Strategy And Forms Of Planning

1506 Words7 Pages
What is strategy? How does it relate to other forms of planning? What information is needed to form a strategy? What tools are used to gather this information? What factors bring about organizational change and what effects does it have on the workplace? The answers to each one of these questions all influence each other. They weave together into an intricate web that is a company’s strategy. The following text will not only answer these questions but, will go into detail all while providing easy-to-comprehend examples. The result should be an understanding of strategy, how it is formed and implemented as well as, its influences in the work place. Strategy and Forms of Planning Strategic planning is the process of determining a…show more content…
25. 2011). These objectives should be clear, computable and include a deadline for completion (Bethel, pg. 25. 2011). The third and final step in forming a strategic plan is crafting a strategy. A good functioning strategy must be well defined and communicated thoroughly and clearly. The strategy is formed based on factors from both the company’s internal affairs while paying close attention to external elements. Aside from strategic planning, other forms of planning include long-range planning, short term and intermediate planning. Short term planning refers to goals that typically can be met in less than one year. Some examples would be updating the cosmetic appearance of a restaurant to attract more business or buying new silverware to replace old, bent silverware. Intermediate planning is planning that is revisited consistently. If the goal is for a business to gross one million dollars this year then management will set monthly, weekly, daily and sometimes even hourly goals. These figures will be monitored constantly. If it appears that a daily goal will not be met, other proactive steps maybe taken. For example: sending employees home early to cut down on labor costs. Long range planning refers to solving problems that help a company to reach its long term goals. This means implementing new
Open Document