BUS FPX 4993 Assessment 5 Strategic Action Plan

Student Name

Capella University

BUS-FPX4993 Business Capstone Project

Prof. Name:

Date

Strategic Action Plan

Plans are typically broken down into objectives that allow them to be translated into actions. These objectives serve as the building blocks that help in the strategic realization of plans. Establishing the correct objectives is critical for professional development and growth, as it allows for the identification of benchmark criteria to measure the success of action plans. Creating these objectives helps in setting clear goals that guide progress and evaluate outcomes.

Strategic Action Plan Overview

One of my long-term goals is to become an account manager, a position I plan to achieve within the next five years. Another significant goal is to purchase a property that I will transform into a rental business. Both of these goals will require strategic planning and actionable steps to ensure success.

Plan 1: Career Outlook

For my career outlook, a key objective is to complete my bachelor’s degree and then promptly begin a master’s degree program. Given the program structure of my target graduate degree, I plan to finish my master’s within six months. To achieve this, I must complete two courses per month with a passing grade. I will need academic guidance from my course advisor to tailor the courses to my goals. Emotional and moral support from my family and friends will be essential during this time, as will financial support to cover tuition fees.

Another crucial action plan for my career goal is to complete professional training programs, such as obtaining Six Sigma Certification. The first of these certifications must be completed by the end of 2023. I plan to dedicate at least six months to preparing for and completing this certification. Support from my manager will be important, especially in terms of scheduling and time management. Additionally, I will need support from my family, as I may have to spend extra hours on preparation and study.

Human resource management support is vital for achieving this objective. Given that my goal involves career growth, the assistance of my manager and peers will be essential for my success. Without their support, balancing career development with work responsibilities may prove challenging. In case of obstacles such as delays in certification or unforeseen issues, I will create a backup plan. For example, if there are delays in obtaining the Six Sigma Certification, I will pursue another relevant certification.

Plan 2: Financial Plans

Another long-term goal is to purchase a beachfront property for a rental business. This financial goal is interconnected with other objectives and requires careful planning. The most critical action step for this long-term goal is saving enough capital to purchase the land. I aim for 70% of my saved capital to cover the land cost. The next step is allocating funds for the construction of the rental property, which should consume 20% of my saved capital. Lastly, 10% of the saved capital will be allocated to improving the landscape and facilities of the property.

To make this venture successful, I will need financial management knowledge to wisely allocate my funds. Consulting a financial manager or accountant will be crucial for creating a solid financial plan. In addition, I will require support from my husband, as we make financial decisions as a team. Access to various investment options will help facilitate short-term goals and increase the chances of long-term financial success.

Financial plans come with risks, and market fluctuations could potentially impact the success of this goal. If my current investments do not yield the expected return, I may need to postpone the property purchase by two to three years until I reach the necessary capital. Another option would be to diversify my investment portfolio to include different types of funds that could offer more reliable returns.

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 goals and the objectives set for these plans are directly aligned with this mission. Achieving career success will enable me to deliver better service to clients, while my financial goals will directly benefit my family. The enhancement of my professional knowledge will also allow me to contribute to local community programs, thereby aligning both my personal and professional aspirations.

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.