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Components of the Operations Strategy
The significant component of the operations strategy in the business plan refers to production systematization and positioning. This aspect is crucial since it focuses on the development of processing systems and finished goods inventory plans. Additionally, the component of the focus of factories and service facilities assumes that an organization is focused on a specific market niche (Sanders & Reid, 2019). It implies that the firm’s production and other efforts are focused on meeting the narrow, homogeneous needs of a relatively small group of consumers.
The other element relates to product design and development. This stage presumes that a product goes through different phases (growth, maturity, decline) on the market. In terms of tactical decisions, technology is dominant in the preparation of resources and personnel and the planning of the organization’s budget (Sanders & Reid, 2019). Workers, cash funds, materials, and other resources are also one of the main components of the strategy that determines the reception of the necessary goods or services. Finally, the choice of layout, facilities and location for the production of goods or services determines the success of the entire organization’s mission.
The Importance of Service Blueprint
A service blueprint is a comprehensive way to refine and detail each aspect of service. This is a schematic representation of everything that happens during the provision of the service. The map is usually compiled by a cross-functional group of representatives from different departments whose processes affect the customer’s experience (Zaman et al., 2018). This is a necessary and valuable tool that helps to get a holistic picture of all the relationships between the client and the service provider.
With the help of the service blueprint, one can find the weakest link in providing services to clients and understand why they periodically stop buying the company’s products. Furthermore, it introduces innovations and highlights the non-obvious processes on which the customer experience is built (Zaman et al., 2018). This tool helps identify opportunities for optimization, indicating the most critical points and eliminating duplicate or unnecessary ones. Most importantly, it is an excellent way to bring the company’s departments closer together and make sure that everyone is pursuing the same goals and sticking to the company’s mission statement.
Sales Forecast and Operational Budget
A budget is a monetary statement of expected revenues and expenditures for a budget period prepared by management before the start of the budget period. A forecast is a projection of economic trends and results based on historical data (Wahlen et al., 2017). The main difference is that a budget is an expectation of what a firm wants to attain, while a forecast is an assessment of what can be achieved.
Use of Financial Statements
A balance sheet aims to reflect the financial condition of an organization at a specific date. It helps to correlate the liquidity of assets and the urgency of liabilities. Meanwhile, the profit and loss statement summarizes information about the income received and expenses incurred by the business for a certain period. It is the most important financial report because it shows whether the company has achieved an acceptable net profit (Wahlen et al., 2017). The financial statement of cash flows contains all receipts and expenditures of the company’s funds for the reporting period. It shows how much money the firm received and how much it spent (Wahlen et al., 2017). It records each transaction (income or expense), notes who paid and where the money was received, and divides the movement of funds by category.
The Importance of Financial Projections
Financial forecasts are crucial to keeping an investor interested simply because they do not want to waste money. Therefore, each indicator included in the calculation must be reasonable and verifiable; the initial data on which the financial forecast is based must be consistent with the conclusions. When the information is transparent, the investor can be sure that they will not suffer money loss but rather benefit from the business.
References
Sanders, N. R., & Reid, R. D. (2019). Operations management: An integrated approach. Wiley.
Wahlen, J. M., Baginski, S. P., Bradshaw, M. (2017). Financial reporting, financial statement analysis and valuation. Cengage Learning.
Zaman, M. H., Rahman, M. S., & Hossain, A. (2018). Service marketing strategies for small and medium enterprises: Emerging research and opportunities. IGI Global.
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