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A plan which describes the detail information regarding the mission, leadership vision of the future and the details regarding the manner in which methods will be applied for attaining the goals can be said as a strategic plan. An efficient strategic plan can be specified as a roadmap for future goals; thus the same requires to be necessarily committed to its implementation within the organization in the manner in which it was developed. A discussion regarding the comment “the pace of change strategic planning is a waste of time” has been discussed in detail. The report ends up by providing a conclusion that whether strategic planning is essential tool or waste of time.
Gary Johnson put it in another way, in competitive edge a business having strategy with stable reactiveness, appear as a turn of phrase; and strategic agility plan will assist them to become more competitive. Shadreck Saili stated that long-term strategic planning might still be relevant to an extent, monitoring and measuring regularity of strategic plan is an essential aspect to consider.
Edward Hare said that organization must do break up with their old habits of using planning as a traditional procedure which is operated at reasonable intervals. From my point of view, tools and techniques for traditional strategy can continue to give information regarding decision making of strategic direction. However, they are required to be practised to promote liveliness instead of using the ways that will result in barriers to versatile resource reallocation or to satisfy quick evolving opportunities of customers. For instance, by strategic forces that hacks instead of being a part of long-term strategic planning on an annual basis and offer more efficient, constant growth like performing things quickly and correctly(Wheelen and Hunger, 2017).
It is a very significant relationship of strategic planning with performance management. Performance management is based on goal setting and achieving them at the level of employee, further determining and resolving barriers regarding attaining those objectives (Percy, 2014). The question is, from where these goals come? That is the question from which strategic planning is born. Strategic planning is a company’s concept, and its own operating units describe the objectives. Reversely, these objectives help in identifying and analysing the goals of all employees in a workplace. It has been assessed that strategic planning is known as cascading of goals. Everything was done appropriately, the setting of each employee goals must depend on the specific workplace goals, and from planning these goals are achieved. Individual goals must be set once the workplace goals are established. The business will be unsuccessful if there is lack of strong and integrated strategic planning (Smith, 2013).
As per above literature it can be said that strategic planning is not waste of time and further reason to support this argument is as follows:
I have read some articles regarding the confliction on the time investment and sources in strategic planning; I had a belief that failing to plan result in planning to fail.
‘Planning’ this term juggle up several oppressive images that are not suitable for the modern rapid developing and innovating markets. Just think about the 1980’s style business plans, though they are complex and had laboured over by emerging SME to induce banks to provide them loans and self-indulging blue chip companies who make spending and give efforts on over consultants, just to that report that nobody gives attention to.
Although, those who believe that planning leads to wastage of time while the market changes or the plans are limited and no experience regarding the new procedures for strategic planning. Away from all these conflicts and arguments, you’ve definitely heard about that why planning is worth it in business and investments, for better understanding, there are 3 reasons provided why an advanced measure to strategic planning will assist in developing your business:
You hold a buy-in from group managers who will assist your business in achieving its desired goals and objectives:
If your team members are inclusive of contractors, investors, colleagues make then engaged in the process of planning. Further you will move on in accordance with a shared objective. The team is required to understand everything that what the company really wants to achieve. In case they are assured that they are working in the required manner and a sense of ownership is provided to them than they will be encouraged to deliver the required efficiency.
Strategic Management is a complex yet huge concept that continued to be growing since it was implemented. There is so much to discover, however, there might be several disapprovals and arguments on the concept itself. It is considered as a helpful tool in managing a business, and it organizes and maintains things such a way that they run effectively on track. It offers quality guidance and assistance to a business on their critical stages, providing structure for each decision of business while delivering as company defence tool against threats, difficulties as well as on own faults. Further, strategic management assist company to develop definite competencies and competitive edge that will help in the fight of continued existence and development. Be practical instead of reactive while tackling future organizational goals, as it will help the business to manage things with a quirk of the environment and stay amendable with uncertainty or turbulence future. Further, making it possible for a business to its fortune in such a way that it will be able to achieve its goals mission and vision.
Plans are not the readymade; they need efforts and effectiveness, strategic planning must be done rapidly and revisited continuously. Plans are totally based on your thinking and understanding and are inclusive of amalgamation of things which are in and out of a business’s control. By considering this aspect, planning provides a foresight and alertness that serves pace while responding to growth and development.
It offers each and every one a familiar language, simplicity and clarity that will result in better communication and thus will make working together easier. It is one of the greatest ways to share and communicate with colleagues, investors and stakeholders. Therefore they will induce and recommend reaching your objectives.
Strategic planning ideas and concepts of long-term planning will be an essential part of management. However, they might require a considerable rethinking if they want to stay relevant. For instance, they are required to be applied carefully and selectively, relying on things such as industry, competitive nature and the changing speed of company’s environment. A question has been put that, whether an enough group of manager is ready to perform the same. Hence, there are the outcomes leading while reading responses at the end of the month. Huw Morris was one of those suggesting editions. He gave a response to existing concepts of strategic planning as reliable, although he gave a warning that they require driving agility. For instance, he said that, by strategic forces that hack instead of being a part of long-term strategic planning on an annual basis.
In accordance with More Business, if the business does not have an effective business planning and strategy, it will lose its customers, as the customer will not get better services.
Make a program that will follow up customers and remain in touch with repeat it to ensure that that the products are working as expected or not. Make sure that salesperson contact customer once in a month to take feedbacks and reviews from the customer and search new means to assist customers with the product, if they have any problem. If the customer faces any problem, there must be an established and well-organized strategy for customer service in order to make up the problem of the customer. The process of customer following up and effective customer service strategy are vital to boost sales revenue and customer retention.
In accordance with the online educational resource Quick MBA, an effective business strategy can look upon the organization resources that they are running effectively or not. Organization resources examples are inclusive of reputation, loyalty in the market, production process, company patents and logistic resources like warehousing and delivering. Prepare business strategies that use all the resources of the company to assist the business in face competitiveness and innovate new products and services that manage or enhance market shares in the sector and offer business owners control on improving technology in the sector. Unproductive utilization of resources might result in company loss, customer loss and market share loss.
Gaebler recommends that an effective business has an element which is the capability to discover business opportunities beyond the scope of usual business practice assist in encouraging business expansion. By promoting dynamic marketing and industrial research with strategic planning aims on frontiers of new companies, assist by opening up new ideas for the business that can be slackly connected with the existing business (Rothaermel, 2015). For instance, a company of computer repairing might explore an opportunity to also be a provider of Internet services, after the research with the clients of the company. The expansion is considered to be the most significant way to maintain a competitive edge in the market.
In accordance with the study of Hill, Jones and Schilling (2014), strategic planning helps in setting long-term goals and mission. If everything is done as expected, it assists companies in selecting the yearly action steps. Along with good communication plan, it will engage all the activities of shareholders and employees in the mission where the company is headed.
However, in a static environment, no business can exist. Economic, political and social trend rapidly affect on products and programs. Improvements in technology drive new expectations and opportunities, and demographics are changing in and around the world. We took a look at six models of strategic planning and the requirement to reassess the plan and changes as per need. That is how company amends changes, new opportunities and information. The business desire to change is all it takes, to assess the environment in the marketplace, diverse perspectives and potentials to attain mission and vision.
The above study concludes that strategic planning cannot be said as a waste of time as it not only serves various purposes to the managers or administrators of the organization but also assists in attaining various objectives of the organization. It has been analyzed that virtually everyone has applied this technique for accomplishing his objectives, but the advantage of same is gained only by them who have applied it on a continuous basis and that too with efficiency. An administrator is required to be smooth and glib for putting a good impression on the other member of working team. A strategic plan provides guidance for achieving the future objectives which comprise benchmarks, a summary of responsibilities of employees, budgets and timetables, and thus it becomes easy for attaining goals of the company.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Percy, L., 2014. Strategic integrated marketing communications. Routledge.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Smith, R.D., 2013. Strategic planning for public relations. Routledge.
Wheelen, T.L. and Hunger, J.D., 2017. Strategic management and business policy. Pearson.
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