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.
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". 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, "If you don't know where you are going, any road will take you there".
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.
Goals and strategies give a sense of structure to organizations. Setting goals and strategies help managers to have a competitive and structural working atmosphere within a company. A manager’s choice of goals and strategies strongly influence the way an organization will be designed for the present and the future (Daft, Richard L. Organization Theory & Design 2013, 2010, Mason, OH). Top management must keep in mind that goals and strategies will make an organization cross over to an ever-changing environment. Every organization has a purpose.
The first step which is developing your Primary Aim. What do you want your business to be? What kind of life do you want? After your primary aim, the focus is on the strategic objective of your company. The Strategic Objective stands on your primary aim, it helps you to understand what has to be done in order to achieve that primary aim.
A mission summarizes why a company does what it does. Its main purpose is to define how an organization conducts its business. It helps key stake holders decide whether they want to do business with you. The vision is an image of the future that a company seeks
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.
Section One Strategic human resource management (SHRM) is a tactical method for the management of an organisation’s human resource function in line with organisational goals and objectives. SHRM enhances these functions by linking the traditional human resource practices to business strategy and the realization of organisational goals in order to enable the organisation to achieve a competitive advantage. Importance of SHRM in Organisations According to Wei (2006), properly designed and executed SHRM can facilitate the achievement of organisational goals. Clearly set goals of an organisation require the dedication of all the organisation’s employees. It is the duty of the human resource department of the organisation to identify the business sectors that require human resource expertise.
Strategies must be developed with a relevant purpose to sustain the organizational goals and aims. SHRM is one of the components of the organizational strategies used to sustain the business long-term. SHRM defined as: “all those activities affecting the behaviour of individuals in their efforts to formulate and implement the strategic needs of the business. (Schuler, 1992)” or as “the pattern of planned human resource deployments and activities intended to enable the firm to achieve its goals.