Strategic Responses - Essay Example

The Balanced Scorecard system, a performance indicator for organizations, was formulated by Robert Kaplan of Harvard Business School and David Norton. It is actually a framework which measures the performance of the organization using financial and non-financial aspects as the criterion. So, this traditional financial metrics based system gives managers and executives a more 'balanced' view of organizational performance. The scorecard is built around four perspectives (i.e. financial, customer, internal and learning and growth) and it helps in guiding a firm towards focusing attention on overall strategic objectives (Nair, 2004, p.20). For each perspective, objectives, measures, targets and initiatives have to be enlisted.

There is a two way communication between the perspectives with each other as well as the vision and strategy. This link between the 4 perspectives, which is achieved using the scorecard, helps in connecting the financial and non-financial objectives of an organization. The non-financial objectives are the customers, the internal processes and the learning and growth perspectives. 2. Strategic control mainly focuses on tracking the strategies that are being implemented in organizations and other setups.

It also involves detecting any problems that may impede the implementation of the strategies and importantly correcting those problems by any necessary adjustments. Just implementing the formulated strategies is not the end of tasks. All strategies will be formulated for the fulfillment of certain goals or targets. Thus, only if those targets are achieved, the strategies are said to reach its logical conclusion. So, Strategic control involves observing the strategies in action during the implementation process.

By observing it, the Strategic control enables the observer to point out any impediments that may be slowing the implementation, or diverting the strategy from reaching its logical conclusion of goals fulfillment. After finding out the impediments or diverting agents, strategic control involves assessing “whether the overall strategy should be changed in light of unfolding events’ and actions that have to be implemented for actualizing the overall strategy (strategic-control.24xls.com). 3.

A strategy is a long term plan by an organization that helps the organization to achieve a desired result with the resources at its disposal and keeping in mind the various environmental factors that affect its functioning. (Strategy: What is strategy?). Strategic Implementation is the process of executing that strategy into action in order to achieve the desired result. Development and creation of a strategic plan involves a lot of research and analysis. The most important thing about the strategy is executing it.

A lot of times, organizations create strategies that sound great on paper but they lose the credibility due to bad execution. Sometimes they just pass on from person to person or get discussed in meeting after meeting but ultimately do not get implemented. The only way to figure out if a plan will be fruitful or not, is to implement it. A strategy gives us guidance. Strategic Implementation is a direction in which to move in order to achieve preset goals. 4. Structure of an implementation plan: Developing an implementation plan involves various steps such as: Defining the long term plan to give the organization some vision.

A market analysis to be aware of the current market scenario and predict what kind of strategy will work. If the markets change, strategies can be altered so as to achieve the desired result. Competition Analysis so as to be aware of what the competing organizations are doing, to be able to do things differently and also avoid making the mistakes they made. Analyzing the necessary and available resources and environmental factors for the implementation of the strategy to help to avoid over or under planning of allocation of resources.

Energy Star has a successful strategy implementation plan for Energy Management. Their website ‘energystar.gov’, gives consumers a comprehensive section of guidelines that will help them meet their energy requirements including a creation and implementation plan. 5. Defining the strategic plan is barely half the job complete. The bigger and tougher chunk of the job is to implement and check if your strategy is on track. This is why monitoring the implementation of the strategy is so important.

It serves as a guideline. In case of any problems, monitoring gives you the opportunity to take corrective action and get back on track. If however, one does not monitor the implementation, then it could result in failure of the strategy and that would lead to a lot of losses for the organization. Monitoring gives you the opportunity to change a few approaches or tactics to be able to effectively implement your strategy. Sometimes, environmental and market factors might even force you to change your entire strategy.

But it is better to be forewarned than have your entire plan fail or backfire. Thus, monitoring a strategy implementation plan is extremely essential to ensure the success of the plan. (Birnabaum) References Barnat, R. The Evaluation and Control Of Organizational Strategy. Retrieved from: http://www.strategic-control.24xls.com/en114 Birnbaum, B. Monitoring implementation of your Strategic Plan. Retrieved from: http://www.birnbaumassociates.com/monitoring.htm “Guidelines for Energy Management Overview”.

Energy Star. Retrieved from: http://www.energystar.gov/index.cfm?c=guidelines.guidelines_index Nair, M. (2004). Essentials of balanced scorecard. New York: John Wiley and Sons “Strategy: What is strategy?” Johnson and Scholes. Retrieved from: http://tutor2u.net/business/strategy/what_is_strategy.htm