Lack of vision and mission statements
CanGo does not have a vision or a mission statement. A vision statement indicates where the where the company wants to be and the time frame within which the company expects to achieve its vision. A mission statement clearly indicates the purpose for which the business was created and its standards of behavior.
CanGo’s management team should prepare both a vision and a mission statement which will guide its strategic plan. Both the vision and mission statement will act as a guide to CanGo in its uncertain business environment. The vision and mission will help direct the company in terms of the decisions that management makes. Decisions should be consistent with the vision and mission of the company.
Issue #2: Lack of a strategic plan
CanGo’s management does not have a strategic plan. Although CanGo is said to be the fastest growing company in the Hudson Valley there is no plan in place to achieve this status. According to Liz it is an accident. The formulation of a strategic plan is very important in any business. According to Daft (2007) the best way to control the operation of a business is through strategic planning. The company has ill-conceived ideas of having done the right things. They lack a proper understanding of the strategic management process and how to gain and maintain a competitive advantage over their competitors. There is no indication of the vision and mission of the company. plans are just made as the managers go along.