NICOLES HARDWARE STORE BY NICOLE BEUKENKAMP BUSINESS 450

NICOLE’S HARDWARE STORE BY: NICOLE BEUKENKAMP BUSINESS 450: STRATEGIC PLANNING

INTRODUCTION • This strategic plan is on Nicole Hardware Store it will focus on their mission, vision, and their value. Their strength, weakness, threats, and opportunities. Then it will turn to a black swan plan that’s targeted to the coronavirus/ COVl. T 19.

• Mission : Are mission is to create a place where you can find house hold products you may need and a knowledgeable Emplyee that can help you solve your everyday problems, at a competitive price. • Vision : We are a hardware store that strives to have excellent customer service and expanding are connections with the community and each person. • Values : Helping out the community, Being considerate to are Emplyee s and Customers,

SWOT ANALYSIS COMPETITORS ACE • Strength : well organized, largest co-op, local ownership • Weakness: inventory management, shortage of Emplyee, not much variety • Opportunities : market growth, customization of equipment, internet orders • Threats : competitor, frequency of sales • (Linked. In Corporation. (2020)) LOWE’S • Strength : low competition, great user tools, highly established brand • Weakness: does not use the new media. • Opportunities : capitalizing new growth markets, connecting with local contractors, utilizing the internet media. • Threats: other competitors like Home Depot and ace hardware, customers buying in bulk. • (Linked. In Corporation. (2020))

SWOT ANALYSIS FOR NICOLE’S HARDWARE STORE • Strength : competitive prices, knowledgeable employees, unique hard to find merchandise, smaller store. • Weakness : smaller store, shorter staffing, harder to manager large orders • Opportunities : the opportunities that present themselves is because be are a smaller store we can help are customers with their problems easer. We can make focuses on what the community needs. • Threats : are threats are the corporate companies because they can get products in larger consumption at a competitive price.

• 5 - owner – Being able to manage multiple stores. Keeping everyone in line of the companies mission, vision, and values. • 4 - manager – In charge of maintaining and running the store. Bachelors degree or higher is required. Be knowledgeable on many aspect of a hardware business. • 3 - assistant manager – helping the manger organize and leaning the ins and outs of the store. Associate degree needed. Being knowledgeable On many aspects of the store • 2 - full time workers – leaning the different department of the store. High school degree needed. • 1 - part time workers- working to a high school degree wile gaining experience and working as a cashier.

BLACK SWAN STRATEGIC PLAN CORONAVIRUS / COVID-19 • Black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. (Rothaermel, F. T. (2017)). • Black swan events are characterized by their extreme rarity, their severe impact, and the widespread insistence they were obvious in hindsight. (Rothaermel, F. T. (2017).

4 PHASE CORONAVIRUSE PLAN • 1 st Phase Awaiting the Impact • 2 nd phase Withstanding the Impact • 3 rd Phase Returning to normalcy • 4 th Phase Sorting Out New Dynamics According to Forbes’ Wunker, S. (2020)

PHASE 1 AWAITING THE IMPACT • Sanitize the store from top to bottom. • Make sure to have all the protective products necessary to protect my Emplyee • Shorten store hours to minimize exposure • Curbside service

PHASE 2 WITHSTAND THE IMPACT • Provide sick leave with pay for employees. • Let Emplyee s work from home if can. (Skype, zoom) • Online delivery or pick up • Create a space where employees can talk about their stresses.

PHASE 3 RETURN TO NORMALCIES • Getting vaccinated • Letting the ones that have conquered the viruses back to work. • Hours returning to normal

PHASE 4 SORTING OUT NEW INDUSTRY DYNAMICS • Creating a plan for when another virus might hit • Make sure the store has proper sanitation product in stroke and storage. • Keeping online and curb side pick up or delivery. • Keeping up with staying clean by washing hands and keeping table tops clean and clear. • Implement something that can help employees destress.

COVID-19 SWOT PLAN • Strength : creating connections to bring in supply’s. sales grow exponentially. • Weakness : inventory shortage, short staffing. • Opportunities: making new connections to meet the demand of the public. • Threats: Health and well being of are people.

INTERNAL FACTOR WITH CORONA VIRUS • Limited staffing • Keeping up with merchandise EXTERNAL FACTORS WITH CORONA VIRUS • Keeping in line with new laws passed to keep employees and customers safe. • Venders keeping up with the public demand.

PESTEL ANALYSIS • Political : Brings everyone together for a common goal of keeping everyone healthy. • Economics : Essential businesses market is exploding in sales. • Social : The virus is having everyone stay at home or gather in small groups. It’s making everyone think about the ways he communicate with each other. • Technological : Being able to communicate throw Skype or other video connections. Placing orders for companies from website. • Environmental : With pollution down, nature is healing itself and making the air clear. • Legal: Paying attention to what guidelines we need to follow.

CONCLUSION • I have covered with this presentation what it takes to form a strategic business plane and how to handle a black swan event. It shows the step and procedures to protect both the customers and the company.

REFERENCES • Linked. In Corporation. (2020). Ace Hardware Presentation. https: //www. slideshare. net/tomfulp/acehardware-presentation • Linked. In Corporation. (2020). • According to New Markets Advisors (2020). Strategic planning • According to Forbes’ Wunker, S. (2020). • Rothaermel, F. T. (2017). Strategic management.

HOW THIS WILL HELP MY CAREER? • This shows that I can put together analysis that can show what my business need to work on and what we are doing right. (SWOT, PESTEL analysis) • This shows that I can adapt and put together a plan when something occurs that could have a major impact on are company or the economy. (Black Swan Events).

COURSE OUTCOMES • Institutional Outcomes, Community • Institutional Outcomes, Career • Corse Outcomes, develop competitive strategies within a strategic plan for a new organization • Course Outcomes, apply strategic planning processes in a critical thinking environment to produce goals with action steps • Course Outcomes, integrate the marketing and sales plan into the strategic plan • Course Outcomes, apply metrics, benchmarks and other critical review points to the strategic plan to identify where curative action is required • Level of Learning Outcomes, Level IV: Analyzing • level of Learning Outcomes, Level V: Evaluating • Level of Learning Outcomes, Level VI: Creating