Among the service based industries one of the fastest growing form of business is the rental companies
Among the service based industries one of the fastest growing form of business is the rental companies. U-Haul is one of those companies that provides with rental trucks and trailers necessary for moving purpose. In every organization, planning is the key aspect taken into consideration whether it be operational or financial. This paper demonstrates the operational plan of U-Haul Inc. and how the plan impacted the highly growing fleet requirements in Canada and USA. Strategic planning quite often anticipates the challenges, refocuses and recharge the organization to achieve long and short-term goals. The strategic plan includes the major goals, objectives, mission and vision of the company. It is important to understand that the strategic planning not only focuses in the internal components of the organization but also the external factors like environment and external stakeholders. Strategic planning plays a major role in the organizational decision making which helps to take advantage of an opportunity assessed during the SWOT analysis. However, the operational plan involves day-to-day functions that has been considering the demand, supply and offer of the service. U-Haul is a moving and storage company that focuses in rentals and storage facilities specifically during the peak seasons. Strategic and operational planning helps to track the objectives and goals but also the where and how the organization is performing in the market as well as their position in the market against their competitors. It is also important to understand that this planning not only emphasizes on the goals or objectives, but also understand the internal consistency, the risk factors involved, the resource availability, organizational characteristics like motivation, values, beliefs and leadership qualities and so on. Human Resource planning contributes considerably to the planning process by providing the outcomes of success of profit building that helps in financial benefits.
This paper includes the seven principals of strategic planning and assessments that guides the purpose of developing strategic planning.
1. Background – The background section provides an assessment of the current organization. It should address the political, organizational, economic, financial, and technological environment. This is a strategic assessment as it pertains to the organization
U-Haul is one of the largest truck and trailer rental company across North America that offers the right equipment at the lowest cost. Besides the rentals U-Haul provides climate controlled self- storage, trailer hitches and installation, moving supplies, U-Box moving storage & storage containers, propane and accessories and many more. PESTLE analysis that an organization conducts to study the external environment that may have a direct or indirect impact on the organization and technically, minimizes the impact of negative factors to the development of the organization.
Political assessment includes political stability, tax guidelines, trade regulations, safety regulations and employment laws. At U-Haul, employees and customers two major stakeholders besides other internal and external stakeholders, therefore employment laws are strictly followed by the company and its employees. For example, HR has a framework that represents the policy known as “At-will employment” policy which is strictly taken into consideration, where the employment relationship between the employee and U-Haul will be ended if an employee prohibits the policy by any reason by law, i.e., any kind of discrimination based on age, sex, race, national origin or disability will be not tolerated and strict action will be taken against the employee. Job opportunities are open to everyone who is ready to demonstrate