Critical Risk Assessment and Milestones Schedule Critical Risk Assessment and Milestones Schedule Danielle Sain Grand Canyon University Strategic Management MGT660 June 1, 2011 Critical Risk Assessment and Milestones Schedule Rocky Mountain Event Planning has an enormous strength by offering its planning services worldwide. This enables Rocky Mountain to obtain numerous vendor relationships with organizations across the world and gives their clients a number of options to choose from, especially if those vendors operate nationally or internationally.
Another key strength would be the locale of where Rocky Mountain is based out of. Colorado and the scenery it has to offer is an incredible attraction for people looking to have their events there. Accompanying the strengths are weaknesses that Rocky Mountain Event Planning has to tackle. Currently, the market is saturated with event planning businesses. They range from companies that have been around for fifty years to start-up companies working out of a garage. Another weakness would be the recession that has hit millions of American people.
These weaknesses threaten the company by ways of limited consumer spending on luxury costs because of the recession to customers having a wide variety of event planning business to choose from. Those threats could be seen as opportunities for Rocky Mountain by making the owner and employees become creative in their ideas on ways to offer their services with limited costs and being imaginative in capturing the customers’ attention to choose Rocky Mountain as their event planner.
The company will start off very small and with limited resources for funding will operate part-time until enough revenue is generated to go full-time. All issues that arise during the event planning process will be dealt by the owner. In additional, all marketing, financial and operational decisions will be made by the owner as well. With only one person calling the shots allows for faster results. Due to the owner operating on a part-time basis while still being employed full-time at her normal job, getting Rocky Mountain fully marketed and operating will take time.
This has the possibility of causing problems due to the owner not being available on a consistent basis, but with the company just starting out and consumer spending at a low, this should not submit a significant level of uncertainty towards the company. In today’s economy, a major hurdle Rocky Mountain will need to overcome is marketing to customers and convincing them that employing an event planner to help in putting on their event is the best option for them. People facilitating events normally plan the events themselves for cost savings, but with that comes a lot of their time that has to be devoted to the event.
It would be Rocky Mountains job to try and convince them that saving time that they would be putting forth would also help in cost savings. Another hurdle that could Rocky Mountain anticipates is trying to branch out internationally. There are many citizens in foreign countries that have a negative image on the United States so Rocky Mountain needs to be enticing to those individuals and convince them to perhaps visit the United States and hopefully have their event here or vice versa.
Management and employees would not flock to just one leadership style while working for Rocky Mountain. The styles the owner would like to see in its employees would be a combination of authoritative and affiliative styles. Encompassing an authoritative style will help motivate the employees and prospective clients and become part of the company and the event process. Affiliative would also be important because event planning is all about communication and building good personal and working relationships with clients and vendors.
Another main skill that Rocky Mountain employees need to have is good time-management. Every event needs to be done to the vision of the client within the time frame and everything needs to be accomplished by the deadline. There is no room for error here. The owner of Rocky Mountain has all of these characteristics, styles and then some but could has the possibility of falling short on not being able to be too aggressive when the time comes.
Rocky Mountain Event Planning’s owner has strengths of communication, time management, multi-tasking, organization, analytical skills and being able to motivate everyone involved to get the event done on time and with ease. Any weakness that would be seen would be with the fact it is a brand new company in an already very competitive industry. Rocky Mountain needs to hire on experienced professionals in the beginning in order to get the event done completely and independently.
During that process, those employees needs to impact and influence the client, the vendor and other team members on every detail that is being done and understanding it all in a way like they planned it themselves. Efficiency and effectiveness are values that Rocky Mountain Event Planning has for all members of its team and organization. It is up to those employees to leave out those values through the vision of the clients and make them happy. References Entrepreneur Media (2011).
Retrieved on April 20, 2011 from http://www. entrepreneur. com/startingabusiness/businessideas/startupkits/article37892. html James. (2011). What is Affiliative Leadership & When Do You Use It?. Leadership Vibe. Retrieved on June 1, 2011, from http://www. leadershipvibe. net/affiliative-leadership-when-to-use-it Personal Event Planning Business Plan. (1996). BPlans. Retrieved on May 2, 2011, from, http://www. bplans. com/personal_event_planning_business_plan/executive_summary_fc. cfm