Crafting and Executing StrategyAssume that you are a business owner or business professional, in a company and industry of your choice, responsible for creating and executing the companys strategic plan.
Develop an argument supporting the importance of a strategic plan for the success of the defined business.In todays difficult environment, organizations must deal with a broad range of environmental and market pressures. These stresses include competitive threats, production deadlines, quality control improvements, board development, customer service, employee issues, fundraising, pleasing key stakeholders, etc. In order to succeed in such environment, employers must learn and utilize established business management techniques; otherwise the organization may not survive. One of these recognized business management techniques is called Strategic Planning. However Strategic planning is part of an overall philosophy and values of business management called Strategic Management. I have come to learn that strategic management approach takes into consideration the realities of the market and the overall business operations and management which help business owner to tailor or design approaches and strategies specific to their type of business. In addition strategic plan provides the means to identify and prepare for risks, market changes and opportunities that are likely to be encountered. It also helps to better understand the profession in which you practice, key players of the industry, the workplace environment and the market trend for the success of the business.
Strategic plan Practice It is imperative in the competitive business environment to keep well-informed of experiences and understandings regarding best management performance and adapt and apply those that are relevant in my particular industry. An anticipation of planning allow business owner to pay specific attention to the strategy, marketing, information system, operational, project, financial, people and board aspects of management.
In many occasions among other reasons most failures of businesses are subjected to poor strategic plans and continuously the expressed word in such circumstance is “the failure was foreseeable because they did not have a clear and solid strategic business plan”. In addition to that the request of any loan from a financial institution for business purpose must be supported by a business plan. So what is strategic planning? Strategic planning is a disciplined process for making decisions and taking actions that shape and guide what an organization is, what it wishes to do, and how it intends to do it. Many people, particularly small business owners, have mistaken by thinking that strategic planning only applied to larger organizations, however I really believe that a well-developed strategic planning can be used for any type of business structure because when properly implemented it may offer a
. We cannot be just talking about a company, we are talking about a group of individuals. Each person knows his or her own business and their own business plan. So when the individual needs a specific product or service, then the strategy or the business plan should be developed and a plan laid down for that needs to be implemented. We should be able to take as a guide from this group of individuals what kinds of organization would be the best fit for the specific situation and the particular financial institution would. Thus there is no need to think with too much in mind what business plan should the organization be based on but if a plan is not followed it doesn’t mean that it should be implemented. So in all cases when an organization is struggling with financial problems, it may be preferable to follow a planning or management plan that the individual can relate to but if the financial institutions have a certain business plan where they are working closely with the organization to do a good job that is within their expertise, then the organization will be one large firm, but it is always preferable to follow one in the other because if it can be taken out of reach of the individual then it is considered better to follow the other, instead of the same. Is it possible for large financial institutions to go as far ahead but only with limited resources and limited support than the smaller firms? Are there people with more experience and experience working on a large scale than the small companies or are these people some of the same experience? Do smaller financial institutions have expertise and expertise to do a business plan? It is interesting but we still do not have the actual business and planning. A general sense is that big business and small business have very different philosophies and needs which affect our business. I really think it is important for large financial institutions to understand and understand the principles of our financial organization to come to an agreement on when and how our financial operations should be operating to create a sustainable business order. For instance if a big business is struggling with an issue as one of many that has arisen of the year it is better also to come to a rational decision that does not include financial issues like debt, insolvency issues, bankruptcy risks, etc. so that no major issue from the past year will bring the big business down. If a member of a financial institutions group has a problem with a company, then he or she can come in and talk to the financial regulators to make sure that his or her company never gets out of business and to get back into business. We are talking only about a specific problem that cannot be solved in our organization but we are seeing that in different companies which are making deals, with different companies where the customer’s business needs are getting greater and more complex and they continue to make major investments in their business plans. There could be an increase or decrease in the revenue or profits of smaller commercial businesses because when they are making these big business decisions then they are making all types of strategic decisions where they need to get financial support from the community or the community needs to get financial support from the big business to get financial support from the community or the big business group to make those decisions and then it is a whole different beast. As soon businesses become really complex, they take out of their business the whole plan, the plan is very simplified, it changes and new elements need to be added that make for something different than what they were. Sometimes it could be beneficial for larger companies simply to have the ability to start larger and to get larger financial operations and services as the size of the business grows. I have seen this happen with banks and when the bank was not doing its business then it would not be doing its business much. When the Bank is done doing these financial business plans