Conceptualizing a Business
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Conceptualizing a Business
Rebecca Messmer
BUS 475
October 7, 2013
Hector R. Perez
Conceptualizing a Business
Conceptualizing a business plan is “the first step to putting a persons thoughts or ideas in a format that investors or bankers can visualize” (ehow, 2013, para. 1). This paper will introduce a business of an accounting service and how to implement a strategic management plan to make this business successful. Implementing this plan includes knowing what the business is or does, creating a mission for this business, creating a vision, defining the core values, analyzing how the mission, vision, and values guides this business to a strategic direction, and explaining how this company plans to achieve competitive advantage by satisfying his or her customers.
Strategic Management
Strategic management is “the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a companys objectives” (Pearce & Robinson, 2009, p. 3). This process involves the “planning, directing, organizing, and controlling of a companys strategy-related decisions and actions” (Pearce & Robinson, 2009, p. 3). A company would also need a strategy plan to formulate and implement that companys objectives. A strategy plan is “a process directed towards getting a companys goals and targets in an organized fashion” (E-zine articles, 2013, para. 2). There are two major components of a strategy plan, which include strategic thinking and tactical planning. Strategic thinking is “the process of thinking through the ideal strategy to reach a companys vision” (Strategy-Keys, 2013, para. 1). Tactical planning is “taking a companys strategic plan and sets forth specific short-term actions and plans” (Chron, 2013, para. 1). The differences between the strategy plan and a tactical plan is “a strategy plan is more of a future plan of a company and a tactical plan is a more detailed plan that lower-level managers carry out in the present” (Chron, 2013, para. 2).
Defining and differentiating a business
An accounting service is “a theory and system of setting up, maintaining, and auditing the financials of a firm; an art of analyzing the financial position and operating results of a business from a study of the companys sales, purchases, overhead, and etc.” (Dictionary reference, 2013, p. 1). Beckys Accounting Service will allow customers to get a service for a lower price, keep customers updated on information containing his or her financial records, and provide technology as a source of communication to find financial records by a push of a button.
Differentiating a business is “a strategy which offers the same products or services at different prices for different sectors of the market” (Mimi Business, 2013, p. 1). Beckys Accounting Service will differentiate the accounting service in three ways, “pricing up front, proactiveness, and cloud-based but going paperless” (Leader Accountancy, 2011, p. 1).
Up-front cost. The old “accounting practice price model” remains centered on “hourly rate time by hours used by an accountant to finish the task assigned” (Leader Accountancy, 2011, p. 1). This practice can take weeks and months to finish as well as costly. Beckys Accounting Service will let his or her customers know what product or service him or her is getting and how much before the customer makes a decision. This will enhance the businesss efficiency and control costs.
Proactive. Proactive is “serving to prepare for, intervene in, or control an expected occurrence or situation” (Dictionary Reference, 2013, p. 1). Beckys Accounting Service will call, e-mail, or check in at no additional charge. E-mails and phone calls will be answered the same day no matter if there is not a justifiable answer, this will keep a peace of mind to the customer. This company will give the customer updated information by end of the next business day, advise customers before any changes, so there will not be any “surprises,” perform and understand the customers interests, send customers checklists of what paperwork that may remain required, offer a range of business improvements that would remain suitable by the customers business plans, and consulting the customer on a one-on-one basis of the meaning of the financial records, where the money is going, and interpreting the customers business situation.
Cloud-based but going paperless. Converting the workplace into paperless involves scanning documents into a PDF file. This will allow the customer to search the same documents at the same time, even by mobile phone, remain safe from any god-willing storms, and invoices can be attached to any business or individual accounting package. This will save time, energy, and the customer will know the accounting process as the documents get updated.
Mission Statement
A company mission is “the purpose that sets a company apart from others of its type and identifies the scope of its operations in product, market, and technological terms” (Pearce & Robinson, 2009, p. 25). The mission of Beckys Accounting Service is “To provide dependable and quality service of accounting to all sectors of the industry, commerce, and individuals. The services will provide comprehensive and cost-competitive manner, while achieving customer advantage.”
Vision plan
A vision statement is “a statement that presents a firms