the company can continue its success. During the initial analysis of CanGo’s operations it is evident the company is facing a series of deficiencies translating to the difficulties in maintaining a stable operating environment. CanGo’s small business mentality is getting the best you.
There are several strategic recommendations we can provide CanGo that must be addressed immediately to assure its success. Most of CanGo’s success has simply happened by chance and no formal analysis has been conducted of the business which should be performed to point out certain aspects that may not be apparent to you. CanGo has no strategic plan to clearly identify what exactly your market will be, who your clientele base is and how to go about being a leader in their industry.
A strategic plan is nothing more than a structured process that organizes and coordinates the activities of the managers who do the planning (hbr, 2012) and it encourages CanGo to answer the fundamental questions: Where do we plan to be X years from now, how to get there, what the cost will be? In thinking of the future, CanGo is at a crossroads and needs to understand the importance of creating a strategic plan for the company.
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Elizabeth should meet with the board of directors to discuss their thoughts as to the company’s objectives and strategy. As previously mentioned and a key component of formulating a strategic plan includes the need for both a Mission and a Vision statement. The mission statement should clearly define the company’s purpose and objective. It provides everyone the opportunity of knowing what the company is about and helps pull the company together towards a cohesive goal.
Furthermore, the strategic planning process enhances the company’s understanding of who their clients are. Being that CanGo has an extensive customer list, CanGo can request your customers to participate in a brief questionnaire to collect such demographic information as age, race, gender, education, income and other pertinent information CanGo would like to know to gain a better understanding of their clients’ and their needs.
Additionally, a SWOT analysis will help even further by providing its strengths, weaknesses, opportunities and threats in its industry. This will give CanGo a clearer insight of how to achieve becoming an industry leader by learning more about yourself. The objective is to determine a strategy for the future and to improve the company’s overall performance.