Nailing down a future for a small wood-products business

Article Abstract:

Wood products firm Liberty Industries enlisted a management consultant and formed a strategic planning-management committee, seeking to evaluate past successes and failures, and to sort future possibilities into a long-term plan. Liberty had grown rapidly since its founding in 1964, but faced reduced cash flow, a mature lumber industry, and the prospects for reduced profit margins during the early 1980s. The company's purpose was reviewed, the business environment analyzed, and company strengths and weaknesses explored. A five-year strategic plan was developed and implemented, and income level goals were set. Five-year plan strategies included expanding the number of sales regions to lower costs per-regional-base, completing product-market research for new product lines, developing formal employee and management training programs, and increasing company contributions to the profit-sharingretirement trust.

Wood products, not elsewhere classified, Management, Usage, Forest products industry, Management by objectives, Liberty Industries Inc. (Elkhart, Indiana)

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What is organizational vision? Ask chief executives

Article Abstract:

Interviews with chief executives indicated that factors such as formulation, implementation, creativity, amount of detail, tendency toward taking risks and profit-orientation were significant in their corporate vision statements. Vision statements which included long-range strategic management initiatives and the capacity and desire to communicate with others were the main features found in the organizational vision statements.

Strategic planning (Business)

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