Though facing a potential budget crisis, it is important to address at the following key factors in order to have the best result not only with the financial situation, but also with the responsibility of keeping on good terms with key stakeholders.
Strategic Planning “In the absence of established or healthy institutional processes for dealing with budget cuts or involving the people in decision making, a crisis afford and opportunity to invent or reinvent the process that will serve the institution now and in the future” (Eldridge & Mason, 2010, p. 50) In speaking to strategic planning, it is important understand that, “The strategic plan takes on the long-term perspective; it sets the agenda for major investments and guides the institutions
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It is important for leaders to look at the strategic plan and link ideas back to that plan and the mission of the institution, knowing them inside and out. However, it is also important for those being impacted to look to leaders and see that they are not only openly communicating about the situation, but are actively working to solve the situation in the best possible manner. Kemper and Otto, (2006), noted the following key points to follow when working as a leader during a time of financial strain, “Timing your message appropriately, balancing safety and dignity, doing what is best for all, and allowing flexibility but still requiring accountability”( p. 43). By following these steps, people can look to the leaders on campus and see that they are working to make the necessary changes to deal with the budget cuts in the most appropriate and dignified manner. Romano et al., (2010), stated, “Maintaining a positive and optimistic attitude was essential to managing these difficult times” (p.67). This statement goes on to further support the idea of maintaining positive morale in times of crisis to not only be a leader but a model for others who may be impacted by cuts. Furthermore, Valotta et al., (2010) states, “While SSAOs and other campus leaders need to send consistent overall messages, some communications should be explicitly shaped for specific constituents.” (p. 84). This skill coupled with the suggestions of Kemper and Otto, suggestions made from Romano et al, can help to create an effective leader in times of financial
Background Information In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
The benefits to those organizations that choose to embark on the process of developing a long-range plan are numerous as well as invaluable. Organizations that commit to such planning are able to establish objectives and priorities, make clear their future direction, adapting to both internal and external environmental changes, resolve major issues that impact the organization and obstacles and provide a clear and justifiable rationale for decision making (Bryson & Einsweiler, 1988, p. 3). Ultimately, the public is better
After analyzing the Coastal Medical Center, it is apparent that the employees and staff have no conception of the mission, vision, and values of this health care facility. In addition to this lack of structure, CMC has many projects in the midst of production that lack support of a common goal, employees are unsatisfied with their jobs, the two boards lack ability to agree on strategic decisions for the organization,, and the medical center has a dismal reputation when it comes to quality care.
Fast Company,(139), 69-70,73,16. Retrieved from Research Library. Document ID: 1870795761. Wheelen, Thomas L. & Hunger, J. David, (2010). Strategic management and business policy.
As leaders of organization, the need for these three concepts is fundamental to development. Leaders should seize the concept of vision and recognize its need in team development. Team members, who understand that they have an important part in developing vision, have the ability to “own their vision” and sustain the momentum to achieve it. With that in mind, leaders who hone this concept could develop a long-term perspective that gives the leader the ability to approach trials with confidence. As a group, recognizing that everyone goes through the storm is pinnacle to growing in resiliency. Therefore a leaders job is to assist his or her subordinates during those storms especially in the time of crisis people need their leader more than anything. A leader’s actions can help an organization recover from a crisis or lead to failure.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
New businesses will take longer to thrive with the United States falling economy. The faltering job market and the deepening slump in housing threaten to hurt consumer spending. Consumers are becoming more conscious of their spending and therefore using cash to pay for smaller necessary purchases. The cost of entertainment and other presumed luxuries may be pushed to the background by most families, when having to choose whether to pay for a bill or treat the family out. Thriving businesses will understand the need to provide a service or product at affordable prices.
Our leaders seem to have bundled several styles of leadership to get us where we are today. They have shown the ability to align the organization’s goals and strategies with what Medicare and government agencies have requested for all healthcare organizations. The situation of the economy has dictated that we have to cut costs any way we can. They have taught us to be good stewards of our resources and made us all participants in their goals by doing this. The organization as a whole is still in the transitional phase as things are smoothing out after a change in management, and we learn our new tasks. Departments are more streamlined now as our tasks have been clarified and more strategic goals have been identified. Our leaders have defined
The impact of strategic planning in the health care industries Why Strategic Planning? Advantage: SP is a rational process that aims to bring the future closer and allows us to both study and conduct simulations of the future. The process can reveal previously hidden opportunities or threats,6 providing the option to act on them early. Strategic planning establishes a clear and explicit framework with criteria for making day-to-day decisions and identifying fragmentary and unaligned choices or personal value judgments, all of which facilitates and simplifies managerial decision-making. The development of SP encourages the participation and commitment of the entire HO in achieving the planned results, thus becoming an important element in institutional
Kaufman, Roger. Strategic Planning Plus: An Organizational Guide. Sage Publications, Inc.: Newbury Park, California, 1992.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Strategic planning is the continuous and systematic process of guiding members of an organization to make decisions about its future, develop the necessary procedures and operations to achieve that future, and determine how success will be achieved.