Business success is all about effective strategies. There can be the difference
ID: 2819827 • Letter: B
Question
Business success is all about effective strategies. There can be the difference between a company rising to greatness and a company sinking to bankruptcy. Well-crafted plans help a company visualize its objectives. The strategy-executing process requires constant adapting because plans often go off course. Good plans involve forecasting and dealing with unlikely, but severe, business setbacks. Effective execution strategies will also measure progress regularly.
What does the strategy-making, strategy-executing process entail?
Explanation / Answer
Strategy making process requires to identify the important issues and questions that need to be addressed as part of the strategic planning effort. startegic planning process must agree on the
The development of a shared vision is best done with both Board and staff involvement and coerciveness.Develope a series of short term goals that define the organisation addressing its mission.
Examine all the costs involved in doing strategic planning, in terms of human resources, time and other resources- needed to provide an effective plan, in case of an unhealthy oragnisation it would not be recommendatory to enter into strategic planning process until the problems have been resolved.
It's important to devote ample time to such process and delegate lesser regular day to day responsibilities of the staff and board members who are the key participants in developing the strategic plan.
we must follow the SWOT analysis procedure to evaluate our internal and external environment.
External environment considers the political, economic , social and technological factors and their impact on organisation.This includes changing demographics, economic and political trends, and effects of new or changing laws that affect the working of the organisation,Think carefully about the target audience, the competitors and their strategies and possible opportunities and threats to resources.
Internal environment includes assesment of the human and financial resources, the methods and strategies that are operating along with their final outcome.The process requires to know the 'WHERE YOU ARE?' 'WHERE YOU WANT TO BE,"HOW TO REACH THERE" for the organisation. identify the strength, weakness, opportunities and threats for an organisation and accordingly design an action plan that marks the goals and identifies objectives and work plans on a yearly basis.
Build in processes for monitoring and modifying strategies in accordance with the changes in the external environment
Startegy execution process requires comprehensive communication between different levels of management to keep people informed about their priorities and how they fit in and ask feedback.
There should be alignment of thinking and work effects. for this remove conflicting functional objectives, priorities and performance metrics to coordinate cross functional efforts on the right work.
Accountability for work needs to real. people should have defined decision making authority and know what needs to be escalated.
Resource wastage on projects that donot support strategy needs to be stopped as company cannot chase every opportunity and focus on strategic priorities is essential.
Time balancing between the day to day operations and improving the business is essential. overloading and schedule misses can put the entire strategy execution process in disarray.
Progress reviews by executives and mid-level managers does a lot to minimize excuses, work slippages and lower risks that delay delieverables.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.