Regis Corporation Implementation
Regis Corporation Implementation Plan
Kimberly
Regis Corporation Implementation Plan
The Regis Corporation has gone through a shake up within the last three years in regards to
their top senior management and also sold one of their top brands to adjust to the current market
conditions. “Regis also announced today a corporate organization restructuring that will
improve the Company’s ability to adapt to the dynamic marketplace and the current economy”
(Behind The Chair, 2011, para. 4). In order for the company to maintain their global lead, they
must institute a strategic implementation plan that encompasses their objectives, functional
tactics, action items, task and task ownership as well as resource allocation. They …show more content…
must also
address success factors, budget in addition to forecasting their short-term financial picture over
the next year. This paper will discusshow the Regis Corporation can accomplish
their strategic implementation plan as well as include a risk management and contingency
plan for the risks that were identified. Charts are also used throughout this paper.
Strategic Implementation Plan
A strategic implementation plan can only work if all members of the company are
involved in the implementation plan.
“To successfully execute an organization’s strategy, it
must be the focus of every person in that organization. It is up to the leaders to create, monitor,
and reward that focus as it is expressed” (Edinger, 2012, para. 2). It is up to the Regis
Corporation to provide a clear strategic implementation plan so that all of their employees can
follow the company’s plan to succeed. The following charts will indicate the Regis
Corporation’s strategic implementation plan.
Key Success Factors
There are threemain key success factors that the Regis Corporation can use in their
strategic implementation plan. The company should make customer loyalty a top priority. They
should also focus on product development. For example, they can introduce a hair straightening
product services that doesn’t contain harsh chemicals in addition to offering prices that can be
accessed by all of their current and potential customers regardless of income levels. Finally, the
company should focus on effectively managing their current cash flow. “Maintain open lines
of communication to potential investors and lenders at all times. That way, when you
need financing quickly, you have options” (Root, 2015, para. …show more content…
4).
Budget Forecast and Short-Term Financial Picture
The Regis Corporation has experienced some turmoil as it relates to its financial picture
within the last 3 years.
The last three years the company “has seen revenues fall from $2.0B
USD to $1.9B USD. This along with an increase in income tax expense has led to a reduction in
the bottom line from a gain of $29.2M USD to a loss of $135.7M USD” (Bloomberg Business,
2015, para. 1). The short-term financial picture is an indication that the company must employ a
strategic implementation plan in order to survive their financial issues.
Risk Management
The Regis Corporation should use an effective risk management plan. The benefit of a risk
management plan “includes tools or methods of analysis that allow you to minimize, delay or
avoid potential risks” (Teeboom, 2015, para. 1). The plan is also ongoing and the company
should reevaluate the plan as the need dictates. The potential risks that the company now faces
areincreased competition, do-it-yourself at home products and economy influxes.
Contingency Plan
The Regis Corporation ultimately must put into place a contingency plan in order to
survive the identified risks as listed below.
Conclusion
In conclusion, the Regis Corporation’s latest shake up within the last three years
with
their top management and selling off of a major brand is a clear indication that the company
must institute a strategic implementation plan. The company must use the strategic
implementation planthat has been laid out in this paper. The company must also address the
risks that were identified as well as incorporate a contingency plan in order to survive their
competitor’s onslaught and the current state of the economy. The company can successfully
accomplish the strategic implementation plan as long as all employees embrace the direction as
to which the company is going in order to move forward.
Kimberly
Regis Corporation Implementation Plan
The Regis Corporation has gone through a shake up within the last three years in regards to
their top senior management and also sold one of their top brands to adjust to the current market
conditions. “Regis also announced today a corporate organization restructuring that will
improve the Company’s ability to adapt to the dynamic marketplace and the current economy”
(Behind The Chair, 2011, para. 4). In order for the company to maintain their global lead, they
must institute a strategic implementation plan that encompasses their objectives, functional
tactics, action items, task and task ownership as well as resource allocation. They …show more content…
must also
address success factors, budget in addition to forecasting their short-term financial picture over
the next year. This paper will discusshow the Regis Corporation can accomplish
their strategic implementation plan as well as include a risk management and contingency
plan for the risks that were identified. Charts are also used throughout this paper.
Strategic Implementation Plan
A strategic implementation plan can only work if all members of the company are
involved in the implementation plan.
“To successfully execute an organization’s strategy, it
must be the focus of every person in that organization. It is up to the leaders to create, monitor,
and reward that focus as it is expressed” (Edinger, 2012, para. 2). It is up to the Regis
Corporation to provide a clear strategic implementation plan so that all of their employees can
follow the company’s plan to succeed. The following charts will indicate the Regis
Corporation’s strategic implementation plan.
Key Success Factors
There are threemain key success factors that the Regis Corporation can use in their
strategic implementation plan. The company should make customer loyalty a top priority. They
should also focus on product development. For example, they can introduce a hair straightening
product services that doesn’t contain harsh chemicals in addition to offering prices that can be
accessed by all of their current and potential customers regardless of income levels. Finally, the
company should focus on effectively managing their current cash flow. “Maintain open lines
of communication to potential investors and lenders at all times. That way, when you
need financing quickly, you have options” (Root, 2015, para. …show more content…
4).
Budget Forecast and Short-Term Financial Picture
The Regis Corporation has experienced some turmoil as it relates to its financial picture
within the last 3 years.
The last three years the company “has seen revenues fall from $2.0B
USD to $1.9B USD. This along with an increase in income tax expense has led to a reduction in
the bottom line from a gain of $29.2M USD to a loss of $135.7M USD” (Bloomberg Business,
2015, para. 1). The short-term financial picture is an indication that the company must employ a
strategic implementation plan in order to survive their financial issues.
Risk Management
The Regis Corporation should use an effective risk management plan. The benefit of a risk
management plan “includes tools or methods of analysis that allow you to minimize, delay or
avoid potential risks” (Teeboom, 2015, para. 1). The plan is also ongoing and the company
should reevaluate the plan as the need dictates. The potential risks that the company now faces
areincreased competition, do-it-yourself at home products and economy influxes.
Contingency Plan
The Regis Corporation ultimately must put into place a contingency plan in order to
survive the identified risks as listed below.
Conclusion
In conclusion, the Regis Corporation’s latest shake up within the last three years
with
their top management and selling off of a major brand is a clear indication that the company
must institute a strategic implementation plan. The company must use the strategic
implementation planthat has been laid out in this paper. The company must also address the
risks that were identified as well as incorporate a contingency plan in order to survive their
competitor’s onslaught and the current state of the economy. The company can successfully
accomplish the strategic implementation plan as long as all employees embrace the direction as
to which the company is going in order to move forward.