Developing a Strategic Plan I. LOOKING AHEAD: PREVIEWING THE CONCEPTS The hard task of selecting an overall company strategy for long-run survival and growth is called strategic planning. II. STRATEGIC PLANNING Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources. Strategic planning: The process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing marketing opportunities.
For employees it should give direction on the organizations expectations and should inspire them to give their best to the organization. For consumers it should give an understanding on why they should work with the organization (Tools). A mission statement is “a set of organizational goals that include both the purpose of the organization, its scope of operations and the basis of its competitive advantage (Dess, Lumpkin, Eisner, & McNamara, 2014).” The mission statement should concentrate on the present. It will define critical processes within the organization, while defining the company’s purpose and objectives. The primary audience should be stakeholders (consumer, employees, suppliers and owners) as well as leadership.
Introduction The success of an organization in today's competitive business environment is related to the core of existence of such organization. Whether large or small scale enterprise, it is expected that every business must have certain guidelines and principles which form the basis for its existence. In this case, we may refer to such principles and guidelines as the mission, vision and values of the organization. Goal settings are very often derived from the vision and mission of an organization and finding ways to achieve these goals can be referred to as strategy development (Pilbeam & Corbridge, 2010: 38-42). Necessary Conditions for determining business strategy As stated above, supported by Mathis R.L and Jackson, J.H (2012), the strategic plan of an organization emanates from its vision and mission.
It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". Thus it explains the firm's very reason for existing. It will generally define the scope of the firm, the ends to which it wants to achieve and the means of doing so (its competitive advantage), which usually encompasses three dimensions, its customers/offering, geographic locations and vertical integration, its concerns for employees and other stakeholders. These should be clearly defined so as to guide management and employees in day to day decision making. Thus as Porter states that any strategic statement must begin with a definition of the ends that this strategy is designed to achieve."
A vision statement is a statement that articulates the ideal description of the organisation, it can also be described as a picture of what the company wants to become and what it really wants to achieve. A vision statement goes beyond just planning and strategy by challenging the status quo in pursuit of a long-term goal. It is a top management leadership tool, often ascribed to a single visionary leader in most cases the CEO of the company. A vision statement can serve as a guide to an organisation by providing direction of progress and by indicating the core purpose. Vision involves answering question about an organisation’s identity such as who you are, where you are going and what your guiding values are and for a vision to become a reality it must be communicated and lived.
Also, such data can be used as an input for SWOT analysis which includes the assessment of strengths, weaknesses, opportunities and threats that the organization sustains with. • Mission, Vision and Value Alignment- Alignment is one of the most critical concepts of business planning. Every organization must have a clear picture of its stated mission and vision. It is also necessary for its owners to have an idea of why the business exists, what services it provides and who its clients are. With these in place and with the help of business planning, goals and objectives are aligned with the mission, vision and values of an organization.
Using the discussion from the text, how would your team describe the difference between a goal in the strategy? Identify both the goal and the strategy for company that you are famil-iar with. In order to have a successful organization in today’s society, top managers must set goals and have strategies in place to compete in a competitive environment. Establishing goals and strategies makes a company unique within the market place in different industries. Goals and strategies give a sense of structure to organizations.
Pasmore suggested that for a business to have the right leaders, it must first of all identify its key drivers. I will give an example with an organization I have worked for. WanEll Enterprise is a Service Delivery organization and to identify the kind of leaders that should be at the helm of affairs of the business, the key business drivers of success were identified as; Sales & Marketing, Customer Experience/Service, Customer Retention and Talent Management & Retention. These key drivers determined the areas where the best leaders were to be developed and what number of leaders, skill set, competencies, collective capabilities they must possess with an understandi... ... middle of paper ... ...ne what will work for them firstly by identifying the mission and vision, then the results the business intends to achieve. Pasmore’s Model will go a long way in helping businesses achieve success through strategic leadership but more attention should now be put on retaining future leaders.
Elements of Effective Organizations There are many different components necessary to have an effective organizational structure. It is important as well for a company to have various communication strategies within an effective organization. Various principles of effective management exists and should be assessed throughout the organization on a regular basis along with the decision-making and problem-solving processes that are necessary for effective organizations. Upon evaluation of this criteria and data, a suggested leadership approach can be made with detailed support as to why this would be the best way for the organization to proceed. Necessary Components It is most important for the organization to have an identity of its own.
Thus, we can ask, what is strategic human resource management? What are the main theories and how do they work? What do they take into account and how are they integrated? What are the links between SHRM and organization strategy? In order to answer to these questions, we will precisely define strategic human resource management, followed by a look at the different approaches built by theorists, and finally, we will see the limits between the models and their applications depending on the company’s environment.