Management

DEFINITION: ‘A business plan sets out the method for running a specific activity over a specific future period.’ (Stutely, 2005)

The CEO, Simon Dalkeith should prepare the business plan whilst always keeping the Companies overarching objectives in focus. The plan should consider key factors, both Internal and External, which may affect Companies long term plans and objectives. The plan must be both flexible (in terms the ability to change in light of market changes) and consistent with the companies short term goals.

When preparing the Business Plan for Clover Hotels, the 1st key factor that should be considered is the Strategic position of the company (Stutely, 2005). Key questions to take into account when considering the strategic position would be:

 Where is the company now?

 Where does the company want to go/focus?

 How will the company get there?

As part of this process the key business activities and the current status of the business should be defined. Importantly, successful business plans are usually developed by taking a top down approach to setting objectives (Stutely, 2005). The CEO should involve managers from all levels of the company structure.

The key activities and current status of the business should detail Clover Hotel’s mission and values, current capital/share price, previous activity in the industry sector, the organisational and management structure (details of key personnel for implementing the plan), current infrastructure