The career planning process is the method that allows one to decide the best option for them. It’s also a method where the person can satisfy his or her work-related interest. It helps to build the skills and abilities as well as determine the kind of education and the aspects to be considered to develop this ability (Miller Marvin and Miller 2006). The plan also suggests how to make use of resources to further develop the profession. The paper provides clear guidelines for forming a personal and professional plan of action for the coming five years. The paper will also provide both long and short-term goals and evaluate them against your personal goals and limitations. The best career option is opening salons.
At present, I am studying for an MBA degree in management. After graduation, I plan to start a salon business. It isn’t my primary goal since I’m also hoping to acquire knowledge and experience in the vast business world. The principal weakness is the absence of understanding about the process of starting and managing an enterprise. Another problem is that the idea for a business thought up in your head hasn’t been written down or recorded.
This makes it challenging to anticipate issues like capital. The need to raise capital for a start-up is also a problem I’m experiencing right now. At present, my main strengths are the ability to master the art of combining skills and knowledge, as well as experiences to achieve success. In addition, I will be able to concentrate on this kind of business and have the ability to make room for flexibility. The degree program will provide ways to know more about the career route I’m on.
Objectives
I aim to enroll in a prestigious institution of higher learning to study business management. This will help me fulfill my goal to start an establishment for salons shortly. Furthermore, I need to be able to handle everything business-related with confidence and enthusiasm. Financial assistance for family members is also one of my goals. However, the goals of the business are mostly measurable goals that need to be met to make the business a success.
My short-term objective for the company is to build an efficient and sustainable business that can cater to and satisfy the needs of every customer regarding service and products. A second goal is to try to establish a solid customer base for the company. Additionally, I plan to see average clients grow by 15% each year until I achieve a high-quality performance. Furthermore, my company will provide services of the best quality, with top customer service.
My long-term goals will extend across the company entity. I plan to expand the business by opening new offices in the towns surrounding it over five years. Another objective is to increase market sales and create more revenues. In addition, I must be able to keep and grow the market share of my services and products in all business locations in my name (Waddock 2008, P2013). The company will be an important factor in offering employment opportunities to trained and skilled personnel in the field. A further goal for the long term is to be the top salon service provider within the region.
PESTLE analysis
A thorough environmental analysis ensures that all external and internal threats are addressed. This will help identify the factors such as technological, environmental as well as economic aspects that affect the growth of the company. There are a variety of rules set by the government to allow one to start an enterprise. The business will be affected by labor regulations for employees as well as tax policies and trade laws and environmental regulations (PESTLE Analysis 2012).
The policies in turn impact the economy of the company. Employment laws that are strict and informal regulations have made the venture to be burdensome. But, the restrictions on authority can hinder the short-term objective of creating a profit-making business. The reason is that the profits generated will be used for government regulations regarding the payment of permits, among other remittances from the government.
Environmental factors will impact the business’s location of the salon. The salon located near an urban location will result in more income since urban dwellers are known to be fashionable at all times. This will be a combination of social aspects like cultural preference. The close social network that includes relatives, can be a source of greatly for the company. Family members will provide capital for the start-up of this company.
The increase in population could benefit the overall business (PESTLE Analysis 2012). The distribution of ages in the world will aid in determining the fashions for hairstyles offered by salons. The younger generation is known to be fashionable in their hairstyles. A focus on the safety and health of the customer is a major concern for the staff. The numerous safety measures that need to be put in place in the workplace are likely to be expensive.
The advancement in technology can improve the effectiveness of business. It also leads to an increase in the number of technological incentives in the marketplace. The installation of these gadgets will be costly and hinder high-quality service delivery. The business must keep up-to-date with technological advances. Due to the predicted huge demand, outsourcing essential services is likely to be handled (PESTLE Analyse 2012). This is a further disadvantage for the company.
Economic factors like inflation and the high rate of interest can negatively impact the business. However, the growth of the economy will help to ensure maintaining the security of the company. In the coming 5 years, the business landscape will likely undergo a radical change. The technology aspect of the business is expected to develop even more. Social factors like the cultural aspect and the preference for age for potential customers will be quite different than the present.
Thus, the company should be run in a way that allows it to adjust to changes. As mentioned earlier the business must be able to adapt to the current trends within the industry. The company will become its image to the public because it will funnel the funds back into the community. This can be accomplished through job opportunities or financial assistance for the poor in society.
SWOT analysis
A SWOT analysis will highlight the important strengths and weaknesses that relate to the summary of market analysis and will provide information on the threats and opportunities facing the company (Waddock 2008). My SWOT analysis will focus on key business units as well as an assessment of the main tasks. These include marketing and finance, human relations, accounting, operations, as well as logistics.
The strengths will show the company’s capability to provide personalized service to clients. A crucial, strength is the ability to create solid relations with suppliers. This will result in an increase in flexibility from suppliers as well as rapid responses to specific products. Client loyalty needs to be maintained by an excellent reputation with returning customers who have made large purchases.
Insufficiency could affect my goal and alter the time target. The most obvious flaw is the time required to go up the learning curve for retail skills. The company will be in a marketplace that is home to many salon-related business opportunities. This is a challenging task to attract customers. Additionally, the nature of the industry poses an immense problem for the company (Barnet 2006.).
There are many opportunities in the marketplace. There is a large portion of the market wants to know about the unique service my company can provide. It is a promising market, with strategic alliances providing referral sources as well as joint marketing initiatives to expand the reach of the business (Waddock 2007). The growing demand for salons in the region is what prompted the development of this company.
The threat of terrorism cannot be ignored. The pressure on prices is continuing due to the fierce market competition. This has reduced the market in some ways which has resulted in a decrease in the margin. The variations in customer preferences are a challenge to keeping up with consumer demands. Another issue is the growing number of services and products offered by established companies in the local marketplace. Established businesses have opted to determine prices for their products and services.
This examination reveals a solid potential for success, but the weaknesses and risks must be identified in all instances throughout the company. By analyzing this I will be aware of whether the company is getting the most out of the opportunities that are available. It also provides a summary of changes to the external context. It’s a great formality to ensure that my rivals are under control. Combining this analysis with a PESTLE analysis of the business will ensure that it is running smoothly with minimal issues in the marketplace (PESTLE analysis 2012).
When comparing the present situation and my expectations for the future, they’re quite different. The expected level of skills and knowledge is significantly different from the present. The acquisition of skills and understanding of the management of businesses will improve over time (Barnet 2006, page. 258). The ability to become an efficient, responsible, and productive person is the primary to achieving these objectives. Presently the available time is being used to identify the weaknesses and dangers. This is achieved by attending classes on business management to gain skills and understanding. The pursuit of academics is the best way of developing technical abilities close to.
Risk analysis
A variety of risks are associated with this strategy. The business is likely to face a lot of market competition. It could risk losing its place in the market should it not innovate. Additionally, it is a chance of new players entering the market who will replace the services provided. Another huge risk is interference from the political system by removing the license of the business. The risk of failure of the company is extremely high.
It could be due to difficulties in the financial sector, such as bankruptcy excessive liabilities, or the absence of appropriate investors. Another risk that could be a concern is operational risk. It is a situation where there could be a shortage of qualified employees on the market to hire for the business. The risk analysis gives an extensive report on the state of the business.
To be successful in all of these challenges It is important to be imaginative and creative. Confidence in yourself and the determination to pursue the goal you want. A good way to deal with risk is to make sure that there is a continuity of operations and reduce liabilities. However, risk management plans are in place to facilitate the detection and mitigation of the threats that a business is confronted with (Barnet 2006 page. 258). These strategies will also guide methods to ensure that resources can be effectively allocated.
Personal lessons learned
If I can achieve my business goals to the highest degree, I will be able to earn an impressive amount of money. This plan of career is an exact representation of the direction that I intend to pursue in my life (Miller and Marvin, 2006). It is a great way to open my eyes to the path I’m planning to pursue. These accomplishments can be achieved through dedication and determination to be a positive influence in the future (Jones 2010 24). 24,). This program allows one to develop a career in the area of their choice project by. It also makes it easier to follow the process of achieving goals throughout a lifetime (Barnet 2006, 259).