Strategic Planning : Pitfalls And Implementation

| Most successful companies utilize business strategic planning to set priorities and goals for the organization's future; outcomes include short-term goals and long-term strategies.  A clearly written, well designed strategic plan can align business units, divisions and employees so that the vision of the management team and the mission of the company can be fulfilled.  As companies evolve and the environment changes it is critical for companies to maintain a disciplined execution of the strategic plan.However, if they are not

There has been a large amount of research into what strategy is, since Michael Porter’s perennial work in the 1980s. Studies done on the execution of strategy have been far less numerous. However, there is one major understanding about the execution of strategy. The execution of strategy is a vital part of success in business. A summary of many myths surrounding various strategic executions will be outlined, along with their subsequent analyses.

Strategic planning within a company is a tool used in companies that help mature areas in total quality management. This type of planning creates a cohesive management system for lower level employees to better adapt in. “Strategic planning determines where an organization is going over the next year or more and how it 's going to get there. Typically, the process is organization-wide, or focused on a major function such as a division, department or other major function”(McNamara, 2008). In order to plan effectively one must first make a clear assessment of the plan and have an analysis on the corporations mission statement and objective.

In today’s highly competitive business environment, budget planning or forecast based planning methods are insufficient for business to survive. The firm must engage at strategic planning to clearly define objectives and built a strong internal structure in order to assess both the internal and external situation to formulate planning, implement the strategy, evaluate the progress, and make adjustment as necessary to stay on track. Strategic planning has a bad reputation. People think of it as a laborious process to produce a document that will just languish on a shelf. Many business managers consider strategic planning to be a waste of time. But these perceptions aren 't really accurate. A company needs a strategic plan for the same

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Strategic planning can dictate the success of any organization if properly planned as well as the failure of an organization if not implemented as planned. Strategic planning is all about making choices. It is a process designed to support leaders in being intentional about their goals and methods. Simply stated, strategic planning is a management tool, and like any management tool, it is used for one purpose only—to help an organization do a better job. This portion of the strategic plan will explain why an

For a goal-oriented person, a strategic plan can set direction and serves as a template for consistent decision making that moves the organization toward its envisioned future (Zuckerman, 2013). On the other hand, Zuckerman (2013), poses a different perspective that states that strategic planning may not be strategic after all, becomes as I explained before, it can become a checklist technique that lacks innovative practices. However, the outcome of the strategic planning process relates further to the mission and vision of those who are developing the strategies than in the planning within itself. Therefore, the reality is that strategic planning can be as straightforward and complex as an organization wants it to be. Therefore, if an organization envisions growth, the proposal needs to provoke that, and if a team is only planning to organize itself; then, the plan can be subtler. Therefore, organization can review plans as often as yearly and can last as long as five

In his article, “The Fall and Rise of Strategic Planning,” Henry Mintzberg (1994) provides his views on the process of strategic planning. He offers that most companies and organizations start a strategic planning process with little understanding of the definition or actual purpose of planning. He tends to admonish much of the conventional understanding concerning strategic planning and proposes his interpretations. He states that “the most successful strategies are visions, not plans” (Mintzberg, 1994, p. 107).

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In all kinds of business, strategic planning is a requisite. It serves as a direction by visualizing the future based on the current events in the market in a day to day basis. In today's time, it helps the managers and leaders in building a company with great values and effective system. It can either be effective or a failure to a particular company depending on its application. That is why it is also important to follow the different steps thoroughly in order to attain success upon the evaluation of progress and performance. There are so many reasons why it fails.

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

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The importance of strategic planning should not be underestimated. Without proper strategic planning any organization is just waiting for unseen problems to interrupt normal business operations. Strategic planning could be considered the backbone of the foundation of an organization. It is the glue which links the organization’s objectives to the customers themselves. Strategic planning helps the organization in short term goals and perhaps more importantly determine the items need for term success. The investment in strategic planning can be seen in specific elements which will aid in the company’s ability to grow as well as expand its market area. In addition to goal setting strategic planning could be used to evaluate what may be beneficial to any organization’s success process. This means determining which avenues to use valuable resources for and others in which to discontinue or scale back on. Because of the overall importance of strategic planning how to define whether a strategic planning is valid must also be given much consideration. The Baldridge criteria is a highly reliable source as well as well-known institute, of which many organizations use to base their strategic planning on. The Baldrige Program oversees the nation 's only Presidential award for performance excellence while offering criteria, assessments, tools, training and a community for those dedicated to helping organizations improve. According to the Baldridge Performance

It is important to understand both strategic thinking and strategic planning in drawing conclusions of the contributions of strategic thinking on organisational performance; this is due to the similarities between the two. They must not be mistaken for one another and the results of one should not be contributed to the results of the other.