BUS FPX 4993 Assessment 5 Strategic Action Plan
Phillip March 1, 2024 No Comments

BUS FPX 4993 Assessment 5 Strategic Action Plan

BUS FPX 4993 Assessment 5 Strategic Action Plan

Name

Capella university

BUS-FPX4993 Business Capstone Project

Prof. Name

Date

Strategic Action Plan

Plans are broken down into objectives so that they can be translated into actions. Objectives are like individual building blocks of strategies that aid in the strategic realization of plans. For professional development and growth, creating the right objective to assist the plan is vital in the identification of the right benchmark criteria that will help measure the outcomes of action plans.

Strategic Action Plan

One of my five-year plans is to become an account manager. Another long-term plan I previously mentioned is to purchase a property that I will transform into a rental property.

Plan 1: Career Outlook

For this plan, one of the most important action steps is to complete my bachelor’s degree and begin my master’s degree program as soon as possible. Based on the program structure for my target graduate degree program, I can complete my master’s program within six months. This action plan is dependent on my course progress. I must complete at least two courses per month with a passing grade for each course. I will need insights from my course advisor to have access to academic information that would be best suited for my academic goals. I will also need moral and emotional support from my family and friends. Finally, I will need financial assistance to finance my tuition fees.

Another important action plan for my five-year career goal is to complete as many training and development programs. One of these programs is the Six Sigma Certification, the first of which I must complete within 2023. For this action plan, I should spend at least 6 months of my time on preparation, review, and actual training (Miller, 2020). I will need my manager’s support for the training. I will also need extra time for preparation and review. As such, I will need my family’s support and understanding for spending additional hours on this activity.

Human resource management support is important for this objective. My goal is related to my career outlook and professional growth, therefore, support from the management is essential. Without support from my manager or supervisor and peers, it will be difficult for me to succeed in my growth plans while I perform my duties as a full-time employee (Wiles, 2022).

To reduce the negative consequences of the obstacles or challenges that may hinder my career goals, I will create a backup plan so that I will have options and alternatives that will still lead me toward my career aspirations. For instance, if there is an organizational issue that will result in a delay in my Six Sigma Certification, then, I will apply for another certification that is still pertinent to my career targets.

Part 2: Financial plans

Another long-term plan I mentioned is the purchase of a beachfront property that I will use for a rental business. Because this is a financial goal, the benchmark I will use is interrelated with each other. The most important step for this long-term plan is to save enough capital for the purchase of the land. As such, the earnings from my short-term investment should be enough for the cost of the land I aim to purchase. The cost of the land I will purchase must be 70% of my capital saved.

The second important step is having enough funds for the construction of the rental property. For this action plan, the total cost of construction must be 20% of the total capital I have saved up for this venture. The third important step is to improve the landscape and facilities of the property. This action plan must be 10% of the capital I have saved up. By allocating specific percentages for every action plan comprising my long-term goal, I can create a business venture within a feasible scope.

This set of action plans will require knowledge of financial management so that I can allocate my hard-earned money to different investments that will generate long-term returns for me and my family (Danyliuk et al., 2020). For me to be able to create a sound financial plan, I will need insights and guidance from a financial manager or accountant. I will also need support from my husband since we share our household’s expenditures and we make financial plans as a team. I will also need access to different investment options that will help me facilitate my short-term goals. Market information can be very helpful in aiding me with my financial decisions.

Financial plans are risky. As such, economic fluctuations can significantly hamper my financial plans and targets. If my current investments do not generate my expected return value, then, I will have to postpone my plan for another two or three years until I have reached my target capital for the venture. Another plan for this obstacle is to expand my investment portfolio to other types of funds.

Reflection

My personal mission statement is: “To use my knowledge, skills, and competencies to improve the quality of life of my family, make a change in the community, and deliver the best quality of service for my clients and customers.” My long-term plans and the objectives created for these plans are directly related to my mission because (1) my career aspirations will help me become capable of delivering the best quality of service for my customers and clients, (2) my financial plans are for the benefit of my family, and (3) the improvement in my professional knowledge can make me more confident and capable to contribute to social programs for our local community (Fernandez et al., 2019). As such, the strategies for my long-term and short-term plans are directly aligned with my personal mission.

References

Danyliuk, V., Riepina, I., Shafalyuk, O., Kovylina, M., & Nitsenko, V. (2020). Functional and investment strategies of technical development of enterprises. Natsional’nyi Hirnychyi Universytet. Naukovyi Visnyk, (3), 115-121.

Fernandez, M. E., Ten Hoor, G. A., Van Lieshout, S., Rodriguez, S. A., Beidas, R. S., Parcel, G., … & Kok, G. (2019). Implementation mapping: using intervention mapping to develop implementation strategies. Frontiers in Public Health, 7, 158.

Miller, K. (2020, Feb 25). A Manager’s Guide to Successful Strategy Implementation. Harvard Business School Online.

Wiles, J. (2022, Jul 11). 9 Steps to Successful Functional Strategic Planning. Gartner.