Business is the study of how organisations function, how they are managed, and how external factors impact upon how they operate. This is one of our biggest free essays sections which reflects the popularity of Business degrees and courses with students. With so many business degrees available, you will find work reflecting multiple specialisms such as commerce and retail, to tourism and international business. You will come across examples of work which reflect the core modules of almost any business degree —markets, finance and managing people, to operations, information systems, policy and strategy.
They carefully create a vision of their future and the strategies needed to get there. But many fail to realize their vision and fail to deliver the expected strategic results.
Unfortunately, executive teams cannot pinpoint the reasons for this dilemma so they repeat the strategic planning cycle over and over, always hoping that the next strategic planning session will bring better results. In our experience, there are 5 critical factors that will ensure your strategic plans are successfully implemented.
Strategic Planning is a process not an event. A key element in the process is the engagement of all levels of staff throughout the organization. Staff engagement generates additional input and helps build their commitment to the end plan.
It is essential to involve employees in the planning of strategy and direction for the organization. Provide insight into issues, challenges, concerns, and opportunities which may not have been known or fully understood. The senior management team will not execute the strategies — staff will.
Engage them and your strategy execution success rate will increase dramatically. Harvard Business School Strategic Planning processes are successful when a bottom up and top down communication approach is taken.
It starts off with a communication to all levels of employees informing them that a Strategic Planning process will be undertaken.
It includes how they will be involved in this process. This is the bottom up communication. Employees will provide input to the strategic planning process through feedback surveys, focus groups, meetings, etc.
It is followed by the top down communication. Senior management will share the strategic plan with employees. They will communicate to all employees how their engagement will help ensure success in the execution of these strategies.
Yet if they try something that is a little dangerous and new, they will realize true innovation. They put teams of individuals together to work on these major initiatives and give them investment money to ensure success.
This is not a failure of execution. It is the lack of an Innovation Process to manage the strategy that led to the failure.
The senior management created strategies that required innovation to achieve them. This is unfortunately, very common. Many organizations tell their employees to be more innovative.
They create strategies for new products and services.
But they fail to develop a strategy for Innovation which includes reshaping the organizational culture to be innovative, implementing a process for managing innovations, etc.
Research in Motion is a classic case. They market it and promote it. But look at their Strategic Plan. They lack a clear strategy for innovation — but they do have strategies for new product development.
They will of course disagree. The Playbook is an Ipad with less functionality. However, there are many examples of organizations that have a strategy for innovation and this helps drive their new product and service delivery strategies. One is to identify the projects that are required to ensure success in the execution of each strategy.
Another is to develop a prioritization of all these projects to ensure the high priority ones have the proper resourcing to ensure success.
This requires a high involvement and commitment on the part of employees to spend the time required on the projects. The high level of involvement of employees ensures that they understand the strategic plan.
If the employees of an organization believe that change is something to be feared and avoided, then change implementation is often reactive and haphazard. Conclusion Establish a clear and meaningful strategic planning process.
Engage all levels of employees to ensure success. Communicate to employees throughout. Use an innovation process for all new product development, service delivery, etc.
|Qualities of a Good Business Report||These factors are shown in the following diagram. These factors are explained in more detail as follows.|
|Key Success Factors – Total Success Center||Global Factors and Strategy Businesses are affected by an external environment as much as they are affected by the competitors.|
Create projects to manage the strategies and prioritize all of these projects to ensure they are properly resourced.Discuss issues important to creating an ethical and positive organizational culture.
Use the culture of your selected organization as an example in your analysis. Based on the organization you selected for this project, describe and assess the effectiveness of the formal and informal structures in supporting employee performance.
Discuss the importance of good leadership for a successful business. Leadership is the composite of abilities and characteristics of an individual leader of the environment in which he operates and of the relationship developed between the leader and the led.
Do not, however, conclude that all of the other areas were then not important to project success. The paper also tells us “the data suggests that many different variables are needed to accomplish a successful project.
Importance of Leadership in an Organization Essay - Leadership is one of the most important facets in organizations. In most cases, leaders act with respect to organizational culture as well as the codes of conduct that determine the manner in which leaders relate with subordinates.
These factors apply to many other disciplines and aspects of business. The focus on product management stems – as mentioned – from product managers needing to lead without having management authority over the people responsible for their success.
Factors of the Task Environment that Affect an Organization – Essay Article shared by Task environment consists of those industry factors which are external to the firm but have a direct and specific impact upon the organization and are in turn affected by the organization’s operations.