With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness? This article has been an attempt to shed light on some of the nuances of a successful strategic plan.
In the current economic turmoil many organizations have claimed that survival in their respective industry was mainly due to a strong, long-term and usable strategic plan. Organizations that failed to follow their strategic plan or did not have a workable plan in the first place, are facing extinction.
With all this talk about a successful strategic plan as a mast to sail through the tempest, several seed organizations are quizzed with what exactly is a successful strategic plan. How should one implement it and how can an organization gauge its effectiveness?
A strategic plan is the roadmap of an organization. It tells an organization who it is, what does it aspire to be, how to get there and how to continue to grow. A strategic plan at its core clearly defines how an organization will achieve its vision. This is in striking contrast to a long-range plan which primarily focuses on determining an organization’s vision (McKay, 2001).
Before writing a strategic plan, an organization must determine why it needs a strategic plan. Is the plan required for governance, for a new program development or as an instructional guide to provide a common vision and focus, with agreed-upon goals and strategies? Having clearly defined the need for a strategic plan, the organization then moves to developing a strategic plan.
Conduct an environmental scan: This process is usually termed as the SWOT analysis. SWOT stands for Strength, Weakness, Opportunity and Threat. A SWOT analysis is crucial to gauge how an organization relates to the external ...
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“SUCCESSFUL STRATEGIC PLANNING Research Paper Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/miscellaneous/382498-successful-strategic-planning.
Among the functions of the strategic plan is to pull an entire organization into one entity around on game plan in order to execute the plans stated in the strategic plan. The strategic plan also states or rather outlines where resources will be allocated in an organization and its projects.
Strategic planning is a modern technique that facilitates various businesses and companies to meet their goals in efficient and sound manner. The administrators apply strategic planning for their companies are in a position to take hands-on methodologies to reap benefits for their companies.
445). According to Mohdzain and Ward (2007), the Information Systems Strategic Planning consists of activities that are geared towards recognizing opportunities to use information technology, and ascertaining the capabilities that are necessary to capitalize upon these opportunities, while developing a strategy towards implementing these opportunities by using the capabilities and resources of the organization (Mohdzain & Ward, 2007, p.
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technology system is essential for enhancing the performances of an organization as well as for adding value to the organizational capabilities in order to make it technologically advanced and competitive. The research is conducted with the aim of identifying the current
The author of the paper introduces the strategic plan for one of the most successful world's companies. Thus, all the important aspects for Delta Corporation are considered here. Reportedly, this strategic plan will help the managers to decide either to improve Delta current strategic plan or to create a new strategic plan to cover all the important aspects.
In some cases, strategic planning covers up to the actual of implementation of the same plan.
The concept of strategic planning as compared to the financial planning varies slightly. In financial planning, the driving
Despite that, most corporate still drag behind in the traditional forms of marketing and advertisement like radio and TV.
(Razzaque, 2013) American Express cardholders can now get in touch with their service provider’s
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