I need a substantive response to each one of the following questions.
- The final two stages in strategic planning are putting the plan in action and monitoring its progress. This reading addressed the two final steps and gave some information on how to proceed. First of all if the plan cannot be put into action then what good is the plan? A strategic plan does not have much value without implementation and follow-up. It is important to communicate the plan and commitment from all levels in the organization. The employees must understand the purpose of the strategic plan and know the part they plan in achieving the goals. The Balanced Scorecard helps the organization monitor the progress of the strategic plan. Feedback is also important as feedback provides a gauge as to how the company is performing. Keep in mind the strategic plan is a set of objectives and the balanced scorecard is a way to measure how well the company is meeting the objectives.
- Table 9-2 in our textbook is very interesting. It says that companies continue with their strategy as long as the company’s internal and external positions haven’t changed and the company is meeting its objectives. Under the remaining seven scenarios the company should change its strategic direction. <br><br>
- Planning and the creation of plans are a big part of business. Now that we’re almost finished with our class all of you have a good handle on creating a strategic plan. However, strategic planning isn’t the only type of planning companies do. They do a wide range of planning from financial to operational to organizational; just to name a few.
Can anyone describe the difference between a strategic plan, a business plan, and an operational plan?
What are their similarities and differences?
- Employees should play a major role in the development and monitoring of a strategic plan because employees drive the growth of the strategy. “By involving your employees in your strategizing, you’re preserving and protecting your business’s success. For their response to be nimble, they need more than marching orders.” (Randell, 2017). By allowing employees to monitor and develop a strategic plan it allows employees to get behind the leadership of the business but also helps their passion push the strategy as well. Barron Stark (2014), “the following are six of the most important benefits:
1. The associates feel they are a valued part of the team.
There are four scenarios where the company is meeting its objectives, but in only one scenario do the authors recommend staying the course. In the other three they suggest taking corrective action, even though objectives are being met.<br><br>
Why would you take corrective action when you’re meeting your company’s objectives? There’s always a risk and a resource drain when you shift strategies. Aren’t you taking a risk by chasing internal or external events? Could you potentially end up not meeting your company’s objectives with the new, improved strategy?
2. The associates are able to make better day-to-day decisions
3. The associates feel a stronger bond of responsibility for making the decision.
4. The associates will focus more of their energy on future-oriented problem solving rather than blaming their current problems on management.
5. Morale and motivation is higher
6. It frees up a manager’s time to contribute to the department’s success in other area.” (para. 5).
In theory this sounds great, employee should have a role in the strategic planning and development process. However, what if employees have a difference of opinion in the direction of the company’s strategic plan? What should happen if management has one idea and the majority of employees have another idea?